This Cannabis Co. Hands Over Core US Assets To Lender-Backed Entity After Restructuring Agreement

Jelena MartinovicBy , Featured Writer
Burn After Reading The 30-second intel for operators and investors

AYR Wellness has completed the transfer of its Florida, New Jersey and Nevada operations to subsidiaries of Arboretum Bidco LLC, a lender-created entity, following the April move of Virginia and a new $275 million exit facility.

  • Operators: Operations continue under lender control, with Arboretum planning to trade as Ayr Wellness. Lenders keeping the Florida business running, rather than liquidating it, suggests they see value in established multi-state operations.
  • Investors: The Canadian parent remains in CCAA proceedings and is winding down. Its shares fell 22.73% to $0.017 after the close Tuesday, while value now sits with the lender-backed entity.
  • Do now: Review your exposure to heavily leveraged multi-state operators and check whether debt terms or lender positions could shift control of any assets you depend on.
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AYR Wellness Inc. (CSE: AYR.A) (OTCQX: AYRWF) has wrapped up the transfer of its Florida, New Jersey, and Nevada operations into subsidiaries controlled by Arboretum Bidco LLC. That’s the entity the company’s senior secured lenders set up as part of the company’s restructuring.

The move comes on the heels of moving its Virginia operations to Arboretum in April and securing a new $275 million exit facility backed by lenders.

What Happened

In July 2025, AYR Wellness entered a restructuring support agreement with noteholders.

AYR addressed a severe debt the company faced. By November 2025, creditors had won an auction process that effectively transferred core assets to lender-controlled entities.

Why It Matters

The transaction transferred ownership of AYR’s core U.S. operations to an entity backed by senior secured noteholders, reducing leverage through a debt-for-equity restructuring and the migration of assets into Arboretum.

Investor takeaway: AYR spent years building its footprint in Florida. Lenders taking ownership of Florida operations, rather than liquidating the assets, could signal that they see meaningful value in the underlying business.

What’s Next

The Canadian parent company remains in proceedings under Canada’s Companies’ Creditors Arrangement Act (CCAA) and is winding down.

Arboretum plans to operate under the trade name Ayr Wellness.

AYRWF Price Action

AYR Wellness’ shares traded 22.73% lower at $0.017 per share after the market close on Tuesday.

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Jelena Martinovic
June 3, 2026
Covers cannabis news, markets and regulation for IgniteIt. Previously wrote about financial markets for Benzinga and Insider Monkey.
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