Ayr Strategies: U.S. Vertically Integrated Multi-state Operator Cannabis Venture Makes Public Market Debut
First billion-dollar recreational cannabis-focused company lists on the NEO Exchange
Toronto – May 27, 2019 – NEO is pleased to announce that it has granted Cannabis Strategies Acquisition Corp. (“CSA”) final approval of its qualifying transaction, and the subsequent company, Ayr Strategies Inc. (“AYR”) — a vertically integrated Multi-State Operator in the U.S. cannabis sector — began trading today under the symbols NEO: AYR.A, AYR.RT and AYR.WT. AYR is the first recreational cannabis-focused company with an enterprise value over a billion dollars to list on NEO.
As part of its qualifying transaction, CSA acquired five distinct cannabis businesses operating in Nevada and Massachusetts consisting of three cannabis cultivation and production facilities and eight dispensaries.
“With today’s five acquisitions, AYR begins its next phase as a vertically integrated Multi-State Operator (M.S.O) and a leader in the U.S. cannabis market,” stated Jonathan Sandelman, CEO, AYR (Formerly: Cannabis Strategies Acquisition Corp.). “AYR will aggressively seek additional growth both organically and through accretive external opportunities.”
“We chose to partner with NEO because of its streamlined, disclosure-based approach to listings in the U.S. cannabis space, combined with its stringent senior listing requirements that are critical to maintaining investor confidence. We accessed the Canadian and international capital necessary to complete these strategic acquisitions and we look forward to creating further value for our shareholders. Today we stand in a strong competitive position within a very attractive industry,” said Sandelman.
CSA completed its initial public offering as a Special Purpose Acquisition Corporation (SPAC) in December 2017, the first SPAC to list on NEO. The SPAC qualifying transaction was closed on May 24, 2019 and further demonstrates how SPAC vehicles can be successful at the right time, in the right sector and on the right exchange.
“We are very happy today to see the full circle completed by CSA, the first special purpose acquisition corporation focused on the cannabis sector and the first special purpose corporation to list on NEO,” said Jos Schmitt, President and CEO, NEO. “Congratulations to AYR on its debut following CSA’s qualifying transaction as a billion-dollar company. As a stock exchange for senior listed companies, we are excited and motivated to be capital-raising partners on the front lines of an exciting industry. We look forward to watching the growth of AYR within the North American cannabis market.”
Investors can trade securities of AYR through their usual investment channels, including discount brokerage platforms and full-service dealers. The NEO Exchange is now home to over 70 corporate and ETF listings, and consistently facilitates over 10 per cent of all Canadian trading volume. Click here for a complete view of all NEO-listed securities.
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