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

TORONTO, March 13, 2021 (GLOBE NEWSWIRE) — In a launch issued underneath the identical headline on Friday, March 12^th by Ayr Wellness Inc. (CSE:AYR.A, OTCQX:AYRWF), please be aware that within the final bullet of the Florida part, the Firm expects to achieve annual retail revenues of roughly 4 million per retailer in 2022, in-line with the state common. The corrected launch follows:

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 under) of US$325 million. As 2021 is predicted to be a transitional yr, no outlook is being supplied for 2021.

In creating the steering set forth above, Ayr made the next assumptions and relied on the next elements 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 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 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 Larger Boston will probably be permitted 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 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 per retailer in 2022, in-line with the state common
• Ohio:
  • 58,000 sq ft of cultivation and manufacturing capability will come on-line in Q3 2022

Be aware: 2022 steering relies on IFRS accounting requirements. Ayr Wellness expects to transition to US GAAP starting in Q1 2021 and any impression 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 will 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) 859-2056
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 information 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 can 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 typically wouldn’t have a standardized which means, they might not be akin to related 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 business metrics on this doc and elsewhere. Non-IFRS measures will not be acknowledged measures underneath IFRS and wouldn’t have a standardized which means prescribed by IFRS and are subsequently unlikely to be akin to related measures offered by different corporations. Somewhat, these are supplied as extra data to enhance 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-about 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 larger 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 tendencies 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 objects, different non-cash objects, together with stock-based compensation expense, depreciation and amortization, the changes for the accounting of the honest worth of organic belongings, and additional adjusted to take away acquisition associated prices.

A reconciliation of how Ayr calculates Adjusted EBITDA is supplied under. 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 properly, 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 inside the which means of relevant securities legal guidelines. Ahead-looking statements are sometimes, however not at all times, recognized by means of phrases resembling “goal”, “anticipate”, “anticipate”, “imagine”, “foresee”, “might”, “would”, “estimate”, “purpose”, “outlook”, “intend”, “plan”, “search”, “will”, “might”, “monitoring”, “pacing” and “ought to” and related 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 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, might trigger enterprise interruptions; required regulatory approvals might not be obtained; acquisitions might not be capable to be accomplished on passable phrases or in any respect or might if accomplished not achieve success; and Ayr might 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 it will likely be in a position to full acquisitions on cheap phrases, and that each one required regulatory approvals will probably be obtained on passable phrases and inside anticipated time frames. Particularly, there will 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 identified and unknown dangers and uncertainties which will trigger precise outcomes to vary materially. Whereas Ayr believes there’s a cheap foundation for these assumptions, such estimates might not be met. These estimates signify forward-looking data. Precise outcomes might fluctuate 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, tendencies and developments within the business, 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 relies on quite a lot of elements, together with the expertise of its administration group 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 atypical course, together with, with out limitation, with respect to normal business situations, competitors, rules (together with these in respect of the hashish business), taxes, continued rising acceptance of hashish, that there will probably be no materials issues of safety or materials remembers required, and that there will probably be no unplanned materials modifications 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 best high quality hashish merchandise and buyer expertise all through its footprint. Based mostly on the assumption that all the pieces begins with the standard of the plant, the Firm is concentrated on superior cultivation to develop superior branded hashish merchandise. Ayr strives to complement customers’ expertise every single day by means of the wellness and marvel of hashish.

Ayr’s management group brings confirmed experience in rising profitable companies by means of disciplined operational and monetary administration, and is dedicated to driving constructive impression for patrons, workers 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
E mail: IR@ayrwellness.com.

Investor Relations Contact:

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

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

Unaudited Condensed Interim Consolidated Adjusted EBITDA Reconciliation

(Expressed in United States {Dollars})