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Ayr Wellness President George DeNardo Talks 2025

On our latest Trade To Black podcast from Monday, February 3, 2025, George DeNardo, the newly appointed President of Ayr Wellness, joins the show to discuss the trajectory of the company in 2025. Additionally, the American Trade Association of Cannabis and Hemp President (ATACH), Michael Bronstein, joins us to kick off a new weekly segment discussing cannabis reform.

Ayr Wellness saw its share price tumble 60% after Amendment 3 to legalize recreational cannabis failed in Florida on Election Night. The company was banking on adult-use marijuana passing the Amendment 3 vote, especially considering their announcement in June 2024 regarding the investment in a 145,000-square-foot state-of-the-art cultivation facility in Ocala, Florida.

Following that loss, Ayr Wellness announced the dismissal of CEO David Goebert back in November 2024, and for a while, it was unclear who would lead the multi-state operating cannabis company this year. Ayr Wellness is dealing with nearly $400m in debt, which has been restructured, extending the maturity of its senior secured notes to December 2026. George DeNardo explains the company’s expectations moving forward.

Relations between Canada, the US, and Mexico have been tense this week, sparked by Trump’s new threatened tariffs despite of the CUSMA agreement negotiated last time he was in office. Not only would new tariffs have severe economic implications for several supply chains—including cannabis—the federal government under Trudeau has threatened to enact retaliatory tariffs. On top of that, several provincial governments including Ontario have been responding with their own messages that they will not passively accept economic aggression from the US. We’ll explore how this could hurt trade policy and impact cannabis and other key sectors.

Be sure to also tune in for the new weekly segment featuring Michael Bronstein, President of the American Trade Association for Cannabis and Hemp (ATACH). ATACH has been actively advocating for clearer cannabis regulations at both the state and federal levels, pushing for policies that protect licensed businesses. With over 50% of U.S. states now having adult-use cannabis laws, ATACH is focused on aligning federal policies with state legalization efforts to create a more stable and fairer environment.


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