Ayr Wellness Provides Outlook for 2022 Canadian Stock Exchange:AYR.A

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, supplied an outlook for 2022, which included goal revenues of US$725 million and Adjusted EBITDA (see “Non-IFRS Measures beneath) of US$325 million. As 2021 is predicted to be a transitional yr, no outlook is being supplied for 2021.

In creating the steerage set forth above, Ayr made the next assumptions and relied on the next components and issues (in addition to these referred to below “Ahead-Trying Data” beneath):

• The targets are topic to the timing of pending M&A transactions:
  • Arizona and Ohio will shut by the top of Q1 2021
  • New Jersey will shut by the top 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 a further 38,000 in Q3 2021 and a further cultivation enlargement in Q3 2022
  • 4 further retail places will open within the second half of 2021, bringing whole retailer rely to 6
• Arizona: 80,000 sq ft of further cultivation and manufacturing capability will come on-line in This fall 2021
• New Jersey:
  • 76,000 sq ft of further 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 places in Better Boston might be accepted to open and can open by Q1 2022
  • 93,000 sq ft of further cultivation and manufacturing capability will come on-line in Q2 2022
• Florida:
  • 42 retail places in Florida by the top of 2021
  • Regular, gradual enchancment in cultivation yields in Florida and retail throughput in 2021 to achieve annual retail revenues of roughly $4 million by yr finish 2022
• Ohio:
  • 58,000 sq ft of cultivation and manufacturing capability will come on-line in Q3 2022

Word: 2022 steerage relies on IFRS accounting requirements. Ayr Wellness expects to transition to US GAAP starting in Q1 2021 and any affect 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 yr 2020 outcomes press launch dated March 11, 2021 could be discovered here. The convention name is accessible for replay here.

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

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

Monetary Statements

Sure monetary data reported on this information launch is extracted from Ayr’s Consolidated Monetary Statements for the yr 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 reviews sure non-IFRS measures which might be used to judge the efficiency of its companies and the efficiency of their respective segments, in addition to to handle their capital buildings. As non-IFRS measures typically wouldn’t have a standardized which means, they might not be corresponding to comparable measures offered 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 below IFRS and wouldn’t have a standardized which means prescribed by IFRS and are due to this fact unlikely to be corresponding to comparable measures offered by different firms. Reasonably, these are supplied as further 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 below IFRS. Non-IFRS measures used to research 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 higher transparency with respect to key metrics utilized by administration in its monetary and operational decision-making. These monetary measures are meant to offer traders with supplemental measures of the Firm’s working performances and thus spotlight developments within the Firm’s core companies that won’t in any other case be obvious when solely counting on the IFRS measures.

Adjusted EBITDA

“Adjusted EBITDA” represents earnings (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 truthful worth of organic property, and additional adjusted to take away acquisition associated prices.

A reconciliation of how Ayr calculates Adjusted EBITDA is supplied beneath. Further reconciliations of Adjusted EBITDA and different disclosures regarding non-IFRS measures is supplied in our MD&A for the yr ended December 31, 2020. As nicely, 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 which means of relevant securities legal guidelines. Ahead-looking statements are sometimes, however not at all times, recognized by means of phrases akin to “goal”, “anticipate”, “anticipate”, “imagine”, “foresee”, “might”, “would”, “estimate”, “purpose”, “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 progress plans. Quite a few dangers and uncertainties might 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 might not be realized; occasions or sequence of occasions, together with in reference to COVID-19, could trigger enterprise interruptions; required regulatory approvals might 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 further debt or fairness capital if required. Amongst different issues, Ayr has assumed that its companies will function as anticipated, that it will likely be in a position to full acquisitions on affordable phrases, and that every one required regulatory approvals might be obtained on passable phrases and inside anticipated time frames. Particularly, there could be no assurance that we’ll 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 which will trigger precise outcomes to vary materially. Whereas Ayr believes there’s a affordable foundation for these assumptions, such estimates might 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 supplied by persevering with operations, future capital expenditures, together with the quantity and nature thereof, developments and developments within the trade, enterprise technique and outlook, enlargement and progress of enterprise and operations, accounting insurance policies, credit score dangers, anticipated acquisitions, alternatives out there to or pursued by the events, and different issues.

The Firm’s outlook relies on quite 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 strange course, together with, with out limitation, with respect to normal trade situations, competitors, rules (together with these in respect of the hashish trade), taxes, continued rising acceptance of hashish, that there might be no materials questions of safety or materials recollects required, and that there might be no unplanned materials adjustments within the Firm’s services, tools or buyer or worker relations.

Ahead-looking data can also 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 Traders 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. Primarily based on the assumption that every thing 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 each day by means of the wellness and marvel of hashish.

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

Firm Contact:

Megan Kulick
Head of Investor Relations
T: (646) 977-7914
Electronic mail: IR@ayrwellness.com.

Investor Relations Contact:

Sean Mansouri, CFA or Cody Slach
Gateway Investor Relations
T: (949) 574-3860
Electronic mail: IR@ayrwellness.com

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

Unaudited Condensed Interim Consolidated Adjusted EBITDA Reconciliation

(Expressed in United States {Dollars})