Ayr Strategies Enters into Agreements to Expand Operations to Fourth State with Strategic Acquisitions in Ohio; Deepens Pennsylvania Presence

Acquisitions Further Position Ayr to Become a Top-Tier MSO

TORONTO, Oct. 01, 2020 (GLOBE NEWSWIRE) -- Ayr Strategies (CSE: AYR.A, OTCQX: AYRSF, “Ayr” or “the Company”), a leading vertically integrated cannabis multi-state operator, today announced the addition of cultivation and processing facilities in Ohio, expanding the Company’s presence to four key states. Ayr also announced the addition of a grower-processor in Pennsylvania, deepening its presence in that market. Including these pending transactions, Ayr will have operations in Massachusetts, Nevada, Pennsylvania, and Ohio.

“These transactions and our expanded presence in four key cannabis markets places Ayr squarely among the top multi-state operators in the U.S., and enables us to generate significant value for our shareholders,” said Jon Sandelman, Chairman and Chief Executive Officer of Ayr. “We look forward to further expanding our presence in Pennsylvania and into Ohio – two robust cannabis markets poised for significant growth.”

In Ohio, Ayr has reached agreements, described in more detail below, to acquire and/or manage cultivation and processing facilities. In Pennsylvania, Ayr has agreed to acquire a cultivating and processing facility, which follows the Company’s initial expansion into Pennsylvania, announced in August, where Ayr announced a transaction to acquire the rights to develop six retail dispensaries throughout the state and a significant cultivation and production campus.

Following the closings of the announced acquisitions in Ohio and Pennsylvania, Ayr will have access to a population of approximately 35 million people across four states. In total, the Company will have seven operating dispensaries, nine additional dispensary licenses, and approximately 160,000 ft² of cultivation and processing space, with the ability to expand to over 460,000 ft².

Mr. Sandelman continued, “Our strategy has always been to go deep in the best markets, targeting attractive assets in limited-license states with large populations, where we can build a vertically integrated presence and have a significant edge. We intend to bring the same operational excellence we have produced in Massachusetts and Nevada to the Ohio and Pennsylvania markets and continue adding to our deep talent pool.

“Today’s announcements represent the next step in the disciplined and targeted expansion of our footprint. But – as we mentioned in our second quarter earnings report last month – we are just getting started.”