MIAMI, Jan. 07, 2023 (GLOBE NEWSWIRE) — Ayr Wellness (CSE: AYR.A, OTCQX: AYRWF) (“Ayr” or the “Company”), a leading vertically integrated U.S. multi-state cannabis operator (MSO), today provided an update on its stock repurchase program.
Under the program to date, the Company has repurchased 568,000 Subordinate Voting Shares (the “Shares”) for a total of over CAD $11 million.
Jon Sandelman, Founder, Chairman and CEO of Ayr Wellness, said, “We continue to be strategic and opportunistic in how we allocate capital, all in support of driving shareholder value. We accelerated our repurchase program in December 2023 to take advantage of pricing pressure caused by end of year tax selling and other technical conditions. We continue to maintain flexibility and take an opportunistic approach to our stock repurchase program, as we believe that Ayr and its U.S. MSO peers are significantly undervalued compared to our operational performance and growth.”
The Company previously announced that its Board had authorized the repurchase of up to 5%, or ~2.5 million, of the Company’s Shares, the maximum amount allowed for CSE listed companies, for a 12-month period pursuant to a normal course issuer bid.
For more information about Ayr Wellness or to locate your nearest dispensary, please visit https://ayrwellness.com.
Forward-Looking Statements
Certain information contained in this news release may be forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are often, but not always, identified by the use of words such as “target”, “expect”, “anticipate”, “believe”, “foresee”, “could”, “would”, “estimate”, “goal”, “outlook”, “intend”, “plan”, “seek”, “will”, “may”, “tracking”, “pacing” and “should” and similar expressions or words suggesting future outcomes. This news release includes forward-looking information and statements pertaining to, among other things, Ayr’s future growth plans. Numerous risks and uncertainties could cause the actual events and results to differ materially from the estimates, beliefs and assumptions expressed or implied in the forward-looking statements, including, but not limited to: anticipated strategic, operational and competitive benefits may not be realized; events or series of events, including in connection with COVID-19, may cause business interruptions; required regulatory approvals may not be obtained; laws or the interpretation, administration or enforcement thereof may change; differing regulatory requirements across states may prevent Ayr from achieving economies of scale; favorable locations may be restricted or difficult to obtain; acquisitions may not be able to be completed on satisfactory terms or at all, or if completed may not be successful; the enforcement of contracts may be restricted; scientific research regarding cannabis is still in its early stages and is subject to change as further research is completed; the inherent risks of an agricultural business; cyber-security, transportation, recall, product liability and litigation related risks; and Ayr may not be able to raise additional debt or equity capital if required. Among other things, Ayr has assumed that its businesses will operate as anticipated, that it will be able to complete acquisitions on reasonable terms, and that all required regulatory approvals will be obtained on satisfactory terms and within expected time frames.
Estimates and assumptions involve known and unknown risks and uncertainties that may cause actual results to differ materially. While Ayr believes there is a reasonable basis for these assumptions, such estimates may not be met. These estimates represent forward-looking information. Actual results may vary and differ materially from the estimates.
About Ayr Wellness Inc.
Ayr is an expanding vertically integrated, U.S. multi-state cannabis operator, focused on delivering the highest quality cannabis products and customer experience throughout its footprint. Based on the belief that everything starts with the quality of the plant, the Company is focused on superior cultivation to grow superior branded cannabis products. Ayr strives to enrich consumers’ experience every day through the wellness and wonder of cannabis.
Ayr’s leadership team brings proven expertise in growing successful businesses through disciplined operational and financial management, and is committed to driving positive impact for customers, employees and the communities they touch. For more information, please visit www.ayrwellness.com.
Company Contact:
Megan Kulick
Head of Investor Relations
T: (646) 977-7914
Email: [email protected]
Media Contact:
Robert Vanisko
VP, Corporate Communications
Email: [email protected]
Investor Relations Contact:
Brian Pinkston
MATTIO Communications
T: (703) 926-9159
Email: [email protected]
Email: [email protected]
