On November 17, 2025, AYR Wellness Inc. entered Companies' Creditors Arrangement Act (CCAA) proceedings in British Columbia following court approval of an initial order establishing a court-supervised wind down of its Canadian parent company. The proceeding does not encompass the company's more than 50 US-based operating subsidiaries, which continue normal operations across 89 retail stores and seven cultivation or production facilities in multiple American states. The company's capital structure comprises approximately $293 million in senior note debt, approximately $214 million in additional secured claims, and roughly $20 million in unsecured liabilities, supported by a balance sheet containing $946 million in total liabilities. A comprehensive marketing process approached 53 prospective parties but yielded no qualified bids, making a credit bid from the senior noteholders the sole executable transaction option. KSV serves as monitor, with Blake Holzgrafe of Ankura as Chief Restructuring Officer.

Legal counsel includes DLA Piper representing AYR Wellness, Cassels Brock & Blackwell representing the monitor, and Goodmans representing the ad hoc committee of senior noteholders.