David Goubert has resigned as president and CEO of Ayr Wellness Inc. AYR AYRWF, a Miami-based cannabis multistate operator, after less than a year in the role.

Goubert, who joined the company as president in October of 2022 and took over as CEO in February 2023, is the latest in a series of executive departures at the company, MJBizDaily reported.

See Also: AYR Wellness’ Conditional Approval For Medical Marijuana Operations In Virginia, What It Means For Investors

The resignation was announced alongside Ayr’s second-quarter earnings report, which revealed a slight dip in earnings and growing net losses.

Ayr’s board of directors has initiated a search for a permanent CEO, while Steven Cohen, previously an external legal adviser, will serve as interim CEO.

Are Leadership Changes Enough?

In the second quarter of 2024, the company reported a slight decrease in revenue, down 0.6% from the previous quarter to $117.3 million.

While the MSO managed to reduce its overall expenses, net losses increased to $38 million, a significant jump from the $29 million reported a year earlier.

The company has been attempting to stabilize its financial footing amid these losses. As Goubert explained before his resignation, Ayr was focused on “laying the groundwork for Ayr’s next phase of growth.”

Interim Leadership

Cohen, who will assume the role of interim CEO, brings a legal and corporate governance background but lacks direct cannabis industry experience. He is a founding member of Blue Raven, a New York-based legal advisory firm specializing in strategic corporate advice and general counsel services.

Cohen’s appointment follows another notable departure, Jonathan Sandelman, who stepped down as director and executive chair in July, marking the second high-profile exit within just a few months.

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