CORRECTION — Ayr Wellness Provides Outlook for 2022

TORONTO, March 13, 2021 (GLOBE NEWSWIRE) — In a launch issued beneath 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 beneath) of US$325 million. As 2021 is anticipated to be a transitional yr, no outlook is being supplied for 2021.

In growing the steering set forth above, Ayr made the next assumptions and relied on the next elements and concerns (in addition to these referred to beneath “Ahead-Wanting Data” beneath):

• 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 a further 38,000 in Q3 2021 and a further cultivation enlargement in Q3 2022
  • 4 extra retail areas will open within the second half of 2021, bringing whole retailer rely 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 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 tip 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

Notice: 2022 steering is predicated 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 obtainable 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 experiences 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 constructions. As non-IFRS measures typically don’t have a standardized which means, they will not be similar to related 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 business metrics on this doc and elsewhere. Non-IFRS measures are usually not acknowledged measures beneath IFRS and don’t have a standardized which means prescribed by IFRS and are due to this fact unlikely to be similar to related measures introduced by different corporations. Relatively, these are supplied 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 choice to evaluation of the Firm’s monetary data reported beneath 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 buyers 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 meant to offer buyers with supplemental measures of the Firm’s working performances and thus spotlight traits 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 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 belongings, 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 effectively, the Firm reminds you that Adjusted EBITDA is a non-IFRS measure.

Ahead-Wanting 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 way of phrases corresponding to “goal”, “count on”, “anticipate”, “consider”, “foresee”, “might”, “would”, “estimate”, “purpose”, “outlook”, “intend”, “plan”, “search”, “will”, “could”, “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 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 will not be realized; occasions or sequence of occasions, together with in reference to COVID-19, could trigger enterprise interruptions; required regulatory approvals will not be obtained; acquisitions could not have the ability to be accomplished on passable phrases or in any respect or could if accomplished not achieve success; and Ayr could not have the ability to increase extra debt or fairness capital if required. Amongst different issues, Ayr has assumed that its companies will function as anticipated, that it is going to be capable of full acquisitions on cheap phrases, and that each one required regulatory approvals shall 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 recognized 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 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 supplied by persevering with operations, future capital expenditures, together with the quantity and nature thereof, traits and developments within the business, 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 is predicated on a variety of elements, together with the expertise of its administration workforce 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 bizarre course, together with, with out limitation, with respect to common business situations, competitors, rules (together with these in respect of the hashish business), taxes, continued rising acceptance of hashish, that there shall be no materials issues of safety or materials recollects required, and that there shall be no unplanned materials modifications within the Firm’s services, gear 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 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, targeted on delivering the 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 shoppers’ expertise daily by means of the wellness and surprise of hashish.

Ayr’s management workforce brings confirmed experience in rising profitable companies by means of disciplined operational and monetary administration, and is dedicated to driving optimistic impression for purchasers, 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})