Our staff is specially trained on the variety of products available ranging from raw flowers to edibles, tinctures and topical lotions. Our dedicated and passionate staff is eager to work alongside our patients and adults 21+ to understand their needs and recommend the proper type of cannabis. Ayr strives to enrich consumers’ experience every day through the wellness and wonder of cannabis.Īyr’s leadership team brings proven expertise in growing successful businesses through disciplined operational and financial management, and is committed to driving positive impact for customers, employees and the communities they touch.Our staff has first-hand experience in consulting with patients and knowledge in many different strains of cannabis and the different methods of consuming.
Based on the belief that everything starts with the quality of the plant, the Company is focused on superior cultivation to grow superior branded cannabis products. multi-state cannabis operator, focused on delivering the highest quality cannabis products and customer experience throughout its footprint. It represents income (loss) from operations, as reported, before interest and tax, adjusted to exclude non-recurring items, other non-cash items, including stock-based compensation expense, depreciation and amortization, and further adjusted to remove acquisition related costs.Ī reconciliation of how Ayr calculates Adjusted EBITDA is provided in our MD&A for the three months ended March 31, 2021.Īyr is an expanding vertically integrated, U.S. “Adjusted EBITDA” is a non-GAAP measure that has no standardized meaning and may not be similar to how other companies use the term. The acquisition is expected to close in the fourth quarter of 2021. Operations of Herbal Remedies will remain unchanged pending the closing. The acquisition is subject to customary closing conditions and regulatory approvals. Herbal will add approximately 50 employees to Ayr’s total headcount. Based on current projections, the Company estimates it is paying approximately 5x Herbal Remedies’ 2021 EBITDA. The terms of the transaction include consideration of $30 million, made up of $10 million in stock, $12 million in seller notes and $8 million in cash. Both medical and recreational use are now permitted.Īyr intends to purchase 100% of the membership interests of Herbal, an operator of two licensed dispensaries in Quincy, Illinois, the county seat of Adams County, the western-most county in Illinois. Herbal Remedies was among the first cannabis dispensaries licensed in the State of Illinois when the State approved the Compassionate Use of Medical Cannabis Program in 2013. We look forward to working with the Herbal team as we continue to build our presence in the Illinois market.” Sandelman added, “The team at Herbal Remedies has done a tremendous job in Quincy, building a fantastic business and a strong reputation for excellent customer service and merchandising – exactly what we at Ayr Wellness look for in a partner when entering a new market. The total cannabis market in Illinois is already run-rating at $1.8 billion in annual sales, despite adult-use launching only 18 months ago. Jonathan Sandelman, Chairman and Chief Executive Officer of Ayr Wellness. Illinois will become the eighth state in our expanding footprint, which now reaches close to 85 million people. Today’s announcement represents the next step in our goal to position Ayr as a leading MSO, with a strong presence in states that deliver meaningful revenue. (CSE: AYR.A, OTCQX: AYRWF) (“Ayr” or the “Company”), a vertically-integrated cannabis multi-state operator (MSO), has entered into a definitive agreement to acquire Herbal Remedies Dispensaries, LLC (“Herbal”), an operator of two licensed retail dispensaries in Illinois, adding an eighth state to its expanding national footprint. NEW YORK, J(GLOBE NEWSWIRE) - Ayr Wellness Inc. Ayr Wellness Enters Illinois with Agreement to Acquire Herbal Remedies Dispensaries, LLCĪdds Eighth State to its Growing Footprint
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