At a glance
AYR Wellness is a cannabis retail and consumer-products platform whose corporate structure changed materially in 2025–2026. The original public company built a vertically integrated multi-state operator around cultivation, manufacturing, wholesale brands and dispensaries. It is now in a court-supervised wind-down while core operating assets move to a lender-owned successor that intends to keep using the AYR Wellness trade name.
Founder and growth
AYR was founded in 2019 by Jonathan Sandelman and initially expanded by acquiring licensed operators in limited-license states. The company later unified much of that portfolio under the AYR corporate and retail identity. Its house-brand strategy grouped flower, concentrates, edibles, vapes and beverages under separate names rather than putting “AYR” on every package.
Brands shoppers see
KYND is the flower-led line; HAZE covers live-resin and live-rosin concentrates, vapes and infused products; Later Days is positioned as a value vape line; and LEVIA is the infused beverage and drink-drop brand. Local and legacy brands also remain in individual state menus.
That structure means AYR is often the operator behind a product or store rather than the consumer brand on the front panel. Product availability differs by state because each market requires local cultivation, manufacturing and licenses.
Retail footprint
The company’s retail page currently routes shoppers to AYR dispensaries in Florida, Massachusetts, Illinois, New Jersey, Pennsylvania and Ohio, plus The Dispensary stores in Nevada. It lists 67 Florida locations, four in Illinois, three in Massachusetts, three in New Jersey, nine in Pennsylvania, five in Ohio and six in Nevada.
Those counts are first-party directory claims, but they sit inside a restructuring period and should be checked against each state retailer’s live locator before travel. The Illinois business was marked for sale, and ownership transfers in other states were still subject to regulatory approvals at different times.
The 2025–2026 restructuring
In July 2025, AYR announced a restructuring support agreement and a planned Article 9 sale. Senior noteholders won the November 2025 auction for core assets in Florida, New Jersey, Nevada, Ohio, Massachusetts, Pennsylvania and Virginia. The existing Canadian parent then began proceedings to liquidate and wind down.
On June 2, 2026, AYR confirmed that Florida, New Jersey and Nevada operations had transferred to Arboretum Bidco subsidiaries. Arboretum was formed by the senior secured noteholders and stated that it intends to operate under the AYR Wellness name. The same release said transfers of remaining assets were still anticipated, subject to approvals.
The High Rise read
This is why a conventional “fast-growing MSO” profile would now be wrong. The stores and brands may continue, but the public parent, ownership and asset map are changing. For shoppers, a live state dispensary locator is the practical source. For employees, vendors or investors, the restructuring filings matter more than the lifestyle site.
The useful distinction is between brand continuity and corporate continuity: an AYR sign or KYND package can remain on the market even though ownership has moved. See other multi-state operators in the High Rise brand directory. 21+.
Products and consumer context
Brand names can span multiple formats, product generations or licensed partners. Compare the exact item, ingredients or materials, producer, batch or model, and date rather than assuming every product carrying the name is identical.
Awards and recognition
Awards mentioned in this profile are historical snapshots tied to a particular year, category and entry. They do not certify every current product, and the reviewed source list should not be treated as an exhaustive award ledger.
What to verify before buying
Check the exact package or model for current specifications, ingredients or materials, potency or test data where relevant, warnings, warranty terms and local legal restrictions. Retail listings can outlive discontinued or reformulated products.