AYR Wellness to Initiate CCAA Proceedings

Core Points - AYR Wellness Inc. has initiated proceedings under the Companies' Creditors Arrangement Act (CCAA) in British Columbia as part of its restructuring process [1][2] - The restructuring is guided by a Restructuring Support Agreement (RSA) dated July 30, 2025, which involves transitioning core assets to a newly-formed acquisition vehicle (NewCo) owned by senior noteholders [1][2][4] - The company plans to request the appointment of a licensed insolvency trustee to monitor the process and ensure operational stability during the wind-down of the existing corporate parent entity [2] Management Changes - The board of directors has appointed Mr. Blake Holzgrafe as Interim Chief Executive Officer to oversee the wind-down of AYR's corporate parent [3] - Mr. Davido will remain an authorized officer of AYR's operating subsidiaries and is expected to become the Interim Chief Executive Officer of NewCo [3] Asset Transfer - A Master Purchase Agreement has been executed, allowing for the transfer of collateral assets and equity interests from specified subsidiaries in states including Florida, New Jersey, Nevada, Ohio, Massachusetts, Pennsylvania, and Virginia to NewCo, pending regulatory approvals [4] Company Overview - AYR Wellness is a vertically integrated U.S. multi-state cannabis operator with over 90 licensed retail locations across several states, offering a range of cannabis products for both medical and adult-use consumers [6]