AYR GETS BOSTON AN OLD WALL UPGRADE.
AYRWF is a Hedgeye Cannabis Best Idea Long
Zacks Investment Research upgraded AYR from a “Sell” to a “Hold” yesterday. Multiple other firms have also upgraded this name in recent months, with the stock price falling to ~$6. Ayr is a vertically integrated cannabis multi-state operator. One important milestone for 2Q22 is the company getting its Boston stores open. To that end, Ayr Wellness announced that the Massachusetts Cannabis Control Commission has granted a final license for the sale of adult-use cannabis at its AYR Watertown dispensary in Greater Boston. This announcement suggests that before the end of Q2, AYR could open three adult stores in NJ and & two in Boston MA. For the time being, AYR will have three of the only five operating dispensaries in Central New Jersey, which has a population of 3.4 million people. In addition, 80,000 sq. ft. cultivation in AZ and NJ cultivation expansion of 66,000 sq. ft. should go live by the end of 3Q22.
We recently went by the dispensary on Boylston Street.
4Frongt leadership changes.
FFNTF is a Hedgeye Cannabis Best Idea Long
4Front is a low cost vertically integrated, multi-state cannabis operator. They announced yesterday that Keith Adams will be their new CFO, Christopher Wimmer will be their General Counsel, as well as several other senior management hires and two new board members. “Keith Adams served as the chief financial officer of LPF Holdco, LLC d/b/a Loudpack, one of California’s leading privately held, vertically integrated cannabis companies, famous for its award-winning cannabis brands, which was acquired by Harborside Inc. in April 2022.”
TILT IS GOING MEDICAL IN CAMBRIDGE.
TLLTF is a Hedgeye Cannabis Best Idea Long
Tilt Holdings announced yesterday that its Commonwealth Alternative Care site in Cambridge had been approved by the MA Cannabis Control Commission to receive a final license to sell medical cannabis. This store is in the middle of Inman Square and will be Tilt Holdings third medical cannabis site in MA. “CAC’s Cambridge 5,100 square-foot dispensary, located at 1385 Cambridge Street in Inman Square, will offer a wide selection of products from our house brands, including flower, concentrates, edibles, and topicals, as well as TILT’s cross-business collaborations such as the Jupiter CAC Infinity vaporizer.”
