Ayr Wellness Provides Outlook for 2022

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TORONTO, March 12, 2021 (GLOBE NEWSWIRE) — Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) (“Ayr” or the “Firm”), a vertically-integrated hashish multi-state operator (MSO), on March 11, 2021 in reference to its fourth quarter and year-end 2020 outcomes, offered an outlook for 2022, which included goal revenues of US$725 million and Adjusted EBITDA (see “Non-IFRS Measures under) of US$325 million. As 2021 is anticipated to be a transitional 12 months, no outlook is being offered for 2021.

In growing the steering set forth above, Ayr made the next assumptions and relied on the next components and issues (in addition to these referred to underneath “Ahead-Trying Info” under):

• The targets are topic to the timing of pending M&A transactions:
  • Arizona and Ohio will shut by the tip of Q1 2021
  • New Jersey will shut by the tip of Q3 2021
• The targets are topic to the timing of on-line dates for cultivation and manufacturing capability in addition to retail retailer openings:
• Pennsylvania:
  • 45,000 sq ft of cultivation and manufacturing capability will come on-line in Q2 2021, adopted by an extra 38,000 in Q3 2021 and an extra cultivation growth in Q3 2022
  • 4 extra retail areas will open within the second half of 2021, bringing complete retailer depend to 6
• Arizona: 80,000 sq ft of extra cultivation and manufacturing capability will come on-line in This fall 2021
• New Jersey:
  • 76,000 sq ft of extra cultivation and manufacturing capability will come on-line in Q1 2022
  • Grownup-use gross sales will start in Q1 2022
• Massachusetts:
  • Three adult-use retail areas in Higher Boston shall be accredited to open and can open by Q1 2022
  • 93,000 sq ft of extra cultivation and manufacturing capability will come on-line in Q2 2022
• Florida:
  • 42 retail areas in Florida by the tip of 2021
  • Regular, gradual enchancment in cultivation yields in Florida and retail throughput in 2021 to succeed in annual retail revenues of roughly $Four million by 12 months finish 2022
• Ohio:
  • 58,000 sq ft of cultivation and manufacturing capability will come on-line in Q3 2022

Be aware: 2022 steering is predicated on IFRS accounting requirements. Ayr Wellness expects to transition to US GAAP starting in Q1 2021 and any influence on the 2022 outlook associated to the change in accounting requirements is deliberate to be mentioned intimately on the Q1 2021 convention name.

The Ayr Wellness fourth quarter and full 12 months 2020 outcomes press launch dated March 11, 2021 may be discovered here. The convention name is out there for replay here.

A telephonic replay of the convention name is thru March 18, 2021.

Toll-free replay quantity: (855) 859-2056Worldwide replay quantity: (404) 537-3406Replay ID: 2287507

Monetary Statements

Sure monetary data reported on this information launch is extracted from Ayr’s Consolidated Monetary Statements for the 12 months ended December 31, 2020. Ayr recordsdata its annual monetary statements on SEDAR. All such monetary data contained on this information launch is certified in its entirety by reference to such monetary statements.

Definition and Reconciliation of Non-IFRS Measures

The Firm studies sure non-IFRS measures which might be used to guage the efficiency of its companies and the efficiency of their respective segments, in addition to to handle their capital buildings. As non-IFRS measures usually don’t have a standardized that means, they will not be similar to comparable measures introduced by different issuers. Securities regulators require such measures to be clearly outlined and reconciled with their most comparable IFRS measure.

The Firm references non-IFRS measures and hashish trade metrics on this doc and elsewhere. Non-IFRS measures will not be acknowledged measures underneath IFRS and don’t have a standardized that means prescribed by IFRS and are due to this fact unlikely to be similar to comparable measures introduced by different firms. Fairly, these are offered as extra data to enrich these IFRS measures by offering additional understanding of the outcomes of the operations of the Firm from administration’s perspective. Accordingly, these measures shouldn’t be thought of in isolation, nor as an alternative to evaluation of the Firm’s monetary data reported underneath IFRS. Non-IFRS measures used to investigate the efficiency of the Firm’s companies embrace “Adjusted EBITDA.”

The Firm believes that these non-IFRS monetary measures present significant supplemental data concerning the Firm’s performances and could also be helpful to traders as a result of they permit for better transparency with respect to key metrics utilized by administration in its monetary and operational decision-making. These monetary measures are supposed to supply traders with supplemental measures of the Firm’s working performances and thus spotlight tendencies within the Firm’s core companies that will not in any other case be obvious when solely counting on the IFRS measures.

Adjusted EBITDA

“Adjusted EBITDA” represents revenue (loss) from operations, as reported, earlier than curiosity and tax, adjusted to exclude non-recurring gadgets, different non-cash gadgets, together with stock-based compensation expense, depreciation and amortization, the changes for the accounting of the honest worth of organic property, and additional adjusted to take away acquisition associated prices.

A reconciliation of how Ayr calculates Adjusted EBITDA is offered under. Extra reconciliations of Adjusted EBITDA and different disclosures regarding non-IFRS measures is offered in our MD&A for the 12 months ended December 31, 2020. As effectively, the Firm reminds you that Adjusted EBITDA is a non-IFRS measure.

Ahead-Trying Statements

Sure data contained on this information launch could also be forward-looking statements throughout the that means of relevant securities legal guidelines. Ahead-looking statements are sometimes, however not at all times, recognized by way of phrases corresponding to “goal”, “anticipate”, “anticipate”, “consider”, “foresee”, “may”, “would”, “estimate”, “aim”, “outlook”, “intend”, “plan”, “search”, “will”, “could”, “monitoring”, “pacing” and “ought to” and comparable expressions or phrases suggesting future outcomes. This information launch contains forward-looking data and statements pertaining to, amongst different issues, Ayr’s future development plans. Quite a few dangers and uncertainties may trigger the precise occasions and outcomes to vary materially from the estimates, beliefs and assumptions expressed or implied within the forward-looking statements, together with, however not restricted to: anticipated strategic, operational and aggressive advantages will not be realized; occasions or collection of occasions, together with in reference to COVID-19, could trigger enterprise interruptions; required regulatory approvals will not be obtained; acquisitions could not be capable to be accomplished on passable phrases or in any respect or could if accomplished not achieve success; and Ayr could not be capable to increase extra debt or fairness capital if required. Amongst different issues, Ayr has assumed that its companies will function as anticipated, that will probably be in a position to full acquisitions on cheap phrases, and that each one required regulatory approvals shall be obtained on passable phrases and inside anticipated time frames. Specifically, there may be no assurance that we are going to full the pending acquisitions in or enter into agreements with respect to different acquisitions.

Ahead-looking estimates and assumptions contain recognized and unknown dangers and uncertainties that will trigger precise outcomes to vary materially. Whereas Ayr believes there’s a cheap foundation for these assumptions, such estimates will not be met. These estimates characterize forward-looking data. Precise outcomes could differ and differ materially from the estimates.

In making these statements, along with these described above and elsewhere herein, the events have made assumptions with respect to anticipated money offered by persevering with operations, future capital expenditures, together with the quantity and nature thereof, tendencies and developments within the trade, enterprise technique and outlook, growth and development of enterprise and operations, accounting insurance policies, credit score dangers, anticipated acquisitions, alternatives accessible to or pursued by the events, and different issues.

The Firm’s outlook is predicated on a lot of components, together with the expertise of its administration crew and advisors in rising hashish companies, administration’s native market experience and administration’s views on the prospects for the U.S. hashish market. The Firm has additionally assumed that enterprise and financial situations will proceed considerably within the odd course, together with, with out limitation, with respect to basic trade situations, competitors, rules (together with these in respect of the hashish trade), taxes, continued rising acceptance of hashish, that there shall be no materials questions of safety or materials remembers required, and that there shall be no unplanned materials adjustments within the Firm’s services, tools or buyer or worker relations.

Ahead-looking data can be topic to the assumptions and dangers as described in our MD&A for December 31, 2020. For extra details about the Firm’s 2020 operations and outlook, please view Ayr’s company presentation posted within the Buyers part of the Firm’s web site at www.ayrwellness.com.

About Ayr Wellness Inc.

Ayr is an increasing vertically built-in, U.S. multi-state hashish operator, centered on delivering the very best high quality hashish merchandise and buyer expertise all through its footprint. Based mostly on the assumption that the whole lot begins with the standard of the plant, the Firm is targeted on superior cultivation to develop superior branded hashish merchandise. Ayr strives to counterpoint customers’ expertise on daily basis by way of the wellness and marvel of hashish.

Ayr’s management crew brings confirmed experience in rising profitable companies by way of disciplined operational and monetary administration, and is dedicated to driving constructive influence for patrons, staff and the communities they contact. For extra data, please go to ayrwellness.com.

Firm Contact:

Megan KulickHead of Investor RelationsT: (646) 977-7914E-mail: IR@ayrwellness.com.

Investor Relations Contact:

Sean Mansouri, CFA or Cody SlachGateway Investor RelationsT: (949) 574-3860E-mail: IR@ayrwellness.com

Ayr Wellness Inc. (previously, Ayr Methods Inc.)

Unaudited Condensed Interim Consolidated Adjusted EBITDA Reconciliation

(Expressed in United States {Dollars})

	Three Months ended December 31,						Yr ended December 31,
	2020			2019			2020			2019
(Loss) Earnings from operations	(2,052,353	)		(16,898,258	)		16,117,080			(37,467,213	)
Non-cash gadgets accounting for organic property and stock
Incremental prices to accumulate hashish stock in enterprise mixture	–			3,764,678			–			3,764,678
Truthful worth adjustment on sale of stock	12,971,862			4,838,814			34,147,938			18,272,212
Unrealized achieve on organic asset transformation	(4,115,927	)		(1,765,527	)		(48,690,657	)		(10,108,105	)
	8,855,935			6,837,965			(14,542,719	)		11,928,785
Curiosity	258,077			295,630			986,870			295,630
Depreciation and amortization (from assertion of money flows)	5,017,319			4,511,734			18,436,700			10,310,237
Acquisition prices	1,890,428			724,139			2,945,194			5,847,800
Inventory-based compensation expense, non-cash	5,207,204			13,296,643			31,156,759			28,879,225
Different non-operating1	182,343			472,326			1,089,912			1,105,694
	12,555,371			19,300,472			54,615,435			46,438,586
Adjusted EBITDA (non-IFRS)	19,358,953			9,240,179			56,189,796			20,900,158
1 Different non-operating changes made to exclude the influence of non-recurring gadgets

Supply: Ayr Wellness Inc.

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