As cannabis seltzer drinks gain popularity, Ayr Wellness has plans to acquire the company that owns Massachusetts-based Levia drinks.
Ayr Wellness, a vertically integrated cannabis multi-state operator, has entered into a binding letter of intent to acquire Cultivauna, the owner of the Levia branded seltzers and water-soluble tinctures. The acquisition is expected to close by the end of the year.
“Ayr wants something exciting to offer every cannabis consumer of today and the future cannabis customer of tomorrow. Infused beverages, done right, will be game changing to the mainstreaming of cannabis in the U.S., providing an approachable and sessionable form factor to new and existing customers. The acquisition of Levia brings Ayr into this rapidly growing segment with delicious, market-leading infused seltzer. We are excited to have Levia join Kynd premium flower and Origyn extracts in Ayr’s suite of premier national brands,” said Jonathan Sandelman, the CEO of Ayr Wellness.
Georgetown-based Levia launched earlier this year, offering sativa, hybrid and indica seltzers that have 5mg of THC, zero calories and zero sugar per 12-ounce can.
Ayr plans to purchase 100% of the equity interests of Cultivauna. The terms of the transaction include $20 million in upfront consideration, of up to $10 million in cash