Ayr Wellness Inc. said Thursday its second-quarter loss widened to $38.36 million, or 56 cents a share, from a loss of $20.74 million, or 36 cents a share in the year-ago quarter. Revenue increased by about 21% to $110.13 million. The Miami-based cannabis company missed the analyst estimates for a loss of 40 cents a share and revenue of $114.8 million, according to a FactSet survey. Ayr Wellness founder and CEO Jonathan Sandelman said the company’s results were in line with its expectations. “Our second half growth will be slower than previously expected, but the earnings power of the business remains outstanding,” he said. The company is projecting revenue to grow about 10% sequentially from the second-quarter to the third quarter and an “acceleration in the pace of sequential growth” in the fourth quarter. Analysts were looking for third-quarter revenue of $150.2 million, or about 31% over the second-quarter revenue estimate of $114.8 million. Shares of Ayr Wellness are down 70.1% in 2022, compared to a loss of 53.4% by the AdvisorShares Pure US Cannabis ETF and a 17.3% loss by the Nasdaq .
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