Ayr Wellness continues to see upheaval in its executive team | How to buy Skittles Moonrock online

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Ayr Wellness Inc. (CSE: AYR.A)(OTCQX: AYRWF) continued to shake up its executive suite, announcing that CFO Brad Asher is leaving the company. His resignation will be effective at a mutually agreed upon date following the company’s filing of its 2024 annual financial statements.

It’s been four months since Ayr Wellness announced its CEO David Goubert stepped down in September 2024. Steven M. Cohen was named interim chief executive officer, a role he still holds, while the company searched for a permanent CEO. Cohen previously served as an outside legal advisor to the company.

Last week, Ayr Wellness told investors that Chief Operating Officer George Denardo assumed the role of president. In his new role, Denardo was tasked with overseeing all company-wide operations, including retail, wholesale, purchasing, marketing, cultivation and manufacturing.

“In his time at Ayr, George has been instrumental in improving key cultivation and production metrics, streamlining and re-launching our brand portfolio, and building an updated platform to launch new and innovative products,” Cohen said. “We look forward to George applying his expertise to retail and cultivation, providing greater connectivity between various functions of our business and creating a single source of accountability.”

As Ayr struggles to get stability in the C-suite, the company has faced headwinds and reported that it missed expectations in the third quarter. Green Market Report wrote that the vertically integrated cannabis operator battled mounting competition and tightened consumer spending, offsetting early gains from Ohio’s adult-use market launch.

Third-quarter revenue was essentially flat year-over-year and decreased 2.6% from the second quarter. The company’s operating loss widened to $17.4 million from $1.4 million a year earlier. Adjusted EBITDA was $26.1 million, representing a margin of 22.9%.

Analysts expect revenue to reach $127.3 million in the fourth quarter, according to Yahoo Finance data. However, the company provided more conservative guidance, stating fourth-quarter revenue and adjusted EBITDA would likely remain “essentially flat” versus third-quarter levels. The company maintained its guidance for positive GAAP cash flow from operations in 2024.