Ayr Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF, “Ayr” or “the Company”), a leading vertically integrated cannabis multi-state operator, and Liberty Health Sciences Inc. (“Liberty”) are pleased to announce at a special meeting held today, Liberty securityholders voted overwhelmingly in favor of the proposed acquisition of Liberty shares by Ayr in a transaction originally announced on December 22, 2020.
Shareholders representing 57% of issued and outstanding shares voted and 95% voted in favor of the transaction. Under the terms of the agreement, which will take the form of a Plan of Arrangement (“POA”) under the Business Corporations Act (British Columbia), Liberty shareholders will receive 0.03683 Ayr shares for each Liberty share held, equating to approximately 13.1 million new Ayr shares.
“We are extremely pleased with the results of the vote and look forward to bringing the wellness and wonder of Ayr products to Florida’s growing market,” said Jonathan Sandelman, CEO of Ayr Wellness. “High-quality cultivation, best in class customer service, and a focus on our communities are at the core of our culture at Ayr. We’re excited to expand this approach to the Liberty community.”
“We are delighted to be joining Ayr Wellness,” added George Gremse, Interim Chief Executive Officer and Director of Liberty. “The agreement represents an exciting opportunity for all of our stakeholders and we look forward to a bright future together.”
The POA will go before the Supreme Court of British Columbia for final approval on February 25, 2021. All regulatory approvals in connection with the transaction have been received. The Company anticipates closing the transaction shortly after final approval by the Court.
Following this transaction and Ayr’s pending acquisitions in New Jersey, Arizona, and Ohio, the Company will have operations in seven key US markets covering a population of 73 million, 43 operational dispensaries and 554,000 sq. ft. of cultivation.
