AYR WELLNESS INC - AYRWF STOCK NEWS

AYR Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF), a leading vertically integrated U.S. multi-state cannabis operator, has announced significant changes in its management. Effective September 18, 2024, David Goubert has stepped down from his roles as President and Chief Executive Officer. Goubert had served as President since October 12, 2022, and as CEO since February 13, 2023.

In response to this departure, the Board of Directors has appointed Steven M. Cohen as Interim Chief Executive Officer, effective immediately. Cohen previously served as an outside legal advisor to the company. The Board has stated that it will initiate a search for a permanent CEO in due course.

AYR Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) has secured conditional approval from the Virginia Cannabis Control Authority to operate as a pharmaceutical processor in Virginia's Health Service Area 1 (HSA 1). This area includes cities like Charlottesville and Fredericksburg, serving a population of approximately 1.5 million people.

The approval marks a significant step for AYR in expanding its medical cannabis operations into Virginia, a market that has previously lacked access to medical cannabis. David Goubert, President & CEO of AYR, expressed pride in this opportunity, viewing it as a reflection of the company's efforts to build a sustainable business and expand its footprint in the U.S. cannabis market.

AYR Cannabis Dispensary, owned by AYR Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF), has announced the expansion of its retail footprint in Florida. The company opened a new store in Jacksonville on August 22, 2024, and plans to open another in Palm Beach Gardens in early September 2024. These additions will bring AYR's total retail presence to 66 locations in Florida and 96 nationwide.

The Jacksonville-Dunn store is a 2,808-square-foot facility with drive-thru service, while the Palm Beach Gardens location will be a 3,638-square-foot storefront near Gardens Mall. Both dispensaries will offer premium products and quality service to medical patients, featuring modern designs and dedicated team members to ensure a comfortable shopping experience.

AYR Cannabis Dispensary has opened its first retail location in Connecticut, marking its 94th nationwide store. The Manchester dispensary, which began operations on August 16, 2024, is a partnership with local attorney Tiana Hercules through Connecticut Cultivation Solutions. This venture combines Hercules' local expertise with AYR's multi-state operational experience.

The 1,600-square-foot storefront offers both in-store and drive-thru services, catering to adult-use consumers and medical patients. Located near Interstate 384, it serves Manchester and nearby towns lacking licensed retail locations. The dispensary aims to be a force for good in the community, engaging in social initiatives such as expungement clinics and supporting educational programs.

This expansion represents AYR's commitment to growth and community impact in the cannabis industry, with a focus on serving areas disproportionately affected by cannabis prohibition.

AYR Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) reported its Q2 2024 financial results. Key highlights include:

- Revenue of $117.3 million, up 0.5% year-over-year but down 0.6% quarter-over-quarter
- Adjusted EBITDA of $25.7 million, down 12.6% year-over-year and 11.7% quarter-over-quarter
- Adjusted EBITDA margin of 21.9%, down 330 basis points year-over-year

The company faced challenges due to wholesale pricing pressure, consumer spending tightening, and margin pressure in select markets. However, AYR remains focused on operational improvements and is positioning for growth in adult-use markets in Ohio, Florida, and Pennsylvania. The company expects low to mid-single digit revenue growth in Q3 and improved Adjusted EBITDA margins in the second half of 2024.

AYR Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) has launched adult-use cannabis sales in Ohio. Customers aged 21 and over with valid government-issued ID can now shop at AYR Dispensaries in Woodmere, Goshen, and Dayton. This expansion follows Ohio's passage of Issue 2 in November, which legalized recreational cannabis use. Julie Winter, SVP and Market GM for Ohio at AYR, highlighted the strong demand for tested and trusted cannabis products in the state. AYR plans to support its partners in serving Ohio residents through these three branded dispensaries and its wholesale presence. The company has future ownership rights to all three dispensaries, pending regulatory approval.

AYR Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF), a leading vertically integrated U.S. multi-state cannabis operator, has announced significant changes in its leadership. Jonathan Sandelman, who has served on the board since 2017, has resigned from his positions as director and executive chairman, effective July 31, 2024. The board of directors has appointed Louis Karger as the new chairman of the board. This management shift marks a notable transition for AYR Wellness, as the company moves forward under new leadership. The outgoing chairman's contributions in establishing the company's current form have been acknowledged, with the new chairman expressing gratitude for Sandelman's years of service.

AYR Wellness, a prominent U.S. multi-state cannabis operator, will host a conference call on August 7, 2024, at 8:00 a.m. ET to discuss its Q2 2024 financial results. The call will be led by CEO David Goubert and CFO Brad Asher. The company will release its financial results prior to the call. Investors can dial in toll-free at (844) 763-8274 or internationally at (647) 484-8814 using Conference ID 10190621. A webcast will be available, and a replay will be accessible until September 7, 2024.

AYR Cannabis Dispensary, a subsidiary of AYR Wellness, has expanded its footprint in Illinois with the opening of its third retail location in the state and its 92nd nationwide. The new dispensary, located in Hometown, Illinois, near Chicago Midway International Airport, began serving adult-use consumers on June 25, 2024.

The Hometown dispensary spans approximately 4,200 square feet and features eight point-of-sale registers, ample parking, and is conveniently located near public transportation and popular local restaurants.

This expansion reflects AYR's commitment to enhancing the Illinois cannabis market and follows the recent rebranding of its Quincy dispensaries. AYR also plans to open another dispensary in Illinois later this summer.