TORONTO, Nov. 19, 2020 (GLOBE NEWSWIRE) — Ayr Strategies (CSE: AYR.A, OTCQX: AYRSF, “Ayr” or “the Company”), a leading vertically integrated cannabis multi-state operator, today announced it has closed the acquisition of 100% of the equity interests in DocHouse LLC, a licensed grower-processor in Pottsville, Pennsylvania, which was previously announced on October 1, 2020. Including this and other pending transactions, Ayr will have operations in Massachusetts, Nevada, Pennsylvania, Arizona and Ohio.
Pennsylvania is a terrific medical market where demand is robust, but supply is not. With the completion of this acquisition, we can now bring our cultivation and processing expertise to the Pennsylvania market and improve patients’ access to quality cannabis.
Jonathan Sandelman, Chairman and Chief Executive Officer of Ayr
Our entry into Pennsylvania will build on the successful operational foundation we have established in Massachusetts and Nevada, where our cultivation and production talent has driven both meaningful top line growth and increased profitability through efficiencies and sharing of best practices. We look forward to welcoming the DocHouse team in Pennsylvania to the Ayr family.
The transaction includes DocHouse’s 38,400 ft2 cultivation and extraction facility, which has the capacity to expand to 74,000 ft2. Total consideration paid of US$20.8 million included $16.7 million of cash, $2.1 million in stock and $2.0 million in seller notes. The facility is expected to be operational in the second quarter of 2021.
The transaction is subject to regulatory review and approval. CLD Advisory served as strategic financial advisor to DocHouse LLC.
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 www.ayrstrategies.com.
Megan Kulick, Head of Investor Relations
T: (646) 977-7914
Investor Relations Contact:
Sean Mansouri, CFA or Cody Slach
Gateway Investor Relations
T: (949) 574-3860