Welcome to our Discover Cannabis series, where we publish in-depth research to introduce new cannabis companies to our coverage.
Introduction
Ayr Strategies (AYRSF) is a U.S. cannabis company that was formed when the former SPAC Cannabis Strategies Acquisition Corp. completed the acquisition of five disparate assets in May 2019. The company is relatively new to the market, and Q3 was the first full quarter since the qualifying transaction. We think Ayr remains an unproven story, and it would take a few more quarters of performance to assess the quality of its assets. We