Ayr Wellness: Doing Even Better
Most MSO (multi-state operator) stocks continue to struggle while the businesses are booming. (OTCQX:AYRWF) is no exception with sales surging 56% sequentially to top $90 million for the first time. My investment thesis remains very Bullish on the MSO trading at a small fraction of current growth rates.
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Update - August 25
A 5% buyback for a MSO is impressive, but the market will probably fear more stock sales in the future. The stock is just too cheap here at $25. -Ayr Wellness (OTCQX:AYRWF) trades 2.1% higher premarket after board authorized the repurchase of up to 5% of the company's Subordinate Voting Shares, effective immediately, the maximum amount allowed for CSE listed companies, over the next 12 months.
-The share repurchase program will in no way interfere with our ambitious growth plans to enter new markets and/or complete our current capital projects. With $120M+ of cash on our balance sheet and debt markets that are extremely attractive and open to us, we are confident in our ability to deliver on our stated goals and meet our 2022 guidance of $800M in revenue and $300M in adj. EBITDA," CEO Jonathan Sandelman commented.