Ayr Wellness (CSE: AYR.A) (OTCQX: AYRWF) Investor Dashboard

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➔ Ayr Wellness
CSE Ticker:	AYR.A
OTCQX Ticker:	AYRWF

Market Focus:	United States
Classification:	Vertically Integrated
Country:	United States

Employees:	2,800+ as of 11/22
Established:	12/31/17
CEO:	Jonathan Sandelman

Summary

Fiscal Year-End:	December
Auditor:	Marcum
Exchanges:	CSE, OTCQX
Sector:	Consumer Staples
State operations:	8
Headquarters:	New York City

Financials (09/30/22)

Cash on hand:	$100.8 million
Fixed Investment:	$315.4 million
Shareholders’ Equity:	$979.8 million
Revenues – Last Quarter:	$119.6 million
Gross Margin :	41.4%
EPS :	-$0.52

Capital Structure (11/10/22)

Last Financing:	4.6 million shares at C$34.25
Shares:	69.1 million
Warrants:	2.9 million
Options:	0.2 million
Diluted Shares:	79.5 million

Company Brief

Ayr Wellness (Follow Company) is an expanding vertically integrated, U.S. multi-state cannabis operator, focusing on high-growth markets. With anchor operations in Massachusetts and Nevada and with entry into Pennsylvania, Ohio and Arizona through acquisitions, the company cultivates and manufactures branded cannabis products for distribution through its network of retail outlets and through third-party stores. The company has also expanded into the Florida market with the acquisition of Liberty Health Sciences, and it has a footprint in New Jersey and Illinois.

The company has a focus on limited-license and highly populated states. It has a robust pipeline of expansion opportunities by virtue of being the acquire of choice.

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Ayr’s leadership team brings proven expertise in growing successful businesses through disciplined operational and financial management, and is committed to driving positive impact for customers, employees and the communities they touch.

Highlights

One of the most profitable MSOs
Operations in Florida, Massachusetts, Nevada, Pennsylvania, Arizona, Ohio, New Jersey and Illinois
79 open dispensaries and 18 cultivation and production facilities online
#1 share in MA according to BDS in flower, vapes and concentrates
The most productive dispensaries in NV, with average annual revenue of $4,700/sf
Expanding operations with pending acquisitions in Illinois
570+ active wholesale partner accounts
CPG brand portfolio including products across flower, concentrates, edibles, beverages and vapes

Growth Strategy

Patient and disciplined M&A focused on clustering in adjacent states
Capitalize on markets converting from medical to adult-use
Entrance into the Pennsylvania market with the 100% acquisition of Pennsylvania grower-processor; acquisitions of CannTech and PA Natural Medicine solidify entry into Pennsylvania market
Closed the acquisition of vertically integrated operator Oasis in Arizona
Closed on the acquisitions of Parma Wellness Center and Ohio Medical Solutions in Ohio; initial construction plans for 25,000 square feet of canopy, and a 9,000 square foot processing facility.
Entrance into the beverage category with the acquisition of infused seltzer operator Levia

Differentiators

Focus on institutional business practices, controls and transparency
Selective and deep market penetration rather than broad and shallow
A leadership team with proven experience in highly regulated industries
Improving yield and quality through incremental, high-impact projects
40% market capture
Proprietary library with 160+ active strains
Targeting ~$800 million in revenue for 2022

Institutional Analyst Coverage

Matt McGinley
Needham

Bobby Burleson
Canaccord Genuity

Pablo Zuanic
Cantor Fitzgerald

Scott Fortune
Roth Capital Partners

Greg Gibas
Northland Capital Markets

Curated Stories & News

Visit Ayr Wellness, Inc.
at www.ayrwellness.com.