Ayr Wellness Provides Update on Stock Repurchase Program
MIAMI, Jan. 07, 2022 (GLOBE NEWSWIRE) — Ayr Wellness (CSE: AYR.A, OTCQX: AYRWF) (“Ayr” or the “Company”), a leading vertically integrated U.S. multi-state cannabis operator (MSO), today provided an update on its stock repurchase program.
Under the program to date, the Company has repurchased 568,000 Subordinate Voting Shares (the “Shares”) for a total of over CAD $11 million.
We continue to be strategic and opportunistic in how we allocate capital, all in support of driving shareholder value. We accelerated our repurchase program in December 2021 to take advantage of pricing pressure caused by end of year tax selling and other technical conditions.
Jon Sandelman, Founder, Chairman and CEO of Ayr Wellness
We continue to maintain flexibility and take an opportunistic approach to our stock repurchase program, as we believe that Ayr and its U.S. MSO peers are significantly undervalued compared to our operational performance and growth.
The Company previously announced that its Board had authorized the repurchase of up to 5%, or ~2.5 million, of the Company’s Shares, the maximum amount allowed for CSE listed companies, for a 12-month period pursuant to a normal course issuer bid.
For more information about Ayr Wellness or to locate your nearest dispensary, please visit https://ayrwellness.com.
About Ayr Wellness Inc.
Ayr is an expanding vertically integrated, U.S. multi-state cannabis operator, focused on delivering the highest quality cannabis products and customer experience throughout its footprint. Based on the belief that everything starts with the quality of the plant, the Company is focused on superior cultivation to grow superior branded cannabis products. Ayr strives to enrich consumers’ experience every day through the wellness and wonder of cannabis.
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.ayrwellness.com.