AYR Wellness Announces Resignation of Executive Chair

Rhea-AI Summary

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.

Positive

• Smooth transition of leadership with immediate appointment of new chairman
• Continuity in board leadership maintained through internal promotion

Negative

• Departure of long-serving executive chairman may lead to strategic shifts
• Potential loss of institutional knowledge with Sandelman's exit

MIAMI, July 31, 2024 (GLOBE NEWSWIRE) -- AYR Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) (“AYR” or the “Company”), a leading vertically integrated U.S. multi-state cannabis operator (“MSO”), today announced that, effective today, Mr. Jonathan Sandelman has resigned and stepped down from his role as director and executive chairman of the Company. The board of directors of the Company has determined that Mr. Louis Karger is now the chairman of the board.

Mr. Sandelman has served on the board of AYR since 2017 and has resigned to pursue other opportunities.

“We want to thank Jon for his role in establishing the Company in its current form and for his years of service and wish him all the best with his future endeavors” stated Mr. Karger.

About AYR Wellness Inc.

AYR is a vertically integrated, U.S. multi-state cannabis business. The Company operates simultaneously as a retailer with 90+ licensed dispensaries and a house of cannabis CPG brands.

AYR is committed to delivering high-quality cannabis products to its patients and customers while acting as a Force for Good for its team members and the communities that the Company serves. For more information, please visit www.ayrwellness.com.

Company/Media Contact:

Robert Vanisko
VP, Public Engagement
T: (786) 885-0397
Email: comms@ayrwellness.com

Company Contact:

Jon DeCourcey
Head of Investor Relations
T: (786) 885-0397
Email: ir@ayrwellness.com

Investor Relations Contact:

Sean Mansouri, CFA
Elevate IR
T: (786) 885-0397‎
Email: ir@ayrwellness.com

FAQ

Who resigned from AYR Wellness (AYRWF) on July 31, 2024?

Jonathan Sandelman resigned from his roles as director and executive chairman of AYR Wellness (AYRWF) on July 31, 2024.

Who is the new chairman of the board for AYR Wellness (AYRWF)?

Louis Karger has been appointed as the new chairman of the board for AYR Wellness (AYRWF).

How long had Jonathan Sandelman served on the board of AYR Wellness (AYRWF)?

Jonathan Sandelman had served on the board of AYR Wellness (AYRWF) since 2017.

What is the stock symbol for AYR Wellness on the OTCQX?

The stock symbol for AYR Wellness on the OTCQX is AYRWF.