Business

AYR Wellness Leadership: New President Takes the Helm as CEO Search Continues

In a significant leadership shake-up, AYR Wellness Inc., one of the leading multi-state cannabis operators in the U.S., has appointed George DeNardo as its new President. The move comes as the company seeks to optimize operations and drive efficiency in an increasingly competitive industry.

DeNardo, who previously served as Chief Operating Officer (COO), will now oversee all aspects of AYR’s operations, including retail, wholesale, cultivation, manufacturing, marketing, and purchasing. His promotion is seen as a strategic step toward improving company performance as AYR navigates evolving regulatory landscapes and shifting consumer trends.

A Leadership Shift with a Purpose

DeNardo’s tenure as COO was marked by operational improvements across key areas, from optimizing cultivation and production to refining AYR’s brand portfolio and launching new products. His focus on cross-functional collaboration and accountability has already made an impact, according to interim CEO Steven M. Cohen.

“George has been instrumental in driving efficiency and fostering connectivity within the organization,” said Cohen in a statement. “His promotion reflects the confidence we have in his ability to enhance our operations and position AYR for long-term success.”

For DeNardo, the new role presents an opportunity to reinforce the company’s commitment to operational excellence. “The cannabis industry is at a point where efficiency is key,” he said. “My goal is to maximize the value of our existing assets while ensuring our revenue and supply chain functions work in unison.”

CEO Search Continues Amidst CFO Departure

While DeNardo assumes his new role, AYR’s Board of Directors is still searching for a permanent Chief Executive Officer. The company has enlisted the executive search firm True Search to lead the recruitment process, signaling its intent to bring in top-tier leadership.

The leadership transition also includes the departure of Chief Financial Officer Brad Asher, who is stepping down to pursue another opportunity. Asher, a key player in AYR’s growth since 2019, will remain with the company until its 2024 annual financial statements are filed.

Cohen acknowledged Asher’s contributions, noting that his leadership helped build a strong financial foundation for AYR. The company has yet to announce a replacement but plans to provide updates in the coming months.

Navigating an Uncertain Market

The leadership changes come at a critical juncture for AYR Wellness, as the cannabis industry faces mounting pressures, including regulatory uncertainties, market saturation, and pricing challenges. DeNardo’s appointment signals a push for greater operational discipline and strategic cohesion to maintain a competitive edge.

With the search for a permanent CEO and CFO still underway, all eyes are on AYR to see how its new leadership team will steer the company in the months ahead. The moves suggest that the company is not just focused on weathering the current storm but positioning itself for long-term growth in an ever-evolving cannabis landscape.

For now, DeNardo is at the helm, tasked with ensuring AYR remains a formidable player in the industry. Whether the leadership changes will translate into sustained success remains to be seen—but one thing is certain: AYR is making bold moves to stay ahead of the curve.