Ayr Wellness is a U.S. multi-state cannabis operator (MSO) that runs retail dispensaries and produces its own branded cannabis consumer packaged goods (CPG). Ayr operates 97 retail stores across eight states, with roughly 70% of its retail network in Florida, where only 25 licensed operators exist statewide, creating a more favorable competitive structure. Retail drives roughly 84% of revenue, while wholesale — selling Ayr's branded products to third-party dispensaries — accounts for the remainder. Ayr's three core CPG brands are Kynd, HAZE, and Later Days. The company is vertically integrated, controlling cultivation, production, and retail, which allows it to capture more of the margin stack; it targets roughly 65% "internalization," meaning 65% of retail sales are fulfilled with Ayr's own products. Revenue is driven by customer traffic, basket size, and pricing, the last of which has faced sustained pressure as more licensed operators enter markets. Ayr's growth strategy has shifted from broad expansion toward optimizing its existing footprint — most notably bringing a new indoor cultivation facility in Ocala, Florida online in Q2 2025 to address a gap in premium flower supply. Ayr also views Pennsylvania, where it holds nine stores and two cultivation sites, as conversion-ready for adult-use sales if legislation passes. Like all U.S. cannabis companies, Ayr is subject to Section 280E of the federal tax code, which disallows most business expense deductions, resulting in elevated effective tax rates, though Ayr has adopted a contested position arguing 280E does not apply to its structure.