Kynd Brand’s Premium Edibles Debut in Florida and Nevada
Cannabis Company AYR Wellness Inc. launched its Kynd brand’s premium edibles in Florida and Nevada, emphasizing natural flavors and vegan gluten-free options.
Tailored Edibles for Diverse Experiences
Kynd’s edibles range, including ENERGY gummies, offers precise dosing and natural ingredients designed for various experiences from relaxation to energy boosts. The initial rollout in Florida features Sour Watermelon UPLIFT, Black Cherry BALANCE, Sour Blue Raspberry, and Tropical Pineapple RELAX Gummies, with more flavors planned across both states.
Financial Performance and Strategic Focus
In 2023, AYR Wellness recorded a revenue of $463.6 million, a 10% increase from the previous year. Despite a widened net loss, adjusted EBITDA saw a significant 51% rise to $114.0 million, with gross profit growing by 15.7% year-over-year. AYR is concentrating on capturing a share of the lucrative $2.2 billion edibles market, addressing cultivation challenges, and enhancing wholesale revenues to foster growth in 2024.
Expanding Market Dynamics: Florida
Florida’s robust cannabis market, valued at over $1.4 billion and growing at a rate exceeding 30%, has observed notable developments including Planet 13’s acquisition of VidaCann. Edibles sales in Florida surged by 47%, with AYR Wellness demonstrating substantial year-over-year growth amidst its competitors, particularly Trulieve.
Evolving Landscape in Nevada
In Nevada, valued at $850 million, the cannabis industry is benefitting from enhanced accessibility and market stability driven by tourism and positive economic indicators. Leading brands like STIIIZY, WYLD & Shine (by Green Thumb Industries, and CAMP, alongside major MSOs including Curaleaf Holdings, Jushi Holdings, and Planet 13 Holdings dominate the market. Nevada’s strong market economics are evidenced by high revenue per store and wholesale prices over $1,600 per pound.
