Ayr Strategies Completes Acquisition of CannTech in Pennsylvania

TORONTO, Dec. 23, 2020 (GLOBE NEWSWIRE) — Ayr Strategies (CSE: AYR.A, OTCQX: AYRWF, “Ayr” or “the Company”), a leading vertically integrated cannabis multi-state operator, today announced it has closed on the purchase of 100% of the membership interests of CannTech PA (“CannTech”).

As previously announced, the total purchase consideration of US$57.4 million consisted of US$27.2 million in cash, US$15.0 million in exchangeable shares, each of which would be exchangeable for a subordinate voting share, and US$15.2 million in seller’s notes.

This acquisition includes a 143,000 sq. ft. cultivation and processing facility on 13 acres. The first phase of the planned build-out of the facility is complete and approved for cultivation. CannTech’s license permits up to six dispensary locations in Pennsylvania, including the recently announced opening of its first dispensary in New Castle, PA. CannTech plans to open two additional stores in the first quarter, with three further PA dispensary openings planned for the second half of 2021. Four of these additional dispensaries will be clustered in the Pittsburgh and Philadelphia metropolitan areas, while one will be in Erie, PA.

Speaking on the CannTech acquisition, Ayr’s CEO Jonathan Sandelman commented, “We are thrilled to have completed our second acquisition and solidified our entry into Pennsylvania. It is a rapidly growing, but under-supplied medical market, and we look forward to bringing our cultivation, processing and retail expertise to the Commonwealth to improve patients’ access to quality cannabis.”

With adult-use possible in the foreseeable future, we are well positioned with large-scale cultivation and processing capabilities to lead in both the retail and wholesale markets, as we have done in Nevada and Massachusetts. We are looking forward to welcoming the Pennsylvania team to the Ayr family and to the exciting opportunities ahead in 2021 and beyond.

Jonathan Sandelman

About Ayr Strategies Inc.

Ayr Strategies (“Ayr”) is an expanding vertically integrated, U.S. multi-state cannabis operator, focusing on high-growth markets. The Company cultivates and manufactures branded cannabis products for distribution through its network of retail outlets and through third-party stores. Ayr strives to enrich consumers’ experience every day – helping them to live their best lives, elevated.

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. For more information, please visit ir.ayrstrategies.com.

Company Contact:

Megan Kulick, Head of Investor Relations
T: (646) 977-7914
Email: IR@ayrstrategies.com

Original press release

Published by NCV Newswire
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