Ayr Methods Finishes Acquisition of CannTech in Pennsylvania

TORONTO, Dec. 23, 2020 (WORLD NEWSWIRE)– Ayr Methods (CSE: AYR.A, OTCQX: AYRWF, “Ayr” or “the Business”), a leading vertically incorporated cannabis multi-state operator, today revealed it has actually closed on the purchase of 100% of the subscription interests of CannTech PA (” CannTech”).

As formerly revealed, the overall purchase factor to consider of US$ 57.4 million included US$ 27.2 million in money, US$ 15.0 million in exchangeable shares, each of which would be exchangeable for a secondary ballot share, and US$ 15.2 million in seller’s notes.

This acquisition consists of a 143,000 sq. ft. growing and processing center on 13 acres. The very first stage of the prepared build-out of the center is total and authorized for growing. CannTech’s license allows approximately 6 dispensary areas in Pennsylvania, consisting of the just recently revealed opening of its very first dispensary in New Castle, PA. CannTech prepares to open 2 extra shops in the very first quarter, with 3 more PA dispensary openings prepared for the 2nd half of 2021. 4 of these extra dispensaries will be clustered in the Pittsburgh and Philadelphia cities, while one will remain in Erie, PA.

Speaking on the CannTech acquisition, Ayr’s CEO Jonathan Sandelman commented, “We are enjoyed have actually finished our 2nd acquisition and strengthened our entry into Pennsylvania. It is a quickly growing, however under-supplied medical market, and we eagerly anticipate bringing our growing, processing and retail competence to the Commonwealth to enhance clients’ access to quality cannabis.”

With adult-use possible in the foreseeable future, we are well placed with massive growing and processing abilities to lead in both the retail and wholesale markets, as we have actually performed in Nevada and Massachusetts. We are anticipating inviting the Pennsylvania group to the Ayr household and to the interesting chances ahead in 2021 and beyond.

Jonathan Sandelman

About Ayr Methods Inc.

Ayr Methods (” Ayr”) is a broadening vertically incorporated, U.S. multi-state cannabis operator, concentrating on high-growth markets. The Business cultivates and produces top quality cannabis items for circulation through its network of retail outlets and through third-party shops. Ayr aims to enhance customers’ experience every day– assisting them to live their finest lives, raised.

Ayr’s management group brings tested competence in growing effective organizations through disciplined functional and monetary management, and is devoted to driving favorable effect for consumers, staff members and the neighborhoods they touch. To find out more, please go to ir.ayrstrategies.com.

Business Contact:

Megan Kulick, Head of Financier Relations
T: (646) 977-7914
Email: [email protected]

Initial news release

Released by NCV Newswire
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