Ayr Wellness is searching for a new chief executive after the sudden resignation of CEO David Goubert.
Goubert stepped down on Sept. 18 after almost two years at the marijuana dispensary chain. Steven M. Cohen, an outside legal advisor for the company without cannabis industry experience, was appointed interim CEO. He is the founding member of Blue Raven, an advisory firm that works with businesses and executives.
The board of directors is looking for a permanent CEO.
Headquartered in Miami, Ayr Wellness operates 65 medical cannabis dispensaries in Florida and is the third-largest chain in the state. It also has a presence in Massachusetts, Connecticut, Illinois, New Jersey, Ohio and Pennsylvania.
Goubert’s resignation comes a month after Jonathan Sandelman stepped down from the executive chair role.
Although Ayr Wellness has been expanding and entering new markets, the company appears to be losing money.
In August, Ayr reported its net losses increased to $38 million in the second quarter, up from $29 million a year ago. It said it earned $117.3 million in revenue, a small improvement from the $116.7 million it earned during the year-ago period.
At the time, Goubert said factors such as wholesale pricing pressure and “tightening consumer wallets from inflation” affected Ayr’s earnings, according to a press release.
“Despite these near-term setbacks, we are well positioned for growth and margin expansion in the second half of 2024 as our adult-use growth catalysts materialize in Ohio along with improved operations in these recently scaled markets,” he said in a statement.
H/T: www.bizjournals.com
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