Sandelman said the company had made “very little investment” in its branding in early 2021, but now the Miami-based company’s focus on it in the latter part of the year has paid off.

“Our products are resonating with the consumer,” he said. “We think quality trumps price fluctuation to a certain degree.”

Looking ahead to 2022, Ayr expects flatter revenue results in the first half of the year with stronger gains toward the third and fourth quarter.

Ayr Wellness
AYRWF,
-1.70%
 
AYR.A,
-0.87%
said it swung to fourth-quarter net income of $23.79 million, or 35 cents a share, in the quarter, from a loss of $951,843, or 3 cents a share, in the year-ago quarter.

The latest period included a $52.95 million fair value gain on financial liabilities.

The company posted a fourth-quarter operating loss of $13.9 million, compared to operating income of $6.7 million in the year-ago quarter.

Revenue more than doubled to $111.8 million from $47.8 million in the year-ago quarter and rose 16% from the third quarter.

Analysts expected Ayr Wellness to lose 22 cents a share on revenue of $106.2 million, according to FactSet data.

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During 2021, the company added 62 dispensaries and eight cultivation facilities and grew its head count by 1,600 people.

It also increased its footprint to seven states from two in 2021, with an eighth state on the way once its closes acquisitions in Illinois.

For full year 2021, Ayr Wellness grew its revenue to $357.6 million from $155.1 million in 2020. The company swung to an operating loss of $56 million for the year, compared to operating income of $1.2 million in 2020.

Shares of Ayr Wellness fell 0.8% on Thursday. The stock is down 23% thus far in 2022, compared to a loss of 22.7% by the AdvisorShares Pure US Cannabis ETF 
MSOS,
+3.68%.

Also Read: Rapidly-growing cannabis company Ayr Wellness eyes entry into New York market