Ayr Wellness’ CEO David Goubert Talks Q4 Earnings
Happy Wednesday, and welcome to the Trade To Black podcast. It’s an interesting time in the cannabis space, and earnings reports have been coming out. If you’re going to proverbially pick a horse to back, be sure to choose wisely. Today in our interview portion we sit down with David Goubert, President and Chief Executive Officer of Ayr Wellness. We’ve also got the top headlines midweek.
Anthony Varrell and GUAP join Shadd Dales as we dive into the wire with those headlines. First up, the Vice President Kamala Harris is planning on hosting a cannabis reform roundtable event in the West Wing with the Grammy-nominated rapper Fat Joe. This will be the Biden administration’s first public event on cannabis issues since President Joe Biden mentioned it last week in his State of the Union speech.
Our second headline is an update on the state of Virginia. Will the state go full rec in 2025? Also, what’s going on with the cannabis sales bill sitting on the governor’s desk? The latest is that Governor Glenn Youngkin has until April 8 to decide to act upon the bill by either signing it into law, vetoing it, allowing it to become law without his signature on it, or returning it to lawmakers and asking for amendments. We share our thoughts.
Cresco Labs and AYR both had their earnings reports drop this week. Highlights from Ayr Wellness’ Q4 and Full Year 2023 results include a significant year-over-year revenue increase of 10% to $463.6 million for FY 2023, alongside a notable improvement in GAAP loss from operations, which was reduced to $37.2 million, excluding discontinued operations. Their adjusted EBITDA for FY 2023 surged by 51% to $114.0 million, a strong financial performance with an adjusted EBITDA margin expansion to 25%.
CEO David Goubert of Ayr Wellness joins us at the mic to discuss those results and strategic initiatives in place for 2024. Among those initiatives: the extension of debt maturity and positioning themselves for sustainable profitable growth.
This and more when you tune in to the Wednesday podcast. Don’t miss out on this interview with David Goubert from Ayr Wellness.
