Ayr Strategies completes up to 1,200 delivery transactions per day in Nevada

"Our business in Nevada continued to generate positive adjusted EBITDA following the COVID-19 regulatory restrictions applied to cannabis businesses in the state," said CEO Jon Sandelman. "We have built what we believe to be the largest cannabis delivery network in Nevada, deploying more than 50 delivery vehicles, completing up to 1,200 daily deliveries with average tickets of up to $139. We are seeing 40% average weekly revenue growth, achieving daily sales of up to $169k at gross margins 20 percentage points higher than pre-COVID levels. We project that by achieving $190k in daily sales, we would reach our pre-COVID adjusted EBITDA level for the state." Nevada Key Metrics: Positive adjusted EBITDA for April to date and 2020 year to date; Completing up to 1,200 delivery transactions per day with more than 50 delivery vehicles; Average ticket as high as $139 since implementing delivery model, up from $61 pre-COVID; Weekly average revenue growth over 40% since the start of home delivery; Gross margins expanded 20 percentage points from pre-COVID levels; Achieved daily revenues as high as $169k, and at $190k in daily revenue, expected to reach pre-COVID adjusted EBITDA levels. "Now that our delivery business is in great shape, we are actively preparing for the day when our stores reopen - potentially with curbside pickup and drive-through options, and we expect to continue providing delivery services given the attractive economics. We believe there may be a shift in purchasing behavior throughout the country as customers utilize these alternative methods to buy cannabis, and we will be prepared to serve our customers in the manner they wish to shop."