AYR Wellness Provides Update on Receipt of Notice of Disposition of Collateral Relating to PA Natural Medicine LLC and an Extension of the Limited Waiver Agreement with Senior Noteholders
AYR Wellness (OTCQX: AYRWF) has received a Notification of Disposition of Collateral from Anthony J. DePaul regarding potential reclamation and sale of its interest in PA Natural Medicine LLC, which operates three medical cannabis dispensaries in Pennsylvania. The notice cites alleged defaults under the Pledge Agreement.
Additionally, the company has secured a Second Amendment to its Limited Waiver Agreement with senior noteholders, extending the temporary waiver period to July 11, 2025. This extension relates to defaults from delayed Q1 2025 financial filings and certain payment defaults, providing AYR additional time for negotiations with senior lenders and exploration of capital structure alternatives.
AYR Wellness (OTCQX: AYRWF) ha ricevuto una Notifica di Disposizione del Collaterale da Anthony J. DePaul riguardante una possibile rivendicazione e vendita della sua partecipazione in PA Natural Medicine LLC, che gestisce tre dispensari di cannabis medica in Pennsylvania. La notifica fa riferimento a presunti inadempimenti ai sensi dell'Accordo di Pegno.
Inoltre, la società ha ottenuto una Seconda Emendamento al suo Accordo di Deroga Limitata con i detentori di note senior, estendendo il periodo di deroga temporanea fino al 11 luglio 2025. Questa estensione riguarda gli inadempimenti dovuti ai ritardi nella presentazione dei bilanci del primo trimestre 2025 e ad alcuni mancati pagamenti, offrendo ad AYR ulteriore tempo per negoziare con i finanziatori senior e per esplorare alternative alla struttura del capitale.
AYR Wellness (OTCQX: AYRWF) ha recibido una Notificación de Disposición de Garantía de Anthony J. DePaul sobre una posible reclamación y venta de su participación en PA Natural Medicine LLC, que opera tres dispensarios de cannabis medicinal en Pensilvania. La notificación menciona supuestos incumplimientos según el Acuerdo de Pignoración.
Además, la compañía ha asegurado una Segunda Enmienda a su Acuerdo de Exención Limitada con los tenedores de notas senior, extendiendo el período de exención temporal hasta el 11 de julio de 2025. Esta extensión se relaciona con incumplimientos derivados del retraso en la presentación de los estados financieros del primer trimestre de 2025 y ciertos incumplimientos de pago, brindando a AYR tiempo adicional para negociar con los prestamistas senior y explorar alternativas en la estructura de capital.
AYR Wellness (OTCQX: AYRWF)는 펜실베이니아에서 세 개의 의료용 대마초 판매점을 운영하는 PA Natural Medicine LLC에 대한 자신의 지분에 대해 Anthony J. DePaul로부터 담보 처분 통지를 받았습니다. 이 통지서는 담보 계약 위반 가능성을 언급하고 있습니다.
또한, 회사는 선순위 채권자들과 체결한 제한적 면제 계약에 대한 두 번째 수정안을 확보하여 임시 면제 기간을 2025년 7월 11일까지 연장했습니다. 이 연장은 2025년 1분기 재무 보고 지연과 일부 지급 불이행에 따른 위반과 관련이 있으며, AYR에게 선순위 대출자들과의 협상 및 자본 구조 대안 모색을 위한 추가 시간을 제공합니다.
AYR Wellness (OTCQX: AYRWF) a reçu une notification de disposition de garantie de la part d'Anthony J. DePaul concernant une possible réclamation et vente de sa participation dans PA Natural Medicine LLC, qui exploite trois dispensaires de cannabis médical en Pennsylvanie. La notification cite des manquements allégués en vertu de l'accord de nantissement.
De plus, la société a obtenu un deuxième amendement à son accord de renonciation limitée avec les détenteurs de billets senior, prolongeant la période de renonciation temporaire jusqu'au 11 juillet 2025. Cette extension concerne des manquements liés aux retards dans les dépôts financiers du premier trimestre 2025 et certains défauts de paiement, offrant à AYR un délai supplémentaire pour négocier avec les prêteurs senior et explorer des alternatives à la structure du capital.
AYR Wellness (OTCQX: AYRWF) hat von Anthony J. DePaul eine Benachrichtigung über die Veräußerung von Sicherheiten erhalten, die eine mögliche Rückforderung und den Verkauf seines Anteils an PA Natural Medicine LLC betrifft, die drei medizinische Cannabis-Apotheken in Pennsylvania betreibt. Die Mitteilung verweist auf angebliche Verstöße gegen die Verpfändungsvereinbarung.
Zusätzlich hat das Unternehmen eine zweite Änderung seines beschränkten Verzichtsvertrags mit den Senior-Gläubigern gesichert, die die vorübergehende Verzichtsfrist bis zum 11. Juli 2025 verlängert. Diese Verlängerung betrifft Verstöße aufgrund verspäteter Finanzberichte für das erste Quartal 2025 sowie bestimmte Zahlungsversäumnisse und verschafft AYR zusätzliche Zeit für Verhandlungen mit den Senior-Kreditgebern und die Prüfung von Alternativen zur Kapitalstruktur.
- Extension of waiver period provides additional time for strategic negotiations
- Company maintains operation of three medical cannabis dispensaries in Pennsylvania
- Risk of losing ownership of PA Natural Medicine LLC due to alleged defaults
- Ongoing payment defaults and delayed financial reporting
- Company facing significant debt challenges requiring restructuring
MIAMI, July 03, 2025 (GLOBE NEWSWIRE) -- AYR Wellness Inc. (CSE: AYR.A, OTCQX: AYRWF) (“AYR” or the “Company”), a leading vertically integrated U.S. multi-state cannabis operator, today announces that it has received a Notification of Disposition of Collateral (the "Notice") from Anthony J. DePaul, as Agent and Secured Party under the Pledge Agreement dated as of October 1, 2021 between CSAC Acquisition PA II Corp., a subsidiary of the Company, and the Agent (the "Pledge Agreement"). Separately, the Company announces that it has entered into an additional amendment (the “Second Amendment”) to the previously disclosed Limited Waiver Agreement dated June 6, 2025 (the “Original Agreement”), as amended on June 19, 2025 (the “First Amendment”).
The Notice alleges that due to certain purported defaults under the Pledge Agreement and related loan documents, the Agent intends to potentially reclaim ownership of and subsequently sell all of CSAC Acquisition PA II Corp.’s interest in and to all of the equity interests in PA Natural Medicine LLC ("PA Natural Medicine") owned by CSAC Acquisition PA II Corp. PA Natural Medicine operates licensed medical cannabis dispensaries in State College, Bloomsburg, and Selinsgrove, Pennsylvania. The Company is considering the Notice, exploring all of its options in response to the Notice and is prepared to take any steps it determines to be appropriate in the circumstances.
The Second Amendment formally extends the temporary waiver period provided under the Original Agreement to July 11, 2025, after it was extended by the First Amendment to July 3, 2025. As previously disclosed, under the Original Agreement, the holders of a majority of AYR’s senior secured notes (the “Majority Holders”) provided a waiver of certain events of default related to the Company’s delay in filing its interim financial statements for the quarter ended March 31, 2025, as well as specific payment defaults that may occur under AYR’s other outstanding indebtedness. This waiver temporarily restrains the Majority Holders from exercising their default-related rights and remedies with respect to those specified defaults, subject to the terms and conditions in the Original Agreement. By further extending the waiver period, the Second Amendment grants the Company additional time and flexibility to continue ongoing negotiations with its senior lenders and to further pursue strategic options to strengthen its capital structure.
The extension provided in the Second Amendment does not constitute a permanent waiver of any existing defaults or any rights under the governing documents; rather, it allows for continued dialogue and exploration of potential strategies to address the Company’s financial obligations.
Forward-Looking Statements
Certain statements contained in this news release may contain forward-looking information or may be forward-looking statements (collectively, "forward-looking statements") within the meaning of applicable securities laws. Forward-looking statements are often, but not always, identified by the use of words such as "target", "expect", "anticipate", "believe", "foresee", "could", "would", "estimate", "goal", "outlook", "intend", "plan", "seek", "will", "may", "tracking", "pacing" and "should" and similar expressions or words suggesting future outcomes. This news release includes forward-looking statements pertaining to, among other things, statements regarding AYR’s ongoing discussions with holders of its senior notes, the exploration of capital structure alternatives, the extension of the Limited Waiver Agreement, the review and assessment of other strategic alternatives, the receipt and consideration of the Notice, the potential sale of the Company’s interest in PA Natural Medicine, and the Company’s evaluation of its options and potential responses to the Notice. Numerous risks and uncertainties could cause actual events and results to differ materially from the estimates, beliefs and assumptions expressed or implied in the forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that may cause actual results to differ materially from those anticipated. AYR has no intention, and undertakes no obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
About AYR Wellness Inc.
AYR Wellness is a vertically integrated, U.S. multi-state cannabis business. The Company operates simultaneously as a retailer with 90+ licensed dispensaries and a house of cannabis CPG brands.
AYR is committed to delivering high-quality cannabis products to its patients and customers while acting as a Force for Good for its team members and the communities that the Company serves. For more information, please visit www.ayrwellness.com.
Company/Media Contact:
Robert Vanisko
SVP, Public Affairs
T: (786) 885-0397
Email: comms@ayrwellness.com
Investor Relations Contact:
Sean Mansouri, CFA
Elevate IR
T: (786) 885-0397
FAQ
What assets are at risk for AYR Wellness (AYRWF) according to the July 2025 notice?
When does AYR Wellness's (AYRWF) extended waiver period expire?
What defaults led to AYR Wellness's (AYRWF) waiver agreement?
How many dispensaries does PA Natural Medicine LLC operate?
What options is AYR Wellness (AYRWF) exploring to address its financial situation?
