Announcement • Jan 22
AYR Wellness Inc. Announces Resignation of Lou Karger as Director and Chair of the Board, Effective January 31, 2026 AYR Wellness Inc. announced that Lou Karger, the Chair of the Board, has resigned in his capacity as a director of the Company, effective as of January 31, 2026. Announcement • Dec 31
AYR Wellness Inc Announces Departure of Donna Granato as Interim Chief Financial Officer, Effective December 31, 2025 AYR Wellness Inc. announces that Donna Granato, the Company’s interim Chief Financial Officer, will depart AYR December 31, 2025. Announcement • Jul 02
AYR Wellness Inc. Provides Update on Senior Note Interest Payment AYR Wellness Inc. confirms that it did not make the interest payment due on June 30, 2025 in connection with the outstanding senior notes issued pursuant to its Amended and Restated Trust Indenture dated February 7, 2024. Should the Company not make the Interest Payment on or prior to July 30, 2025, that will result in an event of default in respect of the Notes. As announced by the Company on May 30, 2025, the Company is actively engaged in discussions with the holders of a majority of the outstanding Notes regarding the exploration of capital structure alternatives as part of a broader review and assessment of other strategic alternatives. The Company does not anticipate that the missed Interest Payment will result in any operational challenges with respect to its business. Announcement • Jun 07
Ayr Wellness Inc. Announces Entry into Limited Waiver Agreement with Senior Noteholders AYR Wellness Inc. announced that it has entered into a Limited Waiver Agreement (the “Agreement”) with the holders of a majority of its senior secured notes (the “Majority Holders”). The Agreement provides a temporary waiver of certain events of default under the Company’s senior note documents, including those arising from the Company’s previously announced delay in filing its interim financial statements for the quarter ended March 31, 2025, and certain payment defaults under other outstanding debt obligations (including certain of the Company’s unsecured and/or subordinated debt obligations) should the Company determine not to make such payments when due. The waiver is effective through June 19, 2025, unless terminated earlier upon the occurrence of certain specified events, including a termination event of default should the Company make any payments otherwise due under its unsecured and/or subordinated debt obligations. The Company is actively engaged in ongoing negotiations with its senior lenders and continues to assess strategic alternatives to address its capital structure and upcoming payment obligations. The entry into the Agreement provides the Company with additional time and flexibility to continue these discussions and pursue its strategic objectives. The Agreement temporarily restricts the Majority Holders from exercising their default-related rights and remedies with respect to the specified defaults during the waiver period, subject to the terms and conditions in the Agreement. The Agreement does not constitute a permanent waiver of any defaults or a waiver of any other rights or remedies under the senior note documents. AYR remains committed to operating its business in the ordinary course and to delivering high-quality cannabis products to its patients and customers. The Company will continue to provide updates regarding the status of the Agreement and any material developments as they arise. Announcement • May 05
Ayr Wellness Inc., Annual General Meeting, Jun 30, 2025 Ayr Wellness Inc., Annual General Meeting, Jun 30, 2025. Announcement • Apr 05
Ayr Wellness Inc. Announces CEO Changes AYR Wellness Inc. announced that, effective today, Steven M. Cohen has stepped down as the Interim Chief Executive Officer of the Company. The AYR board of directors (the “Board”) has appointed Scott Davido as Interim Chief Executive Officer. Mr. Cohen served as Interim Chief Executive Officer from September 18, 2024, and will remain engaged as an advisor to the Company to support this transition. Mr. Davido is a senior managing director at Ankura Consulting Group. He previously served in the same role at FTI Consulting, leading companies in financial and operational transitions. Among his roles, Mr. Davido has previously served as Interim CEO of DCL Corporation, CEO of Advantage Rent a Car, and CEO of Experience.com (formerly Social Survey). Mr. Davido has also held senior executive roles at Calpine Corporation and NRG Energy. Announcement • Mar 24
Ayr Wellness Inc. Appoints Donna Granato as Interim Chief Financial Officer The Board of Ayr Wellness Inc. announced the appointment of Donna Granato as Interim Chief Financial Officer of the Company, effective immediately. Ms. Granato brings more than 25 years in corporate finance and operations, most recently serving as CFO of Vivvix, a global digital advertising company. Before that she served in high level finance roles at GTT Communications, Shutterstock, Tribune Media, and Omnicom Group. Announcement • Mar 09
Ayr Wellness Inc. Reports Impairment Charges for the Fourth Quarter Ended December 31, 2024 Ayr Wellness Inc. reported impairment charges for the fourth quarter ended December 31, 2024. for the quarter, the company reported $94 million related to Florida goodwill impairment charge. Announcement • Mar 08
Ayr Wellness Inc. Provides Earnings Guidance for the First Quarter of 2025 Ayr Wellness Inc. provided earnings guidance for the first quarter of 2025. for the quarter, the company expects revenue to be down mid-single digits compared to Fourth Quarter 2024. Announcement • Feb 08
AYR Wellness Inc. Announces Transition of Jared Cohen to Board Observer AYR Wellness Inc. announced the resignation of Jared Cohen from its Board of Directors (the "Board") and transition to Board Observer. Announcement • Feb 04
Ayr Wellness Inc. to Report Q4, 2024 Results on Mar 06, 2025 Ayr Wellness Inc. announced that they will report Q4, 2024 results on Mar 06, 2025 Announcement • Feb 03
Ayr Wellness Announces Resignation of Brad Asher as Chief Financial Officer AYR Wellness Inc. announced that Brad Asher, the Company’s Chief Financial Officer, has provided notice of his resignation to the Company in connection with Mr. Asher’s pursuit of another opportunity. His resignation will be effective at a mutually agreed upon date following the Company’s filing of its 2024 annual financial statements. The Company intends to provide further updates regarding the search for a new Chief Financial Officer in due course. Announcement • Jan 27
George Denardo Assumes the Role of President of AYR Wellness Inc AYR Wellness Inc. announced that George Denardo, AYR's Chief Operating Officer, has assumed the role of President of the Company. In his new role, George will oversee all company-wide operations, including with all retail, wholesale, purchasing, marketing, cultivation, and manufacturing. In his time at AYR, George has been instrumental in improving key cultivation and production metrics, streamlining and re-launching the company's brand portfolio, and building an updated platform to launch new and innovative products. Announcement • Nov 20
AYR Wellness Inc. Launches Later Days Fruit-Flavored Vape Collection AYR Wellness Inc. announced an expansion of its Later Days brand to now include a line of pocket-friendly vapes packed with smooth, refreshing flavors. Patients and adult-use customers in Massachusetts, New Jersey, Nevada and Ohio can begin exploring AYR’s new vape offering beginning November 25, 2024, with additional markets to follow at a later date. This collection of compact disposables offers a familiar and discrete delivery system, a 280mAh battery for long-lasting sessions, a USB-C charging port for rapid power-ups and an oil window to always let know when low. Later Days Vapes are launching with a selection of five delicious flavors including Sweet Strawberry, Juicy Mango, Frozen Watermelon, Winter Mint and Georgia Peach. The easy-to-use devices will initially be available in a 1g size in all states, with a 2g size launching in New Jersey and Massachusetts in early 2025. The launch of Later Days adds to a year of evolution for AYR. AYR has relaunched and expanded strain and product selection for its cannabis brand, Kynd, expanded its HAZE brand into new product categories, launched adult-use sales in Ohio, and opened five dispensaries across three markets. New Risk • Nov 17
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 51% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (21% average weekly change). Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Minor Risks Currently unprofitable and not forecast to become profitable next year (US$151m net loss next year). Market cap is less than US$100m (€84.6m market cap, or US$89.1m). Reported Earnings • Nov 14
Third quarter 2024 earnings released: US$0.44 loss per share (vs US$0.24 loss in 3Q 2023) Third quarter 2024 results: US$0.44 loss per share (further deteriorated from US$0.24 loss in 3Q 2023). Revenue: US$114.3m (flat on 3Q 2023). Net loss: US$50.6m (loss widened 177% from 3Q 2023). Revenue is forecast to grow 2.6% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Pharmaceuticals industry in Germany. New Risk • Nov 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €74.8m (US$79.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (20% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable next year (US$166m net loss next year). Shareholders have been diluted in the past year (50% increase in shares outstanding). Market cap is less than US$100m (€74.8m market cap, or US$79.6m). Announcement • Oct 18
Ayr Wellness Inc. to Report Q3, 2024 Results on Nov 13, 2024 Ayr Wellness Inc. announced that they will report Q3, 2024 results on Nov 13, 2024 New Risk • Oct 06
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 51% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (12% average weekly change). Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Minor Risk Currently unprofitable and not forecast to become profitable next year (US$156m net loss next year). New Risk • Aug 11
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 53% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (13% average weekly change). Shareholders have been substantially diluted in the past year (53% increase in shares outstanding). Minor Risk Currently unprofitable and not forecast to become profitable over next 2 years (US$35m net loss in 2 years). Reported Earnings • Aug 08
Second quarter 2024 earnings released: US$0.34 loss per share (vs US$0.42 loss in 2Q 2023) Second quarter 2024 results: US$0.34 loss per share. Revenue: US$117.3m (flat on 2Q 2023). Net loss: US$38.8m (loss widened 27% from 2Q 2023). Revenue is forecast to grow 7.6% p.a. on average during the next 3 years, compared to a 3.8% growth forecast for the Pharmaceuticals industry in Germany. Announcement • Aug 01
AYR Wellness Inc. Announces Executive Changes AYR Wellness Inc. announced that, effective July 31, 2024, Mr. Jonathan Sandelman has resigned and stepped down from his role as director and executive chairman of the Company. The board of directors of the Company has determined that Mr. Louis Karger is now the chairman of the board. Mr. Sandelman has served on the board of AYR since 2017 and has resigned to pursue other opportunities. Announcement • Jul 04
Ayr Wellness Inc. to Report Q2, 2024 Results on Aug 02, 2024 Ayr Wellness Inc. announced that they will report Q2, 2024 results on Aug 02, 2024 Reported Earnings • May 16
First quarter 2024 earnings released: US$1.08 loss per share (vs US$0.13 loss in 1Q 2023) First quarter 2024 results: US$1.08 loss per share (further deteriorated from US$0.13 loss in 1Q 2023). Revenue: US$118.0m (flat on 1Q 2023). Net loss: US$106.1m (loss widened US$96.7m from 1Q 2023). Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Pharmaceuticals industry in Germany. Over the last 3 years on average, earnings per share has fallen by 52% per year whereas the company’s share price has fallen by 53% per year. Announcement • May 16
Ayr Wellness Inc. Provides Earnings Guidance for the Second Quarter of 2024 Ayr Wellness Inc. provided earnings guidance for the second quarter of 2024. The Company anticipates revenue in second quarter 2024 to be flat to modestly up compared to first quarter 2024. Announcement • Apr 12
Ayr Wellness Inc. to Report Q1, 2024 Results on May 15, 2024 Ayr Wellness Inc. announced that they will report Q1, 2024 results on May 15, 2024 Breakeven Date Change • Apr 09
Forecast to breakeven in 2025 The 8 analysts covering Ayr Wellness expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 26% to 2024. The company is expected to make a profit of US$8.50m in 2025. Average annual earnings growth of 83% is required to achieve expected profit on schedule. Announcement • Mar 27
Ayr Wellness Inc. Launches Kynd Premium Edibles in Florida and Nevada AYR Wellness Inc. announced that its cannabis brand, kynd, will launch its first line of premium edibles in Florida and Nevada. Patients in Florida can now begin exploring kynd's newest offering, with Nevada to follow in the coming weeks. Kynd breaks into the growing edibles market with a selection of naturally flavored, reliably dosed, melt-proof, vegan and gluten-free edibles that amplify creativity and relaxation with effect-based terpenes and cannabinoids, designed to deliver a combination of deliciousness and effectiveness that take cannabis adventures to new heights. Offerings include: UPLIFT Gummies: Available in Sour Strawberry and Sour Watermelon, these mood-boosting, energizing Sativa gummies inspire creativity and awaken potential. RELAX Gummies: Journey to a place of total relaxation with these soothing, calming, Indica delectables, available in Sour Blue Raspberry and Tropical Pineapple. BALANCE Gummies: With a perfectly paired 1:1 ratio of THC to CBD, these blissfully effective edibles invite consumers on a peaceful, Florida Orange or Black Cherry-flavored journey. SLEEP Gummies: Blending a 2:1 ratio of CBN and Indica terpenes, these Bedtime Blueberry gummies allow consumers to unwind and enjoy a restful night's sleep. ENERGY Gummies: Low Dose, High Energy. These tart Sativa treats have 1mg of THC and 5mg of THCV, a minor cannabinoid associated with increased focus and alertness. Perfect for checking items off to-do list! kynd's Sour Watermelon UPLIFT, Black Cherry BALANCE, and Sour Blue Raspberry and Tropical Pine Pineapple RELAX Gummies are now available in Florida. Additional flavors will be available in Florida and Nevada at a later date. The launch of kynd's premium edibles builds upon the debut of its refreshed brand identity. Board Change • Mar 26
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Joyce Johnson-Miller was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 19
Ayr Wellness Inc., Annual General Meeting, May 17, 2024 Ayr Wellness Inc., Annual General Meeting, May 17, 2024. Reported Earnings • Mar 13
Full year 2023 earnings released: US$1.16 loss per share (vs US$3.58 loss in FY 2022) Full year 2023 results: US$1.16 loss per share (improved from US$3.58 loss in FY 2022). Revenue: US$463.6m (flat on FY 2022). Net loss: US$86.1m (loss narrowed 65% from FY 2022). Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Pharmaceuticals industry in Germany. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has fallen by 62% per year, which means it is performing significantly worse than earnings. Announcement • Mar 13
Ayr Wellness Inc. Provides Earnings Guidance for the First Quarter of 2024 Ayr Wellness Inc. provided earnings guidance for the first quarter of 2024. The Company anticipates revenue in first quarter of 2024 to range from flat to modest growth compared to fourth quarter of 2023. Announcement • Feb 23
Ayr Wellness Inc. announced that it expects to receive $48.857663 million in funding Ayr Wellness Inc. announced that it will receive $48,857,663 in funding on February 22, 2024. The company will issue warrants, at no cost to such shareholders, to acquire subordinate, restricted or limited voting shares of AYR Wellness Inc. on a pro rata basis, for no consideration. The minimum investment accepted from any outside investor is $2. The company will issue securities pursuant to exemption provided under Regulation D. New Risk • Feb 09
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 58% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Shareholders have been substantially diluted in the past year (58% increase in shares outstanding). Minor Risk Currently unprofitable and not forecast to become profitable over next 3 years (US$46m net loss in 3 years). Announcement • Feb 09
Ayr Wellness Inc. to Report Q4, 2023 Results on Mar 13, 2024 Ayr Wellness Inc. announced that they will report Q4, 2023 results on Mar 13, 2024 Announcement • Feb 08
AYR Wellness Inc. Announces Jared Cohen to Join the Board of Directors AYR Wellness Inc. announced that Jared Cohen will be joining the board of directors of the Company, subject to receipt of necessary state cannabis regulatory approvals. Jared is currently a partner at FiSai Investments and brings over 20 years of public and private investing experience across multiple industries and throughout the capital structure. Reported Earnings • Nov 18
Third quarter 2023 earnings released: US$0.24 loss per share (vs US$0.52 loss in 3Q 2022) Third quarter 2023 results: US$0.24 loss per share (improved from US$0.52 loss in 3Q 2022). Revenue: US$114.4m (down 4.4% from 3Q 2022). Net loss: US$18.3m (loss narrowed 50% from 3Q 2022). Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Pharmaceuticals industry in Germany. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 51% per year, which means it has not declined as severely as earnings. Announcement • Nov 17
Ayr Wellness Inc. Provides Earnings Guidance for the Fourth Quarter of 2023 Ayr Wellness Inc. provided earnings guidance for the fourth quarter of 2023. For the quarter, the company expects revenue to be essentially flat compared to the third quarter. Announcement • Nov 02
Ayr Wellness Inc. to Report Q3, 2023 Results on Nov 16, 2023 Ayr Wellness Inc. announced that they will report Q3, 2023 results on Nov 16, 2023 New Risk • Oct 29
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: €86.3m (US$91.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (26% average weekly change). Minor Risks Currently unprofitable and not forecast to become profitable over next 2 years (US$40m net loss in 2 years). Shareholders have been diluted in the past year (11% increase in shares outstanding). Market cap is less than US$100m (€86.3m market cap, or US$91.2m). Buying Opportunity • Sep 26
Now 28% undervalued Over the last 90 days, the stock is up 234%. The fair value is estimated to be €3.66, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 44% over the last 3 years. Earnings per share has declined by 59%. Revenue is forecast to grow by 10% in 2 years. Earnings is forecast to grow by 83% in the next 2 years. Reported Earnings • Aug 18
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: US$116.7m (up 6.0% from 2Q 2022). Net loss: US$30.5m (loss narrowed 21% from 2Q 2022). Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Pharmaceuticals industry in Germany. Over the last 3 years on average, earnings per share has fallen by 54% per year whereas the company’s share price has fallen by 55% per year. Announcement • Aug 18
Ayr Wellness Inc. Provides Earnings Guidance for the Second Half of 2023 and for the Year 2024 Ayr Wellness Inc. provided earnings guidance for the second half of 2023 and for the year 2024. The company, committed to its financial health and is positioning itself to achieve sustainable long-term growth and profitability across all markets of operation. AYR expects to generate revenue growth in the second half of 2023 and into 2024. Announcement • Aug 05
Ayr Wellness Inc. Appoints Michael Warren to Board of Directors AYR Wellness Inc. announced that it has welcomed Michael Warren to the Company's Board of Directors. Mr. Warren's 30-year career in financial services is comprised of experience in asset management, capital markets and banking, and includes 20 years of direct management responsibility at Wells Fargo, Deutsche Bank and Goldman Sachs. He previously served on the Board of Directors of Metrodigi Inc. Mr. Warren received his M.B.A. from the University of Chicago Booth School of Business and his Bachelor of Science in Management Science from MIT. Buying Opportunity • May 22
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 4.5%. The fair value is estimated to be €1.42, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 49% over the last 3 years. Earnings per share has declined by 34%. Revenue is forecast to grow by 29% in 2 years. Earnings is forecast to grow by 90% in the next 2 years. Breakeven Date Change • May 19
Forecast to breakeven in 2025 The 6 analysts covering Ayr Wellness expect the company to break even for the first time. New consensus forecast suggests losses will reduce by 68% per year to 2024. The company is expected to make a profit of US$36.1m in 2025. Average annual earnings growth of 92% is required to achieve expected profit on schedule. Reported Earnings • May 17
First quarter 2023 earnings released: US$0.13 loss per share (vs US$0.11 loss in 1Q 2022) First quarter 2023 results: US$0.13 loss per share (further deteriorated from US$0.11 loss in 1Q 2022). Revenue: US$117.7m (up 5.8% from 1Q 2022). Net loss: US$9.36m (loss widened 24% from 1Q 2022). Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Pharmaceuticals industry in Germany. Reported Earnings • Mar 10
Full year 2022 earnings released: US$3.58 loss per share (vs US$0.30 loss in FY 2021) Full year 2022 results: US$3.58 loss per share (further deteriorated from US$0.30 loss in FY 2021). Revenue: US$465.6m (up 30% from FY 2021). Net loss: US$245.5m (loss widened US$228.5m from FY 2021). Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Pharmaceuticals industry in Germany. Announcement • Feb 10
AZ Goat, LLC entered into a definitive agreement to acquire Blue Camo, LLC from Ayr Wellness Inc. (CNSX:AYR.A) for $20 million. AZ Goat, LLC entered into a definitive agreement to acquire Blue Camo, LLC from Ayr Wellness Inc. (CNSX:AYR.A) for $20 million on February 9, 2023. Ayr is to receive consideration of $20 million in cash, with additional cash proceeds from net working capital to be received within six months of closing the transaction. In addition, the Buyer intends to assume lease obligations that will result in the elimination of approximately $15 million in long-term lease liabilities for Ayr. The sale is subject to certain closing conditions and regulatory approvals, with an anticipated closing in H1 2023. Breakeven Date Change • Feb 07
Forecast to breakeven in 2024 The 11 analysts covering Ayr Wellness expect the company to break even for the first time. New consensus forecast suggests the company will make a profit of US$20.4m in 2024. Average annual earnings growth of 75% is required to achieve expected profit on schedule. Announcement • Nov 11
Ayr Wellness Inc. Provides Earnings Guidance for the Fourth Quarter of 2022 Ayr Wellness Inc. provided earnings guidance for the fourth quarter of 2022. For the quarter, the company expects operating Income to grow approximately 10% sequentially from third quarter 2022 to fourth quarter 2022. Announcement • Oct 13
Ayr Wellness Inc. Appoints David Goubert as President, Effective from November 1, 2022 Ayr Wellness Inc. announced that consumer packaged goods (“CPG”) and retail industry veteran David Goubert has been appointed President, joining Ayr’s leadership team to oversee the Company’s operational and commercial functions, including production, supply chain, retail, wholesale and marketing. Mr. Goubert will report to Ayr’s Founder and CEO, Jonathan Sandelman. Mr. Goubert joins Ayr from Neiman Marcus Group (“NMG”), one of the largest multi-brand retailers in the United States, where he helped lead the company through a transformation to become one of the strongest retailers in the country. Most recently, he served as NMG’s President and Chief Customer Officer, where he was responsible for the full P&L of the Neiman Marcus brand as well as all customer touchpoints. Prior to that role, he led NMG’s digital and in-store retail operations as Chief Retail Officer, driving many of NMG’s enhancements to the customer experience, creating personalized and memorable experiences for customers at each of the company’s 36 locations, as well as online, including style advisor matching, virtual appointments, in-store pick-up, and virtual fashion events. Prior to joining Neiman Marcus, Mr. Goubert spent 20 years at LVMH, the world’s leading luxury consumer-products company. Most recently, he served as Senior Vice President of LVMH’s Starboard Cruise Services subsidiary, spearheading partner relations and overseeing hundreds of retail outlets on Starboard cruise ships. He previously spent 15 years at the company’s Louis Vuitton brand, where he successively led the company’s demand planning, U.S. manufacturing, worldwide supply chain, and all retail operations in the Southern United States, the Caribbean and Latin America. Mr. Goubert will join Ayr on November 1, 2022 and will be based out of the Company’s Miami headquarters. Co-Chief Operating Officer Jason Griffith, who has helped integrate Ayr’s operating footprint over the last several years, will transition out of the Company. Mr. Griffith has agreed to remain with the Company through a transitionary period to ensure continuity. Co-Chief Operating Officer Jennifer Drake will serve as Ayr’s sole Chief Operating Officer. Announcement • Oct 01
Ayr Wellness Inc. to Report Q3, 2022 Results on Nov 10, 2022 Ayr Wellness Inc. announced that they will report Q3, 2022 results on Nov 10, 2022 Announcement • Sep 23
Ayr Wellness Inc. Announces the Launch of Lost in Translation Across Four Additional States Ayr Wellness Inc. announced the launch of Lost in Translation (LIT), cannabis brand known for sought after genetics and terpene profiles, across four additional states in Ayr's operational footprint: Arizona, Florida, New Jersey and Pennsylvania. Lost in Translation is now available in six states, including Massachusetts and its home state of Nevada. Recent Insider Transactions • Aug 27
Independent Director recently bought €60k worth of stock On the 22nd of August, Charles Miles bought around 15k shares on-market at roughly €4.00 per share. In the last 3 months, they made an even bigger purchase worth €92k. Insiders have collectively bought €1.1m more in shares than they have sold in the last 12 months. Reported Earnings • Aug 19
Second quarter 2022 earnings released: US$0.56 loss per share (vs US$0.36 loss in 2Q 2021) Second quarter 2022 results: US$0.56 loss per share (down from US$0.36 loss in 2Q 2021). Revenue: US$110.1m (up 21% from 2Q 2021). Net loss: US$38.4m (loss widened 85% from 2Q 2021). Over the next year, revenue is forecast to grow 47%, compared to a 6.6% growth forecast for the Pharmaceuticals industry in Germany. Announcement • Aug 19
Ayr Wellness Inc. Provides Earnings Guidance for the Third Quarter and Fourth Quarter of Fiscal Year 2022 Ayr Wellness Inc. provided earnings guidance for the third quarter and fourth quarter of fiscal year 2022. The company expects revenue and operating income to grow approximately 10% sequentially from second quarter 2022 to third quarter 2022, and an acceleration in the pace of sequential growth in fourth quarter 2022. Announcement • Aug 13
Ayr Wellness Receives Key Massachusetts Regulatory Approval for Adult-Use Sales in Somerville, Subject to Municipal Approval Ayr Wellness Inc. announced that the Massachusetts Cannabis Control Commission has granted a final license for adult-use cannabis at its Sira Naturals dispensary in Somerville. The Company also received approval to open the first phase of its cultivation expansion in Milford, Massachusetts. The CCC voted to approve both measures during its meeting on August 11, 2022. Ayr has made serving as a Force for Good a priority throughout the Massachusetts area, and team looks forward to furthering this commitment and continuing to enact positive change in Somerville. Sira Naturals executed a Host Community Agreement ("HCA") with the City of Somerville in November 2020, shortly after The Company executed two additional HCAs in the Greater Boston area in October 2020 for retail locations in Back Bay and the City of Watertown. The addition of adult-use in Somerville is subject to the simultaneous opening of an Economic Empowerment licensed dispensary in Somerville, per local regulation.Massachusetts' legal cannabis market ranks 7(th) in the nation by total sales, per BDSA, and generated a total $1.6 billion in revenue in 2021. BDSA expects the Massachusetts legal cannabis market to generate $2.3 billion per year by 2026. Announcement • Aug 12
Ayr Wellness Inc. Receives Key Massachusetts Regulatory Approval for Adult-Use Sales in Somerville, Subject to Municipal Approval; Ayr Announces Approval for Phase 1 of Milford Cultivation Expansion Ayr Wellness Inc. announced that the Massachusetts Cannabis Control Commission has granted a final license for adult-use cannabis at its Sira Naturals dispensary in Somerville. The Company also received approval to open the first phase of its cultivation expansion in Milford, Massachusetts. The CCC voted to approve both measures during its meeting on August 11, 2022. Sira Naturals executed a Host Community Agreement with the City of Somerville in November 2020, shortly after The Company executed two additional HCAs in the Greater Boston area in October 2020 for retail locations in Back Bay and the City of Watertown. The addition of adult-use in Somerville is subject to the simultaneous opening of an Economic Empowerment licensed dispensary in Somerville, per local regulation. Massachusetts’ legal cannabis market ranks 7th in the nation by total sales, per BDSA, and generated a total $1.6 billion in revenue in 2021. BDSA expects the Massachusetts legal cannabis market to generate $2.3 billion per year by 2026. Announcement • Jul 21
Ayr Wellness Inc. to Report Q2, 2022 Results on Aug 18, 2022 Ayr Wellness Inc. announced that they will report Q2, 2022 results on Aug 18, 2022 Recent Insider Transactions • Jun 16
Independent Director recently bought €92k worth of stock On the 14th of June, Charles Miles bought around 18k shares on-market at roughly €5.11 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €1.1m more in shares than they have sold in the last 12 months. Announcement • Jun 14
Ayr Wellness Inc. to Begin Adult-Use Sales in Its Three New Jersey Dispensaries Ayr Wellness Inc. announced that it will begin serving adult-use customers at its three New Jersey dispensary locations on June 15, 2022. Ayr’s adult-use dispensaries are in prime locations in the towns of Woodbridge, Union, and Eatontown, all within Central New Jersey, a region of 3.4 million people. Ayr’s adult-use stores represent 3 of 5 adult-use stores in this highly populated region. Ayr currently operates its New Jersey dispensaries under the Garden State Dispensary banner. Announcement • Jun 12
Ayr Wellness Inc Receives Final License to Sell Adult-Use Cannabis in Watertown Ayr Wellness Inc. announced that the Massachusetts Cannabis Control Commission has granted a final license for the sale of adult-use cannabis at its AYR Watertown dispensary in Greater Boston. The CCC voted to grant the final license at its meeting on June 9, 2022. "With approval to open Watertown dispensary, Ayr will soon have two adult-use dispensaries serving Greater Boston, which has historically been under-served in access to adult-use cannabis," said Jonathan Sandelman, Founder, Chairman and CEO of Ayr. "The upcoming openings of Watertown and Back Bay locations represent a huge step forward for Company, and could not be more excited to ntroduce these communities to Ayr's high-quality and unique product offerings, with a customer experience that delivers on the wonder of cannabis. "The Company executed two additional HCAs in the Greater Boston area in October and November 2020, respectively one in Somerville, where the Company operates a medical dispensary, and the other in Back Bay, where Ayr anticipates opening its doors later this month. Ayr will continue to work closely with the CCC to move toward final approval to commence adult-use operations at all three locations. Breakeven Date Change • Jun 11
Forecast breakeven date pushed back to 2024 The 9 analysts covering Ayr Wellness previously expected the company to break even in 2023. New consensus forecast suggests losses will reduce by 71% per year to 2023. The company is expected to make a profit of US$14.7m in 2024. Average annual earnings growth of 111% is required to achieve expected profit on schedule. Announcement • May 28
Ayr Wellness Inc. Receives Approval to Begin New Jersey Adult-Use Retail Sales Ayr Wellness Inc. announced that the New Jersey Cannabis Regulatory Commission approved the Company for adult-use cannabis sales in the Garden State. Ayr currently operates medical dispensaries in Woodbridge, Union, and Eatontown, all located in Central New Jersey, a region of 3.4 million people which until now only had access to two adult-use dispensaries. The Company’s three retail locations are the maximum allowable dispensaries under current state law. Reported Earnings • May 27
First quarter 2022 earnings released: US$0.11 loss per share (vs US$0.38 loss in 1Q 2021) First quarter 2022 results: US$0.11 loss per share (up from US$0.38 loss in 1Q 2021). Revenue: US$111.2m (up 91% from 1Q 2021). Net loss: US$7.58m (loss narrowed 54% from 1Q 2021). Over the next year, revenue is forecast to grow 60%, compared to a 6.8% growth forecast for the industry in Germany. Announcement • May 13
Ayr Wellness Inc Receives Final License to Sell Adult-Use Cannabis in the Heart of Boston’s Back Bay, the Company’s First Adult-Use Dispensary in Greater Boston Ayr Wellness Inc. announced that the Massachusetts Cannabis Control Commission has granted a final license for the sale of adult-use cannabis at its AYR Back Bay dispensary in Boston. The CCC voted to grant the final license at its meeting on May 12, 2022. The Boston dispensary executed a Host Community Agreement with the City of Boston’s Cannabis Board on November 16, 2020. The Company executed two additional HCAs in the Greater Boston area in October 2020 -- one in Watertown and a second in Somerville, where the Company currently operates a medical dispensary. Ayr will continue to work closely with the CCC to move toward final approval to commence adult-use operations at all three locations. Announcement • May 10
Ayr Wellness Inc. to Report Q1, 2022 Results on May 26, 2022 Ayr Wellness Inc. announced that they will report Q1, 2022 results on May 26, 2022 Announcement • May 07
Ayr Wellness Inc., Annual General Meeting, Jun 23, 2022 Ayr Wellness Inc., Annual General Meeting, Jun 23, 2022. Announcement • May 05
Ayr Wellness Inc. Announces Brand Launches in Massachusetts and Ohio Ayr Wellness Inc. announced it has expanded its extensive product portfolio available in Massachusetts with the addition of its premium flower brand, Kynd, and the launch of Entourage vapes in Ohio. Sales of Kynd began in Massachusetts on April 29, exclusively at Sira Naturals (“Sira”) dispensaries. Each unique strain included in the initial launch, “Mr. Nasty,” “Orangutan Zkittlez,” and “Fresh Squeezed,” are new to Ayr’s offerings in the Massachusetts market and boast a premium genetic profile. These offerings will be made available through 3rd party dispensaries and the broader adult-use market in the near future. Entourage vapes begin sales in Ohio, launching with six strain-specific offerings, including “Skywalker OG,” “OG 1 Kenobi,” “Yoda’s Alien Cookies,” “Blue Dream,” “Champagne Kush,” and “Jack Herer.” The initial drop can be purchased by Ohio medical patients in 28 dispensaries throughout the state. Kynd is also sold in Ayr-owned and 3rd party retail locations throughout Arizona, Florida, and Nevada, where it is the leading flower brand for seven straight months, per BDSA. Entourage is also sold in Ayr-owned and 3rd party retail locations throughout Massachusetts and Florida. The Company plans to introduce both brands to additional key markets throughout 2022. Announcement • Apr 22
Ayr Wellness Inc. Announces the Launch of Kynd Premium Flower in Florida Ayr Wellness Inc. announced it has expanded its extensive product portfolio available at Liberty Health Sciences (Liberty) dispensaries statewide in Florida with the addition of its premium flower brand, Kynd. Sales of Kynd began this week across Liberty’s 45-dispensary footprint. The initial launch includes six strain offerings, namely Blueberry Headband, Extraterrestrial Bananas, True OG, Purple Trainwreck, Polyjuice #4, and Lemon Haze. Announcement • Apr 03
Ayr Wellness Announces New Launches for Secret Orchard, Levia, Stix Preroll Co., and Origyn Extracts Ayr Wellness Inc. announced several milestones in its branded-CPG portfolio, which include new launches for Secret Orchard, LEVIA, STiX Preroll Co., and Origyn Extracts. In Massachusetts, Ayr is launching its Secret Orchard fruit-forward vapes. The initial launch consists of five flavors: Blue Raspberry, Pineapple, Watermelon, Strawberry, and Mixed Fruit. Ayr’s dispensaries will have early access to Secret Orchard, with exclusive sales beginning this weekend. The Company anticipates initiating sales in 3rd party retail locations in the week after its initial launch. Additionally in Massachusetts, the Company is announcing the launch of LEVIA’s latest seasonal flavor, Mellow Mule, just in time for spring. Hitting shelves at dispensaries throughout Massachusetts next week, the limited-edition Mellow Mule mimics the desired effects of LEVIA’s “Celebrate” offering – a hybrid cannabis blend that feels both uplifting and social – with a refreshing ginger-lime twist. Each 12-ounce can of seltzer delivers 5-grams of THC with fast-acting effects in 15-20 minutes, with zero calories and zero sugar. In Florida, Ayr is launching STiX Preroll Co., beginning with its 1g “Walking Stix” pre-roll. The pre-rolls, produced in multiple strains, will be available across Ayr’s 45 store footprint in the state beginning next week. Reported Earnings • Mar 18
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: US$0.30 loss per share (up from US$6.32 loss in FY 2020). Revenue: US$357.6m (up 131% from FY 2020). Net loss: US$17.0m (loss narrowed 90% from FY 2020). Revenue exceeded analyst estimates by 1.6%. Over the next year, revenue is forecast to grow 71%, compared to a 8.2% growth forecast for the pharmaceuticals industry in Germany. Announcement • Feb 16
Ayr Wellness Inc. (CNSX:AYR.A) completed the acquisition of Cultivauna, LLC. Ayr Wellness Inc. (CNSX:AYR.A) entered into a binding letter of intent to acquire Cultivauna, LLC for $60 million on August 16, 2021. Ayr Wellness Inc. (CNSX:AYR.A) entered into a definitive agreement to acquire Cultivauna, LLC on September 7, 2021. The terms of the transaction include $20 million in upfront consideration, made up of up to $10 million in cash with the remainder in stock. An earn-out payment of up to an additional $40 million will be paid in shares based on the achievement of revenue targets in 2022 and 2023. Cultivauna will be wholly owned subsidiary of Ayr. Following the closing, Levia will be joining other national brands, Kynd premium flower, and Origyn extracts. The ownership transition was approved by the Massachusetts Cannabis Control Commission February 10, 2022. The transaction is subject to customary closing conditions and regulatory approvals, as well as the execution of a binding definitive agreement. The transaction is expected to close by the end of 2021. Massachusetts Cannabis Control Commission approved the transaction on Thursday, February 10, 2022.
Ayr Wellness Inc. (CNSX:AYR.A) completed the acquisition of Cultivauna, LLC on February 15, 2022. Announcement • Feb 03
Ayr Wellness Inc. to Report Q4, 2021 Results on Mar 17, 2022 Ayr Wellness Inc. announced that they will report Q4, 2021 results Pre-Market on Mar 17, 2022 Announcement • Jan 28
Ayr Wellness Adds Joyce Johnson-Miller to Board of Directors Ayr Wellness Inc. announced that it has welcomed Joyce Johnson-Miller to the Company’s Board of Directors. Additionally, Ms. Johnson-Miller has been appointed and confirmed to the Company’s Audit Committee. Ms. Johnson-Miller previously served as Senior Managing Director and Partner at Relatively Capital from 2008 to 2017 and as a Managing Director at Cerberus Capital Management from 1993 to 2002, in addition to Vice President roles at ING Bank and Citicorp. Recent Insider Transactions • Dec 17
Head of Strategy & M&A recently bought €55k worth of stock On the 15th of December, James Mendola bought around 5k shares on-market at roughly €11.03 per share. In the last 3 months, there was an even bigger purchase from another insider worth €163k. Insiders have collectively bought €1.3m more in shares than they have sold in the last 12 months. 
