Ayr Strategies completed the merger with CannTech in a $57m deal.

Ayr Strategies, a vertically integrated cannabis multi-state operator, completed the merger with CannTech, a medical cannabis consulting firm, in a $57m deal. The total purchase consideration of $57m consisted of $27m in cash, $15m in exchangeable shares, each of which would be exchangeable for a subordinate voting share, and $15m in seller’s notes. “We are thrilled to have completed our second acquisition and solidified our entry into Pennsylvania. It is a rapidly growing, but under-supplied medical market, and we look forward to bringing our cultivation, processing and retail expertise to the Commonwealth to improve patients’ access to quality cannabis. With adult-use possible in the foreseeable future, we are well positioned with large-scale cultivation and processing capabilities to lead in both the retail and wholesale markets, as we have done in Nevada and Massachusetts. We are looking forward to welcoming the Pennsylvania team to the Ayr family and to the exciting opportunities ahead in 2021 and beyondm,” Jonathan Sandelman, Ayr CEO.