Ayr Wellness stock falls sharply on reduced revenue view due to ‘temporary cultivation setback’

Ayr Wellness Inc.’s stock
AYR.A,
-6.95%

AYRWF,
-5.12%
was down by about 12% Thursday after the cannabis company warned its fourth-quarter revenue would be about flat with the third quarter’s result of $114.4 million, below the FactSet consensus estimate of $127.3 million. Ayr Wellness cited a $4 million to $6 million revenue impact due to a “temporary cultivation setback” in Florida. For the third quarter, Ayr Wellness said its loss narrowed to $1.5 million from $19.5 million in the year-ago period. The company did not provide loss-per-share figures. Third-quarter revenue rose to $114.4 million from $108.7 million in the year-ago quarter but fell short of the analyst estimate of $120.1 million. Ayr Wellness stock is up 69% in 2023 compared to a 7.2% drop by the AdvisorShares Pure U.S. Cannabis ETF
MSOS,
-2.17%.