Ayr Strategies Reports Third Quarter 2020 Results & Updates Investors on 2021 Expansion Initiatives Q3 Revenue up 61% Q/Q to $45.5 Million; Adjusted EBITDA More Than Doubles to $19.3 Million Annual Revenue & Adjusted EBITDA Run-Rate of $182 Million and $77 Million, Respectively Generated Over $13 Million in Cash from Operations in Q3; Cash Balance Remains Strong with $23 Million as of September 30, 2020 Received Three HCA Approvals to Enter Adult-Use Market in Greater Boston in 2021 Announced Planned Expansions into Pennsylvania, Ohio and Arizona; More than Tripling Addressable Market to Over 40 Million People Across Five States
TORONTO, Nov. 18, 2020 (GLOBE NEWSWIRE) — Ayr Strategies Inc. (CSE: AYR.A, OTCQX: AYRSF) (“Ayr” or the “Company”), a vertically-integrated cannabis multi-state operator (MSO), is reporting financial results for the three months ended September 30, 2020. Unless otherwise noted, all results are presented in U.S. dollars.
These past several months have been a transformative period for our business. We had a record quarter with revenues up 42% year-over-year and 61% sequentially and Adjusted EBITDA more than doubled.
Ayr CEO Jonathan Sandelman
And our strong annual run-rate through Q3 does not include our new dispensary in Las Vegas set to open in a few weeks, our transition to adult-use retail sales in Massachusetts, nor our recently announced acquisitions in Arizona, Pennsylvania and Ohio, all of which when completed point to an even more robust 2021.
“Regarding the roll out of our adult-use sales in Massachusetts, the team in Massachusetts has done an incredible job to get us closer to opening our adult-use stores in 2021, as we received Host Community Agreement approvals for three of our Greater Boston locations, which include our existing Somerville dispensary and new locations in Watertown and on Boylston Street in