Image | Courtesy of Google Maps
Ayr Wellness' M3 cultivation facility in Milford, a 217,800-square-foot cultivation facility which contains 90,000 square feet of cultivation space.
August 4, 2025
Milford cannabis cultivation facility closing, 157 workers impacted
Photo | Matt Wright
Marijuana plants growing at Sira Naturals' Milford facility. Ayr Wellness bought Sira Natural's operations in 2019.
A cultivation facility owned by what was once considered to be one of the most prominent cannabis companies in the country has shuttered, impacting 157 workers at the site.
Miami-based Ayr Wellness is closing its 217,800-square-foot cultivation facility in Milford, according to a WARN filing with the MassHire Department of Career Services. The closing of the facility comes after Ayr announced it had entered a restructuring agreement to sell off some of its assets while shuttering others, according to a Wednesday press release from the company.
Ayr’s M3 cultivation facility is located at 5-7 Industrial Road in Milford.
Ayr entered the Massachusetts market through its purchase of Sira Naturals, which was the first company to be awarded an adult-use cultivation license in 2018, following the successful 2016 ballot initiative to legalize cannabis for recreational use.
Ayr acquired Sira’s operations in a deal first announced in 2018. The deal closed in 2019 and saw Ayr pay $15 million in cash, $5 million in promissory notes, $30 million in stock, and up to $27.5 million in additional funds if the company’s Milford cultivation facility hit specific milestones, according to a 2018 company filing with the U.S. Securities and Exchange Commission.
The company then sought to expand its Massachusetts presence in an effort to become one of the largest players in the state’s wholesale cannabis marketplace, opening the cultivation facility with 90,000-square-foot of cultivation space in the Milford industrial park where it already operated two facilities.
The new cultivation facility received final licensing from the Massachusetts Cannabis Control Commission in August 2021, according to CCC records, at a time where the average ounce of cannabis was selling to consumers at a price of $389.52. That average price has now fallen 76% to $93.84 as of April, according to CCC data, as the industry has struggled with an oversaturation of available cannabis flower.
Workers at the site were unionized through United Food & Commercial Workers Union, Local 1445.
Ayr has operations in Arizona, Florida, Illinois, Ohio, Massachusetts, Nevada, New Jersey and Pennsylvania. The company’s market capitalization peaked at around $2.4 billion in 2021; today, its market cap sits at $19 million.
The company’s stock price on the OTC Markets peaked at around $36.54 in February 2021, but was trading at less than a penny as of Monday morning. Ayr has $358 million in debt maturing in 2026, according to cannabis industry trade publication MJBizDaily.
The company operates a recreational-only dispensary in Boston, a medical marijuana dispensary in Needham, and dispensaries serving both recreational customers and medical patients in Somerville and Watertown. The company’s Wednesday press release did not disclose the future of these locations, and they were not included in the Monday WARN notice.
EDITOR'S NOTE: An earlier version of this article noted the WARN notice incorrectly listed the facility's location as in Milton, rather than Milford. That error has since been corrected by the state's Office of Labor and Workforce Development.
Eric Casey is the managing editor at Worcester Business Journal, who primarily covers the manufacturing and real estate industries.
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