Page 1

November 22 , 2021 ayr Ayr Wellness Reports Third Quarter 2021 Results • Q3 Revenue up 111 % Y / Y to $ 96.2 Million , up 5 % sequentially • Q3 Adjusted EBITDA of $ 26.0 million , up 40 % Y / Y and down 5 % sequentially as the Company Invests in Future Growth • US GAAP Operating Loss of $ 8.9 Million Included Non - Cash , One - Time Expenses , and Non - Operating Adjustments totaling $ 34.9 Million • Raised $ 50 Million in Cash with Early Call of Outstanding Warrants and $ 150 Million in Offering of Additional Senior Notes • Company Provides Q4 2021 Guidance for over 10 % Sequential Revenue Growth with Adjusted EBITDA Flat Sequentially • Proposing to Add Two Dispensaries in Chicago with Announced Agreement to Acquire Dispensary 33 , Which Would Increase Illinois Retail Footprint to Five Stores • Revising 2022 Adjusted EBITDA Target to $ 250-300 Million , and Maintaining 2022 Revenue Target of $ 800 Million to Reflect Revised Timing for Capital Projects and Recent Changes in Wholesale Market Conditions • Acquisitions of Levia , a Leading Branded Cannabis Beverage Company , Herbal Remedies ( IL ) and Tahoe Hydro ( NV ) Expected to Close in Q1 2022 , Followed by Dispensary 33 ( IL ) in the First Half of 2022 MIAMI , Nov. 22 , 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 and nine months ended September 30 , 2021. Unless otherwise noted , all results are presented in U.S. dollars . Jonathan Sandelman , CEO of Ayr Wellness , said , " We are pleased to report another great quarter of growth at Ayr , more than doubling our revenue from last year's third quarter and up 5 % sequentially in a flat cannabis market . We have been able to maintain or grow share in competitive markets with pricing discipline because , by design , we have focused on quality and consumers continue to show a willingness to pay for quality . As we've said again and again , we seek to be the largest scale cultivator of high - quality cannabis in the United States . First and foremost , this is because we want to produce the best product for our