Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) (“Ayr,” “Ayr Wellness,” “we,” “us,” “our,” or the “Company”), a vertically-integrated multi-state operator (“MSO”), today announced the launch of its Seven Hills flower in Pennsylvania. The launch of Seven Hills follows the introduction of Revel branded flower in May. Seven Hills is first offering from our hybrid-greenhouse facility located in Pottsville, PA.
Sales of Seven Hills flower begin today and will launch exclusively in the Ayr Wellness dispensaries in Plymouth Meeting, New Castle, and Gibsonia, Pennsylvania. Wholesale to other dispensary operators in the Commonwealth will begin later this month.
Seven Hills is a Pennsylvania-born flower brand with the highest quality strains cultivated in the Company’s hybrid greenhouse facility in Pottsville. The initial launch includes a wide range of a dozen strains, including Wedding Crasher, Sapphire Vapor, Space Monkey, Mimosa, Mendo Breath, Larry OG, Lemon Kush Headband, Humble Pie, Chem 4, Cheese, Cornbread and Bodhi Tree.
Jonathan Sandelman, CEO of Ayr, said, “Our mission is to be the highest quality cultivator at scale in every market that we enter, and Pennsylvania is no exception. We are excited to add Seven Hills to our premium offerings in the Commonwealth, where quality flower is in high demand. I am particularly thrilled to be here with the team today on 7/7 to celebrate the launch of Seven Hills, a product that truly represents the people and community of Pottsville, PA. Our Pottsville facility was built on a retired coal field that provided many jobs for the community, and we’re proud to use this space to bring more jobs back to Schuylkill County.”
In May, Ayr introduced Revel flower, grown at its indoor facility in Warrendale. Wholesale of Revel products began at the end of June and sold out within the week, hitting over $1.5 million of revenue, an indication of the strong demand for quality flower in the Pennsylvania wholesale market.
Pennsylvania has a robust and growing medical marijuana market with over 500,000 patients, 119 licensed dispensaries and 25 licensed cultivators. Annual statewide sales are expected to surpass $1 billion by 2024, with flower comprising ~45% of the total market, according to BDSA. Upon completion of its cultivation expansion plans, Ayr will become one of the largest cultivators in the commonwealth with close to 200,000 sq. ft. of cultivation and production capacity, positioning it well to serve both its retail customers as well as the wholesale market with high-quality marijuana products.
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; acquisitions may not be able to be completed on satisfactory terms or at all; the completion and success of our new cultivation facilities; 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, that its new cultivation facilities will be completed on time and on budget and will be successful, 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 all pending acquisitions in or enter into agreements with respect to other acquisitions.
