“This is a well-deserved promotion that highlights George’s strong contributions to AYR, our confidence in his leadership, and the company’s commitment to operational improvements via cross-functional collaboration and accountability,” said Steven M. Cohen, Interim CEO of AYR. “In his time at AYR, George has been instrumental in improving key cultivation and production metrics, streamlining and re-launching our brand portfolio, and building an updated platform to launch new and innovative products. We look forward to George applying his expertise to retail and cultivation, providing greater connectivity between various functions of our business and creating a single source of accountability.”

“I look forward to taking this next step as President of AYR, doing so at a pivotal time in the cannabis industry,” Denardo adds. “Now, more than ever, cannabis operators must operate efficiently and generate value from their existing footprints. In my role as president, I aim to do just that by creating greater connectivity and synergy between AYR’s revenue and supply chain functions.”

AYR’s Board of Directors continues to lead the search for a permanent CEO and has retained True Search, a global recruiting firm, to lead the search.

Meanwhile, Brad Asher, AYR’s chief financial officer, has resigned to pursue another opportunity. His resignation will be effective at a mutually agreed upon date following the company’s filing of its 2024 annual financial statements.

AYR intends to provide further updates regarding the search for a new CFO in due course.

“Brad has helped to build AYR since its earliest days and lay the foundation that we will continue to build from,” Cohen said. “We thank him for his years of service to AYR and wish him luck in his future endeavors.”

“I am incredibly proud to have helped build AYR from its beginning in 2019 to the operating organization that it is today,” Asher said. “The company remains in great hands with a strong foundation in place.”