Press release

AYR Strategies: U.S. Vertically Integrated Multi-State Operator Cannabis Venture Makes Public Market Debut

Sponsored by Businesswire

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,
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

“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
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,”
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
for a complete view of all NEO-listed securities.

About NEO Exchange

Neo Exchange Inc. is Canada’s next generation stock exchange, putting
the needs of investors, businesses looking to raise capital and dealers
first. Fully operational since June 2015, the NEO Exchange currently
offers an innovative and investor-driven trading platform for all
Canadian publicly-traded securities. It also has a value-added listing
approach for capital raising companies and investment products, focused
on liquidity, transparency and efficiency. For more information, please

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