Ayr Strategies Agrees to Expand Operations to Fifth State with Strategic Acquisition in Arizona
Acquisition Further Positions Ayr as a Top-Tier MSO
TORONTO, Nov. 04, 2020 (GLOBE NEWSWIRE) — Ayr Strategies (CSE: AYR.A, OTCQX: AYRSF, “Ayr” or “the Company”), a leading vertically integrated cannabis multi-state operator, today announced an agreement to acquire a vertically integrated operation in Arizona, including cultivation and processing facilities and three licensed dispensaries, expanding the Company’s activities to five key states. Including the pending transactions, Ayr will have operations in Massachusetts, Nevada, Pennsylvania, Ohio and Arizona.
Arizona has been a terrific medical market, third in the U.S. in terms of patient penetration at 3.4% and currently generating approximately $800 million in annual revenue. Yesterday, voters decided to make it a recreational use market as well. We are thrilled to be able to leverage our experience, talent, brands and success in Nevada and Massachusetts to bring quality and choice to the Arizona market.
Jonathan Sandelman, Chairman and Chief Executive Officer of Ayr
In addition to great operating assets, we are bringing on great talent, adding 110 people to the Ayr team. Now in five states and highly cash-flow generative, we are positioning ourselves as one of the top multi-state operators in the U.S.
Following the closing of the announced acquisitions in Arizona, Pennsylvania and Ohio, Ayr will address a population of approximately 43 million people across five states. In total, the Company will operate or provide services to 11 dispensaries, with eight further dispensary licenses expected to become operational in 2021, and over 140,000 ft2 of active cultivation and processing space, with the ability to expand to approximately 600,000 ft2.
Mr. Sandelman continued, “Today’s announcements represent the next step in the disciplined and targeted expansion of our footprint. We’ve always looked to