Page 1

May 26 , 2021 NR wellness Ayr Wellness Reports First Quarter 2021 Results • Q1 Revenue up 74 % Y / Y to $ 58.4 Million • Q1 Adjusted EBITDA of $ 20.0 million on an IFRS basis ; $ 18.4 million on a US GAAP basis , up 136 % Y / Y • US GAAP Operating Loss of $ 8.4 Million Included Non - Cash and One - Time Expenses of $ 26.5 Million • Closed on Acquisition of Liberty Health Sciences , Adding 42 Sited Retail Dispensaries , the Fourth Largest Footprint in Florida • Closed on Arizona and Ohio Acquisitions , Bringing Total Footprint to Six States ; Seventh State ( New Jersey ) Expected to Close this Summer • Company Provides 2Q21 Guidance for an estimated $ 90 Million in Revenue , up Over 218 % Y / Y and Over 54 % Q / Q , with Adjusted EBITDA Margins in the 30 % Range TORONTO , May 26 , 2021 ( GLOBE NEWSWIRE ) -- Ayr Wellness Inc. ( CSE : AYR.A , OTCQX : AYRWF ) ( " Ayr ” or the “ Company ” ) , a vertically - integrated cannabis multi - state operator ( MSO ) , is reporting financial results for the three months ended March 31 , 2021 . Unless otherwise noted , all results are presented in U.S. dollars . As of first quarter 2021 , the Company is now reporting in US GAAP . " Q1 2021 represents the early innings of our 2021 strategic transformation , as we successfully closed on our announced acquisitions as scheduled , starting with the February 25th closing of our acquisition of Liberty Health Sciences , adding the fourth largest retail footprint in Florida , " said Jonathan Sandelman , CEO of Ayr Wellness . " We then closed on our Arizona acquisition at the end of March , adding three dispensaries and a large cultivation expansion in the latest adult - use market to ramp - up in the West . Then we quickly followed that by closing our acquisitions in Ohio , and harvesting our first flower in Pennsylvania , which hit the shelves in our stores earlier this month . We also opened our sixth store in Nevada , the closest dispensary to the Las Vegas airport , just in time for the return of tourism to the state . " " The results of our successful execution thus far can be seen in our April monthly revenues , which have nearly doubled since January . We expect step function growth across Q2 , Q3