AYR Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF), a major player in the U.S. cannabis industry, is facing another leadership change as Chief Financial Officer Brad Asher announces his resignation. This departure comes just a week after the company promoted George Denardo from Chief Operating Officer to President, signaling a significant restructuring at the top.
Asher, who has been with AYR since its inception in 2019, will remain in his role until the company files its 2024 annual financial statements. His exit marks the end of an era for AYR, as he was instrumental in building the company from the ground up.
Interim CEO Steven M. Cohen praised Asher’s contributions, stating, “Brad has helped to build AYR since its earliest days and lay the foundation that we will continue to build from”. This sentiment was echoed by Board Chairman Louis Karger, who expressed appreciation for Asher’s dedication since the company’s inception.
The timing of Asher’s departure is noteworthy, as it follows closely on the heels of George Denardo’s promotion to President. Denardo, in his new role, will oversee all company-wide operations, including retail, wholesale, purchasing, marketing, cultivation, and manufacturing. This consolidation of responsibilities under Denardo’s leadership suggests a strategic move towards streamlining operations and improving efficiency.
AYR’s leadership has been in flux since September 2024, when former CEO David Goubert stepped down, leading to Cohen’s appointment as Interim CEO. The company is still in the process of searching for a permanent CEO, having engaged True Search to lead the recruitment process.
These leadership changes come at a critical time for AYR and the cannabis industry as a whole. The company faces challenges including macroeconomic pressures and increased competition, as evidenced by its Q3 2024 financial results which showed a slight year-over-year revenue decline. However, AYR has also seen positive developments, such as the launch of adult-use sales in Ohio and conditional approval for operations in Virginia.
As AYR navigates these transitions, investors will be watching closely to see how the new leadership structure impacts the company’s performance and strategic direction. The search for a new CFO will be a key focus in the coming months, as the company seeks to maintain financial stability and drive growth in an increasingly competitive cannabis market.