BOSTON, Feb. 7, 2024 /CNW/ - This press release is being disseminated as required by National Instrument 62-103 – The Early Warning System and Related Take Over Bids and Insider Reporting Issuers in connection with the filing of an early warning report (the "Early Warning Report") by Millstreet Credit Fund LP ("Millstreet") in respect of its ownership position in AYR Wellness Inc. (CSE: AYR.A) (OTCQX: AYRWF) the "Corporation").

As announced by the Corporation on February 7, 2024, the Corporation has completed its previously announced court-approved plan of arrangement under Section 192 of the Canada Business Corporations Act (the "Arrangement") involving the Corporation and its wholly-owned subsidiary, AYR Wellness Canada Holdings Inc. ("AYR Wellness Canada"), implementing those transactions described in the Corporation's management information circular dated November 15, 2023 (the "Circular").

Prior to the Arrangement, Millstreet owned or controlled 7,403 subordinate, restricted or limited voting shares of the Corporation (the "SVS Shares"), representing approximately 0.01% of the issued and outstanding SVS Shares immediately prior to the Arrangement.  As a result of the Corporation's completion of the Arrangement, as described in greater detail in the Corporation's press release on February 7, 2024 and in the Circular, Millstreet now holds, directly or indirectly, beneficial ownership or control over 16,318,263 SVS Shares, representing approximately 14.4% (partially-diluted, inclusive of issued and outstanding multiple voting shares and exchangeable shares of AYR) and approximately 11.6% (fully diluted) of the issued and outstanding share capital of AYR as of the date hereof.

The SVS Shares are held for investment purposes and Millstreet may, depending on market and other conditions and in compliance with applicable securities laws, increase or decrease its beneficial ownership or control of the SVS Shares or other securities of the Corporation whether through market transactions, private agreements, treasury issuances, exercise of convertible securities or otherwise.

A copy of the Early Warning Report filed by Millstreet in connection with the foregoing is available on the Corporation's SEDAR+ profile ad www.sedarplus.com.

The Corporation's head office is located at 2601 South Bayshore Drive, Suite 900, Miami, FL 33133, and Millstreet's address is c/o Millstreet Capital Management LLC, 545 Boylston Street, 8^th floor, Boston, MA 02116.