1Q21 Investor Update

CAPITALIZATION Pro-Forma Share Count (in Millions, Treasury Method) Share Price as of 10/4/2021 (USD): Subordinate Voting Shares Sponsor (multiple voting) Shares Exchangeable Shares Class B Warrants (net shares) Current Ayr Treasury Method Shares (excl. unvested LTIP) ² Exchangeable Shares for pending M&A4 Treasury Method Shares (pro-forma)² $25.00 56.2 3.7 7.4 2.0 69.3 1.0 70.3 Pro-Forma Net Debt Outstanding USD Millions Senior Secured Debt (6/30/21) Seller Notes and Other (6/30/21, pro-forma for NJ, PANM closing) ³ Seller Notes (pending M&A)4 Total Pro-forma Debt Cash on Balance Sheet (6/30/21), pro-forma for NJ, PANM closing³ and warrant call¹ Cash to be paid for pending M & A4 1) The Company accelerated the expiration of the warrants (excluding Class B warrants) to 9/30/21. Approximately 91% of the eligible warrants were exercised for cash, resulting in - US$50 million of proceeds to the Company. 2) Excludes Ayr granted but unvested LTIP shares totaling 3.4 million. 3) Acquisitions of Garden State Dispensary (NJ) and PA Natural Medicine closed on September 16 and October 1, 2021, respectively. 4) See page 24 for details on pending M&A transactions ayr $104 136 16 $256 $98 $23 CSE:AYR.A, OTCQX:AYRWF 23

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