Ayr Strategies Reports First Quarter 2020 Financial Results Canadian Stock Exchange:AYR.A – GlobeNewswire

Q1 Revenue Increased to $33.6 Million Despite COVID-19 Challenges in March
Generated $7.4 Million Cash from Operations, Increasing Cash on Balance Sheet to $9.9 MillionIncrease in Cultivation Capacity Expected to Drive Gross Margin Expansion in NV and MA; Total Adjusted EBITDA Expected to Return to Q1 Levels in JuneTORONTO, May 20, 2020 (GLOBE NEWSWIRE) — Ayr Strategies Inc. (CSE: AYR.A, OTCQX: AYRSF) (“Ayr”), a vertically-integrated cannabis multi-state operator (MSO), is reporting financial results for the three months ended March 31, 2020. Unless otherwise noted, all results are presented in U.S. dollars.“Our results in 2020 have continued to demonstrate the strength of our business and the superior capabilities of our team,” said Jonathan Sandelman, CEO of Ayr Strategies.  “Although cannabis has been deemed an ‘essential business’, the regulators in Massachusetts and Nevada, where we currently operate, were among the few nationwide to place material restrictions on cannabis sales.  So unlike many cannabis companies in the U.S., our business faced headwinds.”“Despite these limitations, in the first quarter we produced sequentially higher revenue and substantial adjusted EBITDA, and added material cash from operations to our balance sheet,” continued Sandelman.  “Since then, we have successfully accelerated our digital transformation initiatives, and we expect to exit the challenges presented by COVID a materially stronger business, as evidenced by the rebound in ticket size, transaction volume and retail margins we are seeing thus far in May.“However, given the disruption caused by COVID, and the uncertainty around the pandemic’s ultimate impact on our markets and the regulatory environment, our prior revenue and adjusted EBITDA guidance for 2020 can no longer apply.  Even though COVID has delayed some of our initiatives, we are confident that we will deliver strong revenue and adjusted EBITDA growth over the prior year.”Q1 Financial HighlightsRevenue: Total revenue increased 4% to $33.6 million compared to

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