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Ayr Strategies Inc. (AYRSF)

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19.65+0.41 (+2.16%)
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Previous Close19.24
Open20.65
BidN/A x N/A
AskN/A x N/A
Day's Range18.88 - 20.65
52 Week Range3.44 - 20.65
Volume56,000
Avg. Volume61,281
Market Cap418.875M
Beta (5Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • Ayr Strategies Moves to Definitive Merger Agreement with CannTech PA, LLC
    GlobeNewswire

    Ayr Strategies Moves to Definitive Merger Agreement with CannTech PA, LLC

    Expected Closing in December 2020TORONTO, Nov. 27, 2020 (GLOBE NEWSWIRE) -- Ayr Strategies (CSE: AYR.A, OTCQX: AYRSF, “Ayr” or “the Company”), a leading vertically integrated cannabis multi-state operator, has moved to a Definitive Merger Agreement from Letter of Intent with CannTech PA, LLC (“CannTech”).As previously announced on August 26, 2020, Ayr intends to purchase 100% of the membership interests of CannTech PA for total purchase consideration of US$57 million, which will be paid as to US$27 million in cash, US$15 million in exchangeable shares, each of which would be exchangeable for a subordinate voting share, and US$15 million in seller’s notes.Speaking on the CannTech acquisition, Ayr’s CEO Jonathan Sandelman commented, “Our entry into Pennsylvania will build on the successful operational foundation we have established over the past year. Pennsylvania is a rapidly growing, but under-supplied medical market and we look forward to bringing our cultivation, processing and retail expertise to the Commonwealth to improve patients’ access to quality cannabis.”CannTech is a licensed operator in the Commonwealth of Pennsylvania including a 143,000 ft² cultivation and processing facility under development, with the initial construction phase comprising 45,000 ft² recently approved for cultivation and with an expected first harvest in March 2021. The 13-acre site provides ample room for further expansion beyond the existing 143,000 ft² facility. The licensed operator also has the right to operate six dispensaries poised to open in excellent retail locations, most of which are clustered in the Pittsburgh and Philadelphia regions. The first dispensary opened last month in New Castle, PA, with two more expected to open in early 2021. The licensed operator also has a strong research program in collaboration with a local medical school. The transaction is expected to close by year-end, subject to customary conditions including required regulatory approvals.Forward-Looking StatementsCertain 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; acquisitions may not be able to be completed on satisfactory terms or at all; and Ayr may not be able to raise additional debt or equity capital. 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. In particular, there can be no assurance that we will complete the pending acquisitions in or enter into agreements with respect to other acquisitions.AssumptionsForward-looking information in this subject to the assumptions and risks as described in our MD&A for September 30, 2020. For more information about the Company’s 2020 operations and outlook, please view Ayr’s corporate presentation posted in the Investors section of the Company’s website at www.ayrstrategies.com. As well, we remind you that adjusted EBITDA is a non-IFRS measure. Additional reconciliations and other disclosures concerning non-IFRS measures will be provided in our MD&A for the three and nine months ended September 30, 2020.About Ayr Strategies Inc.Ayr Strategies (“Ayr”) is an expanding vertically integrated, U.S. multi-state cannabis operator, focusing on high-growth markets. The Company cultivates and manufactures branded cannabis products for distribution through its network of retail outlets and through third-party stores. Ayr strives to enrich consumers’ experience every day – helping them to live their best lives, elevated.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.ayrstrategies.com.Company Contact:Megan Kulick, Head of Investor Relations T: (646) 977-7914 Email: IR@ayrstrategies.comInvestor Relations Contact:Sean Mansouri, CFA or Cody Slach Gateway Investor Relations T: (949) 574-3860 Email: IR@ayrstrategies.com

  • Ayr Strategies Inc. Offers Short-Term Incentive for Cash Exercise of up to 3 Million Warrants
    GlobeNewswire

    Ayr Strategies Inc. Offers Short-Term Incentive for Cash Exercise of up to 3 Million Warrants

    TORONTO, Nov. 23, 2020 (GLOBE NEWSWIRE) -- Ayr Strategies (CSE: AYR.A, OTCQX: AYRSF, “Ayr” or “the Company”), a leading vertically integrated cannabis multi-state operator, announced today incentive exercise rights available on a short-term basis to the holders of the Company's share purchase warrants (the “Warrants”) who exercise them for cash. The Warrants were issued pursuant to a Warrant Agency Agreement dated December 21, 2017, between the Company and Odyssey Trust Company, as warrant agent (the “Warrant Agent”), as amended (the “Warrant Agency Agreement”).Ayr will be offering a C$0.50 incentive for the cash-only exercise of up to 3 million Warrants, resulting in gross proceeds to the Company of approximately US$25 million if 3 million Warrants are exercised.“We are pleased to be able to offer our warrant holders this opportunity at a very exciting time for both our Company and our industry. Ayr has incredible growth ahead driven by the great progress our team has made operationally in Massachusetts and Nevada, as well as our exciting expansions into Pennsylvania, Arizona and Ohio. The continued mainstreaming of cannabis is expected to provide new opportunities for growth, and we expect our business to continue to expand, solidly funded based on projected cash proceeds from our warrant holders and the anticipated debt financing we have previously mentioned in our investor calls. We appreciate the support of all our stakeholders immensely,” said Jonathan Sandelman, Ayr Chairman and CEO. Pursuant to the incentive exercise rights (the “Warrant Incentive Program”), the Warrants are exercisable at any time commencing on November 24, 2020 until 5:00 p.m. (Toronto time) on December 8, 2020 (the “Incentive Exercise Period”) (each, an “Incentive Exercise”). In order to participate in the Warrant Incentive Program, the holders will be required to withdraw their Warrants from Clearing and Depository Services Inc. (“CDS”) CDS which may take several business days, so Warrant holders are advised to begin this process as soon as possible.Cashless exercises are not available for Incentive Exercises. Upon exercise, a holder is entitled to receive one (1) subordinate voting share of the Company (each, a “Subordinate Voting Share”), at an exercise price of C$11.50 per Subordinate Voting Share, for each whole Warrant, subject to adjustment in certain circumstances in accordance with the terms and conditions of the Warrant Agency Agreement. For each Warrant duly exercised during the Incentive Exercise Period, the Company will make an incentive payment of C$0.50, which shall be set off against payment of the applicable exercise price, resulting in an effective exercise price of C$11.00 to exercise a Warrant during the Incentive Exercise Period.Any such Incentive Exercises during the Incentive Exercise Period shall be subject to a maximum of 3 million Warrants (representing approximately 20% of the issued and outstanding Warrants of the Company as at November 20, 2020) (the “Incentive Maximum”), and any Incentive Exercises in excess of the Incentive Maximum as at the end of the Incentive Exercise Period shall be pro-rated amongst all exercising holders (and rounded up to the next nearest whole number) based on the number of Incentive Exercises by each applicable holder, with the resulting unexercised Warrants returned to the exercising holder. The Subordinate Voting Shares issuable pursuant to the Incentive Exercises will only be issued at the end of the Incentive Exercise Period. In addition, if Warrants are registered in the name of CDS, they will be required to be withdrawn from CDS and exercised through the Warrant Agent in order to be exercised under the Warrant Incentive Program. Warrants may not be exercised through CDS to participate in the Warrant Incentive Program.In order to participate in the Warrant Incentive Program, holders must complete the Notice of Incentive Warrant Exercise posted under Ayr’s profile on www.sedar.com and on the investor section of the Company’s website www.ayrstrategies.com and provide any applicable documentation to the Warrant Agent at corptrust@odysseytrust.com.  Enquiries to the Warrant Agent may be directed to corptrust@odysseytrust.com (by email) or 587.885.0960 (by phone).There can be no assurance as to the proceeds to be received from the Warrant Incentive Program or that Ayr will be able to complete a debt financing or, if it does, as to the terms thereof.Forward-Looking StatementsCertain 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 and expansion 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; acquisitions may not be able to be completed on satisfactory terms or at all; and Ayr may not be able to raise additional debt or equity capital. 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. In particular, there can be no assurance that we will complete the pending acquisitions in or enter into agreements with respect to other acquisitions.This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state of the United States (“State”) securities laws and may not be offered or sold within the United States or to U.S. Persons (as such term is defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable State securities laws or an exemption from such registration is available.About Ayr Strategies Inc.Ayr Strategies (“Ayr”) is an expanding vertically integrated, U.S. multi-state cannabis operator, focusing on high-growth markets. The Company cultivates and manufactures branded cannabis products for distribution through its network of retail outlets and through third-party stores. Ayr strives to enrich consumers’ experience every day – helping them to live their best lives, elevated.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.ayrstrategies.com.Company Contact:Megan Kulick, Head of Investor Relations T: (646) 977-7914 Email: IR@ayrstrategies.comInvestor Relations Contact:Sean Mansouri, CFA or Cody Slach Gateway Investor Relations T: (949) 574-3860 Email: IR@ayrstrategies.com

  • Ayr Strategies Completes Acquisition of DocHouse in Pennsylvania
    GlobeNewswire

    Ayr Strategies Completes Acquisition of DocHouse in Pennsylvania

    TORONTO, Nov. 19, 2020 (GLOBE NEWSWIRE) -- Ayr Strategies (CSE: AYR.A, OTCQX: AYRSF, “Ayr” or “the Company”), a leading vertically integrated cannabis multi-state operator, today announced it has closed the acquisition of 100% of the equity interests in DocHouse LLC, a licensed grower-processor in Pottsville, Pennsylvania, which was previously announced on October 1, 2020. Including this and other pending transactions, Ayr will have operations in Massachusetts, Nevada, Pennsylvania, Arizona and Ohio.“Pennsylvania is a terrific medical market where demand is robust, but supply is not,” said Jonathan Sandelman, Chairman and Chief Executive Officer of Ayr. “With the completion of this acquisition, we can now bring our cultivation and processing expertise to the Pennsylvania market and improve patients’ access to quality cannabis.“Our entry into Pennsylvania will build on the successful operational foundation we have established in Massachusetts and Nevada, where our cultivation and production talent has driven both meaningful top line growth and increased profitability through efficiencies and sharing of best practices. We look forward to welcoming the DocHouse team in Pennsylvania to the Ayr family.”The transaction includes DocHouse’s 38,400 ft2 cultivation and extraction facility, which has the capacity to expand to 74,000 ft2. Total consideration paid of US$20.8 million included $16.7 million of cash, $2.1 million in stock and $2.0 million in seller notes. The facility is expected to be operational in the second quarter of 2021.The transaction is subject to regulatory review and approval. CLD Advisory served as strategic financial advisor to DocHouse LLC.Forward-Looking StatementsCertain 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; acquisitions may not be able to be completed on satisfactory terms or at all; and Ayr may not be able to raise additional debt or equity capital. 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. In particular, there can be no assurance that we will complete the pending acquisitions in or enter into agreements with respect to other acquisitions.About Ayr Strategies Inc.Ayr Strategies (“Ayr”) is an expanding vertically integrated, U.S. multi-state cannabis operator, focusing on high-growth markets. The Company cultivates and manufactures branded cannabis products for distribution through its network of retail outlets and through third-party stores. Ayr strives to enrich consumers’ experience every day – helping them to live their best lives, elevated.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.ayrstrategies.com.Company Contact:Megan Kulick, Head of Investor Relations T: (646) 977-7914 Email: IR@ayrstrategies.comInvestor Relations Contact:Sean Mansouri, CFA or Cody Slach Gateway Investor Relations T: (949) 574-3860 Email: IR@ayrstrategies.com