- Ayr Announces Stock Repurchase Program of up to 5% of Subordinate Voting Shares – the maximum amount allowed for CSE listed companies
- Reiterates Guidance for 2022 of $800 Million in Revenue and $300 Million in Adjusted EBITDA1
- Ayr’s Cash Balance as of June 30, 2021 was $123 Million
- Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) (“Ayr” or the “Company”), a vertically-integrated cannabis multi-state operator (MSO), announced its Board has authorized, effective immediately, the repurchase of up to 5% of the Company’s Subordinate Voting Shares (the “Shares”), the maximum amount allowed for CSE listed companies, over the next 12 months pursuant to a normal course issuer bid.
Jonathan Sandelman, CEO of Ayr Wellness, said, “We have said time and again that our stock is significantly undervalued, and we are drawing a line under that statement with today’s share repurchase announcement. We expect this program to be used opportunistically and to commence immediately. We could not be more pleased with the current state of our operations and continue to invest in our company’s explosive growth, as evidenced by our raise in revenue guidance just last week. We continue to invest in and build our business, both organically and through M&A, and this repurchase program allows us to also invest in the exceptional value that our own shares represent.”
“The Share repurchase program will in no way interfere with our ambitious growth plans to enter new markets and/or complete our current capital projects. With more than $120 million of cash on our balance sheet and debt markets that are extremely attractive and open to us, we are confident in our ability to deliver on our stated goals and meet our 2022 guidance of $800 million in revenue and $300 million in Adjusted EBITDA1,” Mr. Sandelman concluded.
1 Guidance is based on the assumptions outlined in our MD&A for June 30, 2021
