Ayr Wellness Inc. has closed the acquisition of Cultivauna, LLC, the owner of Levia cannabis infused seltzers and water-soluble tinctures.
“Bringing Levia into the Ayr family represents a key addition to our portfolio of high-quality, branded offerings,” said Jonathan Sandelman, founder, chairman and CEO of Ayr. “We look forward to expanding the presence of Levia’s seltzers and water-soluble tinctures across our multi-state footprint, while bringing new, innovative form factors to life, like beverage enhancers. With a fast-acting formula and great taste, we believe Levia will be a crucial component in expanding our reach to new and existing consumers who seek a predictable and familiar cannabis experience.”
Ayr purchased 100% of the equity interests of Cultivauna, LLC. The terms of the transaction include $20 million in upfront consideration, made up of up to $10 million in cash with the remainder in stock. An earn-out payment of up to an additional $40 million will be paid in shares based on the achievement of revenue targets in 2022 and 2023.
Levia Cannabis Infused Seltzer is currently available in Massachusetts in three experiences and flavors:
- “Achieve” Raspberry Lime (Sativa)
- “Celebrate” Lemon Lime (Hybrid)
- “Dream” Jam Berry (Indica)
Each flavor is available in 12-oz. slim cans and contains 5 mg THC. Levia is also available in water soluble tinctures in the same formulations. Levia uses a proprietary technology that provides for rapid onset of THC, typically 15-20 minutes with effects lasting up to three hours, allowing for a more consistent consumption experience.
The ownership transition was approved by the Massachusetts Cannabis Control Commission on Feb. 10.