The day after Arizona legalized recreational marijuana, the cannabis company Ayr Strategies announced it will be buying some Arizona medical marijuana operations.
“Arizona has been a terrific medical market, third in the U.S. in terms of patient penetration at 3.4% and currently generating approximately $800 million in annual revenue,” said Jonathan Sandelman, Chairman and CEO of Ayr. “Yesterday, voters decided to make it a recreational use market as well. We are thrilled to be able to leverage our experience, talent, brands and success in Nevada and Massachusetts to bring quality and choice to the Arizona market.”
After the acquisition, Ayr will have 11 marijuana dispensaries across Massachusetts, Nevada, Pennsylvania, Ohio and Arizona.
Marijuana will become legal for adults in Arizona who are 21 and older once the election ballots are certified, which should be done by early December. Home marijuana cultivation will also become legal once the ballots are certified. Medical marijuana dispensaries and recreational-only dispensaries will not be able to legally sell recreational marijuana until they get a license to sell it from the Arizona Department of Health Services, which will likely happen in March 2021, but possibly sooner.