Ayr Wellness Inc C.AYR.A

AYR ANNOUNCES LAUNCH OF ORIGYN EXTRACTS IN PENNSYLVANIA

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Ayr Wellness Announces the Launch of Origyn Extracts in Pennsylvania
by @nasdaq on 2 Sep 2021, 07:30
  
NEW YORK, Sept. 02, 2021 (GLOBE NEWSWIRE) -- Ayr Wellness Inc. (CSE: AYR.A, OTC: AYRWF) (“Ayr” or the “Company”), a leading vertically integrated cannabis multi-state operator, today announced the launch of its Origyn Extracts premium concentrates line in Pennsylvania. Pennsylvania marks the fourth state where Origyn, part of Ayr’s growing national brand portfolio, is being sold.

Sales of Origyn in Pennsylvania began yesterday, available exclusively in Ayr’s three Pennsylvania dispensaries – Plymouth Meeting, New Castle and Gibsonia. Wholesaling to other dispensaries throughout the state is expected to begin one month from now.

The initial product launch will consist of concentrates, including “sugars” and “badders,” produced from strains such as Mimosa, Wedding Crasher, Cheese and Cornbread. The Company anticipates the release of additional product formats, including sauce carts, later this month.
Jonathan Sandelman, CEO of Ayr, said, “We’re pleased to provide Pennsylvanians with access to Origyn Extracts, a concentrates brand that celebrates the high quality of the flower that we grow. Across the organization, our national brand rollout continues to build momentum, and the recent expansion of Origyn serves as an excellent example.

Prior to May 2021, Origyn was available only in Massachusetts, but now just a few months later it is available across four of our core markets, with more to come before the end of the year. We will continue to invest significant talent behind Origyn and the rest of our cohort of national brands, which will include Kynd premium flower and (following closing of the related acquisition) Levia.”

Origyn Extracts was originally launched in Massachusetts in October 2020 and is now the leading concentrate brand in that state, with ~22% market share in concentrates, according to BDSA. The Company launched Origyn Extracts in Florida in May 2021 and in Arizona in August 2021. Ayr plans to roll out Origyn across its full operational footprint, including Nevada later this year.

Pennsylvania has a robust and growing medical marijuana market with over 633,000 patients, 131 licensed dispensaries and 29 operational licensed cultivators/processors. Annual industry-wide statewide cannabis sales in Pennsylvania are expected to surpass $1 billion by 2024, according to BDSA.

On September 1, 2021, Ayr announced that the Company had signed a binding letter of intent to acquire PA Natural Medicine, LLC (“PA Natural”), which operates three medical dispensaries in Central Pennsylvania. Once the acquisition has closed, the Company will have nine dispensary licenses in the Commonwealth (six currently open), complementing the Company’s close to 200,000 sq. ft. of cultivation and production space, pending completion of expansion plans.