Ayr Wellness Closes $17 Million Ohio Cultivation Acquisition

Ayr Wellness Closes Acquisition for Parma Wellness Center, LLC Management

TORONTO, Ontario, March 30, 2021 (GLOBE NEWSWIRE) — Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) (“Ayr,” “Ayr Wellness,” “we,” “us,” “our,” or the “Company”), a vertically-integrated cannabis multi-state operator (MSO), today announced it has closed on the purchase of 100% of the membership interests of the management company of Parma Wellness Center, LLC (Ohio) and associated real estate.

Total purchase consideration of US$17 million in cash will be allocated as $13 million for the management company interests and $4 million for real estate. The Company expects to spend $20 million in capital expenditures to complete construction of the facility and anticipates it will be operational in the first quarter of 2022.

Parma holds a provisional level 1 medical marijuana cultivator license in Ohio, with initial construction plans for 25,000 ft2 of canopy inside a 58,000 ft² building. Following the closing and completion of the initial phase of the level 1 cultivation facility build-out, Ohio law provides Ayr flexibility to further expand canopy space subject to the approval of the Ohio Department of Commerce.

We are thrilled to be entering the Ohio market at an early stage in its development. The Ohio medical program is expanding, and we are now the management company for one of only 19 level 1 cultivation licenses – the largest canopy license in the state – to serve a population of close to 12 million. We look forward to bringing Ayr’s high quality cannabis products to the medical cannabis patients of Ohio.

Jonathan Sandelman, CEO of Ayr Wellness

About Ayr Wellness Inc.

Ayr is an expanding vertically integrated, U.S. multi-state cannabis operator, focused on delivering the highest quality cannabis products and customer experience throughout its footprint. Based on the belief that everything starts with the quality of the plant, the Company is focused on superior cultivation to grow superior branded cannabis products. Ayr strives to enrich consumers’ experience every day through the wellness and wonder of cannabis.

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.ayrwellness.com.

Company Contact:

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

Investor Relations Contact:

Sean Mansouri, CFA or Cody Slach
Gateway Investor Relations
T: (949) 574-3860
Email: IR@ayrwellness.com

Original press release

Published by NCV Newswire
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