Struggling cannabis operator AYR Wellness last week said it had entered a restructuring process and now details are beginning to emerge about what that will mean for the company's employees.
The company just announced that it's closing its cannabis cultivation facility in Milford, Massachusetts, a decision that will result in the loss of 157 jobs. According to Milford Daily News, the 90,000-square-foot facility opened in August 2021 near two of the company's other facilities.
AYR is also closing two cultivation facilities in Nevada where it employs another 82 people combined.
The company last week announced that it had entered into an agreement with its senior noteholders for a process that will include certain assets sales and a wind-down of operations.
“Today marks a major milestone for AYR and the restructuring of its obligations, having agreed to a pathway to reduce its debt and seek to maximize value for all stakeholders,” said Scott Davido, Interim Chief Executive Officer of AYR. “We look forward to continuing to work closely with our lenders as we execute the next steps in our restructuring plan as defined by the RSA.”
