Ayr Wellness Begins CCAA Proceedings

CCAA Proceedings Initiated: AYR Wellness has initiated proceedings under the Companies' Creditors Arrangement Act in British Columbia as part of its restructuring process, following a Restructuring Support Agreement.

Asset Transition to NewCo: Core assets of AYR's subsidiaries will be transferred to a newly-formed acquisition vehicle owned by certain senior noteholders, as outlined in the Master Purchase Agreement.

Appointment of Interim CEO: Mr. Blake Holzgrafe has been appointed as Interim CEO of AYR's corporate parent to oversee the wind-down process, while Mr. Davido will remain an authorized officer of the operating subsidiaries.

Regulatory Approvals Required: The transfer of collateral assets and equity interests from specified subsidiaries in various states to NewCo is subject to necessary regulatory approvals and customary closing conditions.