February 1, 2023

Ayr Wellness Inc.

Ayr Wellness Inc.

MIAMI, Dec. 02, 2022 (GLOBE NEWSWIRE) — Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) (“Ayr” or the “Company”), a leading vertically integrated US multi-state cannabis (“MSO”) operator announced today that its three New Jersey retail locations, formerly known as the Garden State Dispensary, are now operating under the AYR pharmacy name.

Since acquiring Garden State Dispensary in September 2021, Ayr has made significant strides in improving key aspects of the business, including improvements to the menu and the overall retail experience. 2022 was a pivotal year for the company in New Jersey as it opened a large-scale annex expansion, introduced adult sales at its three retail locations, the state’s maximum allowable, and launched its national portfolio of brands in the wholesale market and its retail stores.

“Our team has worked to improve all areas of the business – launching adult consumer sales, expanding our access to quality flowers, enhancing our menus with the launch of our national portfolio of brands, and deepening our relationship with the surrounding communities advancing our Force for Good efforts,” said David Goubert, President of Ayr. “Having made progress in these key areas, we are now focused on building personal relationships with our patients and customers as AYR. We are confident that this approach will continue to enhance our excellent customer experience and overall success.”

Ayr’s three New Jersey pharmacies are in prime locations in the cities of Woodbridge, Union and Eatontown, all in Central New Jersey, a region of 3.4 million people. The transition to the AYR name marks an important milestone for the company on its journey to bring its retail vision to life across its national presence. The newly converted New Jersey locations will join Massachusetts and Pennsylvania as AYR-branded stores, with Florida stores converting in Spring 2023.

BDSA projects New Jersey to be the third-largest contributor to overall U.S. sales growth through 2026, projected to generate $2.3 billion in annual legal cannabis sales.

For more information about Ayr Wellness visit https://ayrwellness.com.

Forward-Looking Statements
Certain information in this press release may constitute 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 “goal”, “expect”, “anticipate”, “believe”, “anticipate”, “could”, “would”, “estimate”. , “goal”, “outlook”, “intend”, “plan”, “seek”, “will”, “may”, “pursue”, “temporary” and “should” and similar expressions or words denoting future results . This press release contains forward-looking information and statements, relating to, among other things, Ayr’s future growth plans. Numerous risks and uncertainties could cause actual events and results to differ materially from the estimates, beliefs and assumptions expressed or implied by the forward-looking statements, including but not limited to: anticipated strategic, operational and competitive advantages may not realized; Events or series of events, including those related to COVID-19, may result in business interruption; required regulatory approvals may not be obtained in a timely manner or at all; Inflationary pressures can increase input costs; Supply chain issues can hamper production and distribution; Scientific research on cannabis is still in its early stages and may change as more research is completed; State laws may restrict or prevent interstate trade in cannabis products; Acquisitions may not be completed on satisfactory terms or at all; and Ayr may not be able to raise additional debt or equity as needed. Among other things, Ayr has assumed that its business will proceed as expected, that it will be able to complete acquisitions on reasonable terms and that all necessary regulatory approvals will be obtained on satisfactory terms and within the expected timeframe. Forward-looking estimates and assumptions involve known and unknown risks and uncertainties that could cause actual results to differ materially. Although Ayr believes there is reasonable basis for these assumptions, such estimates may not be met. These estimates constitute forward-looking information. Actual results may differ and differ materially from the estimates.

About Ayr Wellness Inc.
Ayr is an expanding, vertically integrated, multi-state US cannabis operator. Based on the belief that everything starts with the quality of the plant, the company’s mission is to grow cannabis of the highest quality on a large scale and provide remarkable experiences for its customers every day.

Ayr’s leadership team brings proven expertise in building successful businesses through disciplined operational and financial management and is committed to making a positive impact on customers, employees and the communities they serve. Visit www.ayrwellness.com for more information.

Company/media contact:
Robert Wanisko
VP, Corporate Communications
T: (786) 885-0397
E-mail: [email protected]

Investor Relations contact:
Sean Mansouri, CFA
Increase IR
T: (720) 330-2829
E-mail: [email protected]

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