Introducing Kynd’s Vegan Delights
In a bold move, AYR Wellness Inc., through its Kynd brand, has unveiled a lineup of premium edibles in Florida and Nevada, boasting vegan and gluten-free options along with natural flavors.
Strategic Expansion and Product Offerings
David Goubert, the president and CEO of AYR, expressed excitement about the launch, highlighting the strategic move to introduce edibles to cater to a wide range of cannabis consumers. The Kynd edibles include ENERGY gummies offering various experiences from relaxation to energy boosts, featuring precise dosing and all-natural ingredients.
Financial Progress and Future Plans
With revenues hitting $463.6 million in 2023, reflecting a 10% increase year-over-year, AYR Wellness aims to tap into the lucrative $2.2 billion edibles market in 2024. The company is laser-focused on overcoming cultivation challenges, driving up wholesale revenues, and sustaining growth momentum.
Flourishing Markets: Florida
The cannabis landscape in Florida, valued at over $1.4 billion and growing at a whopping 30%, is witnessing dynamic shifts, such as the recent acquisition of VidaCann by Planet 13. AYR Wellness is making its mark with substantial year-over-year growth among competitors as edibles sales surge by 47% in the state.
Navigating the Nevada Territory
In Nevada, a cannabis industry worth $850 million is thriving, buoyed by increased accessibility and stable market conditions driven by tourism flow and robust economic indicators. Key players like STIIIZY, WYLD & Shine by Green Thumb Industries, and major MSOs are shaping the landscape, with Nevada boasting significant growth and strong economics in the market.
With 104 licensed dispensaries, Nevada’s market demonstrates remarkable growth and maintains high revenue per store, underscoring its resilience in the face of evolving market dynamics.
