Mr. Robert Vanisko reports

AYR WELLNESS TO INITIATE CCAA PROCEEDINGS

Ayr Wellness Inc. has initiated proceedings under the Companies' Creditors Arrangement Act (Canada) (CCAA) in the Supreme Court of British Columbia. The CCAA proceedings are part of the company's restructuring process pursuant to the previously disclosed restructuring support agreement dated July 30, 2025 (the RSA). Under the RSA, core assets of Ayr's subsidiaries will be transitioned to a newly formed acquisition vehicle (NewCo) owned by certain of Ayr's senior noteholders.

In connection with the continuing restructuring process and consistent with the RSA, the company has authorized the initiation of CCAA proceedings to facilitate an orderly, court-supervised wind-down of the existing Ayr corporate parent entity and to support the implementation of transactions contemplated by the RSA. As part of the initial relief to be sought, the company expects to request the appointment of a licensed insolvency trustee to act as monitor and related customary relief to support the stability of operations during the process.

In addition, the board of directors of the company has appointed Blake Holzgrafe as interim chief executive officer of Ayr's corporate parent to finalize the orderly wind-down of the parent. Mr. Holzgrafe will serve at the pleasure of the board, while Mr. Davido will remain an authorized officer of Ayr's various operating subsidiaries. Mr. Davido is expected to become the interim chief executive officer of NewCo.

The company also announces the execution of the previously disclosed master purchase agreement, as contemplated by the RSA, pursuant to which the collateral assets and equity interests of specified subsidiaries in Florida, New Jersey, Nevada, Ohio, Massachusetts, Pennsylvania and Virginia will be transferred to NewCo, subject to the receipt of necessary regulatory approvals and other customary closing conditions.

About Ayr Wellness Inc.

Ayr Wellness is a vertically integrated United States multistate cannabis operator with over 90 licensed retail locations across Florida, Pennsylvania, New Jersey, Ohio, Nevada and Virginia. The company cultivates, manufactures and retails a broad portfolio of high-quality cannabis products, supporting both medical patients and adult-use consumers. Ayr also offers a growing suite of CPG (consumer packaged goods) brands -- including Kynd, Haze and Later Days -- designed to meet a wide range of consumer needs across its markets.