Debra Borchardt
Cannabis Strategies Acquisition Corp. which will now be known as AYR Strategies Inc. began trading today on the NEO Exchange in Canada 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 to be listed on the NEO Exchange, 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. “AYR will aggressively seek additional growth both organically and through accretive external opportunities.” The company has tapped Wall Street for its C-suite. Sandelman is a former President at Bank of America and Jennifer Drake, the company’s COO is a former Managing Director of Goldman Sachs.
CSA completed its initial public offering as a Special Purpose Acquisition Corporation (SPAC) in December 2017 and said it was the first SPAC to list on NEO. The NEO Exchange is home to over 70 corporate and ETF listings, and consistently facilitates over 10% of all Canadian trading volume.
“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.
