Vancouver, British Columbia--(Newsfile Corp. - August 20, 2019) - Ayr Strategies Inc. (CSE: AYR.A) (OTCQX: AYRSF) is one of the latest new listings on the Canadian Securities Exchange, having previously traded on the NEO Exchange. The company's warrants and rights have also been listed on the CSE. Ayr is a vertically integrated multi-state operator in the U.S. cannabis sector, with an initial anchor portfolio in Nevada and Massachusetts.
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The company has 5 dispensaries in key markets across Nevada, a 14,000 square foot cultivation facility along with 2 extraction/production facilities for cannabis infused products. In Massachusetts the company has 3 medical/recreation dispensaries, a 13,000 square foot cultivation facility, and a substantial wholesale business.
Jonathan Sandelman, CEO, stated: "It has been less than three months since closing our qualifying transaction, and we have already made meaningful improvements to our businesses and are experiencing strong momentum across both our Nevada and Massachusetts operations. In Nevada, we are now sourcing three times as many products internally as compared to the first quarter, and we are well on our way to increasing our cultivation capacity to meet existing demand. In Massachusetts, our wholesale business is operating at maximum capacity, and the demand for our products is more than double our July production levels. We are expanding our production capacity starting in August, introducing our Nevada brands to Massachusetts. Our Massachusetts cultivation expansion is well under way and will deliver 19,000 additional square feet of canopy - a 150% increase over current levels - in Q4 2019."
Through its five operating companies, Ayr is a leading cultivator, manufacturer and retailer of cannabis products and branded cannabis packaged goods. Daily transactions increased 40% to approximately 4,200 in July 2019 compared to the monthly average of approximately 3,000 in the first quarter of 2019.
Total revenue in July 2019 increased 34% to US$10.5 million compared to the monthly average of US$7.9 million in the first quarter of 2019. The company's 2019 expansion goals are fully funded with CDN$23.5 million of cash on the balance sheet.
For more information, please visit the company's website www.AYRstrategies.com.
Investor Relations is handled by Sean Mansouri, CFA, of Gateway Investor Relations, who can be reached at 949-574-3860 or by email at AYR@gatewayir.com.
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