Document:

Exhibit
4.10

 

Form 51-102F3

 

Material Change Report

 

Item 1      Name and Address of Company

 

Ayr Strategies Inc. (“Ayr”
or the “Company”)

590 Madison Avenue, 26th Floor

New York, New York 10022

 

Item 2     Date of Material Change

 

November 4, 2020

 

Item 3     News Release

 

A press release describing the material
change was disseminated by Ayr on November 4, 2020 through GlobeNewswire and can be found on SEDAR at www.sedar.com.

 

Item 4     Summary of Material Change

 

Ayr today announced an agreement to acquire
a vertically integrated cannabis operation in the state of Arizona (“Oasis”), including cultivation and processing
facilities and three operational licensed dispensaries, expanding the Company’s activities to five key states. Including
all pending transactions, Ayr will have operations in Massachusetts, Nevada, Pennsylvania, Ohio and Arizona.

 

Ayr has signed a binding term sheet for
three licensed dispensaries in greater Phoenix, two in Chandler and one in Glendale, a 10,000 ft2 licensed cultivation
and processing facility in Chandler and an 80,000 ft2 licensed cultivation facility under development in Phoenix (the
 “Phoenix Facility”).

 

Item 5     Full Description of Material
Change

 

5.1       Full
Description of Material Change

 

Ayr today announced an agreement to acquire
a vertically integrated cannabis operation in the state of Arizona, including cultivation and processing facilities and three operational
licensed dispensaries, expanding the Company’s activities to five key states. Including all pending transactions, Ayr will
have operations in Massachusetts, Nevada, Pennsylvania, Ohio and Arizona.

 

Ayr has signed a binding term sheet for
three licensed dispensaries in greater Phoenix, two in Chandler and one in Glendale, a 10,000 ft2 licensed cultivation
and processing facility in Chandler and an 80,000 ft2 licensed cultivation facility under development in Phoenix.

 

The terms of the transaction include upfront
consideration of US$81 million, made up of US$10 million in cash, US$41 million in exchangeable shares exercisable on a 1-for-1
basis into subordinate voting shares (representing approximately 2.75 million subordinate voting shares, shares priced at the 10-day
VWAP prior to announcement, namely C$19.24) and US$30 million in seller notes.

 

An additional 2 million exchangeable shares,
which will be issued at closing but placed in escrow, would be payable when the Phoenix Facility produces in excess of 3,000 pounds
of sellable dry weight cannabis flower (excluding trim) over a trailing 90-day period.

 

Additional earn-out consideration in 2021
and 2022 may be paid in shares exchangeable into subordinate voting shares of Ayr, priced at the then 10-day VWAP, with the earnout
value calculated based on a 25% discount to Ayr’s then trading enterprise value to Adjusted EBITDA multiple and based on
Oasis exceeding Adjusted EBITDA hurdles of (i) US$30 million for the twelve-month period ending December 31, 2021, and (ii) the
Adjusted EBITDA of Oasis in 2021 for the twelve-month period ending December 31, 2022.

 

     

     2

    

 

The acquisition is subject to final due
diligence, definitive documentation, customary closing conditions and regulatory approvals, and there can be no assurance that
it will be completed.

 

“Adjusted EBITDA” represents
income (loss) from operations, as reported, before interest and tax, adjusted to exclude extraordinary items, non-recurring items,
other non-cash items, including stock-based compensation expense, depreciation and amortization, the adjustments for the accounting
of the fair value of biological assets and the incremental costs to acquire cannabis inventory in a business combination, acquisition
related costs, and further adjusted to add back any lease expense capitalized by IFRS accounting standards. A reconciliation of
how Ayr calculates adjusted EBITDA is provided in Ayr’s Q2 MD&A. The Company reminds you that Adjusted EBITDA is a non-IFRS
measure without a standardized meaning and therefore may not be comparable to similar figures used by other companies. It is being
used in this case for purposes of purchase price determination, and there is accordingly no directly comparable IFRS measure applicable.

 

5.2       Disclosure for Restructuring Transactions

 

Not applicable.

 

Item 6     Reliance on subsection 7.1(2)
of National Instrument 51-102

 

Not applicable.

 

Item 7     Omitted Information

 

Not applicable.

 

Item 8     Executive Officer

 

Further information regarding the matters
described in this report may be obtained from:

 

Megan Kulick

Head of Investor Relations

Ayr Strategies Inc.

590 Madison Avenue, 26th Floor

New York, New York 10022

(646) 977-7914 or ir@ayrstrategies.com

 

Item 9     Date of Report

 

November 4, 2020Exhibit
4.11

 

Form
51-102F3

 

Material
Change Report

 

Item
1      Name and Address of Company

 

Ayr
Strategies Inc. (“Ayr” or the “Company”)

590
Madison Avenue, 26th Floor

New
York, New York 10022

 

Item
2     Date of Material Change

 

November
20, 2020

 

Item
3     News Release

 

A
press release describing the material change was disseminated by Ayr on November 27, 2020 through GlobeNewswire and can be found
on SEDAR at www.sedar.com.

 

Item
4     Summary of Material Change

 

Ayr
entered into a definitive membership interest purchase agreement with CannTech PA, LLC (“CannTech”) dated November
20, 2020, following the announcement on August 26, 2020 that it intended to purchase 100% of the membership interests of CannTech
for total purchase consideration of US$55.4 million. The purchase consideration will be paid as to US$25.2 million in cash, US$15
million in exchangeable shares of CSAC Acquisition Inc. (“CSAC AcquisitionCo”), a wholly-owned subsidiary of
Ayr, each of which is exchangeable on a one-for-one basis for a subordinate voting share of the Ayr, and US$15.2 million in notes.

 

Item
5     Full Description of Material Change

 

5.1       Full
Description of Material Change

 

Ayr
entered into a definitive membership interest purchase agreement with CannTech PA, LLC (“CannTech”) dated November
20, 2020, following the announcement on August 26, 2020 that it intended to purchase 100% of the membership interests of CannTech
for total purchase consideration of US$57 million. The purchase consideration will be paid as to US$25.2 million in cash, US$15
million in exchangeable shares of CSAC AcquisitionCo, each of which is exchangeable on a one-for-one basis for a subordinate voting
share of Ayr and US$15.2 million in notes. A copy of the purchase agreement is being filed contemporaneously on SEDAR.

 

The
transaction is expected to close by the end of 2020, subject to customary conditions including required regulatory approvals.

 

CannTech
is a licensed operator in the Commonwealth of Pennsylvania. The acquisition includes a 143,000 ft2 cultivation and processing
facility under development with the initial construction phase comprising 45,000 ft2 recently approved for cultivation and
with an expected first harvest in March 2021. The site provides room for further expansion beyond the 143,000 ft2 facility.

 

CannTech
also has the right to operate six dispensaries expected to open in retail locations, most of which are clustered in the Pittsburgh
and Philadelphia regions. The first such dispensary opened in October 2020 in New Castle, PA, with two more expected to open in
early 2021.

 

CannTech
also has a research program in collaboration with a local medical school.

 

     

     2

    

 

Forward
Looking Statements

 

Certain
information contained in this material change report may be forward-looking statements within the meaning of applicable securities
laws. Forward-looking statements are often, but not always, identified by the use of words such as “target”, “expect”,
 “anticipate”, “believe”, “foresee”, “could”, “would”, “estimate”,
 “goal”, “outlook”, “intend”, “plan”, “seek”, “will”, “may”,
 “tracking”, “pacing” and “should” and similar expressions or words suggesting future outcomes.
This material change report includes forward-looking information and statements pertaining to, among other things, Ayr’s
future growth plans. Numerous risks and uncertainties could cause the actual events and results to differ materially from the
estimates, beliefs and assumptions expressed or implied in the forward-looking statements, including, but not limited to: anticipated
strategic, operational and competitive benefits may not be realized; events or series of events, including in connection with
COVID-19, may cause business interruptions; required regulatory approvals may not be obtained; acquisitions may not be able to
be completed on satisfactory terms or at all; and Ayr may not be able to raise additional debt or equity capital. Among other
things, Ayr has assumed that its businesses will operate as anticipated, that it will be able to complete acquisitions on reasonable
terms, and that all required regulatory approvals will be obtained on satisfactory terms and within expected time frames. In particular,
there can be no assurance that we will complete the pending acquisition in or enter into agreements with respect to other acquisitions.

 

5.2       Disclosure
for Restructuring Transactions

 

Not
applicable.

 

Item
6     Reliance on subsection 7.1(2) of National Instrument 51-102

 

Not
applicable.

 

Item
7     Omitted Information

 

Not
applicable.

 

Item
8     Executive Officer

 

Further
information regarding the matters described in this report may be obtained from:

 

Megan
Kulick

Head of Investor Relations

Ayr Strategies Inc.

590 Madison Avenue, 26th Floor

New York, New York 10022

(646) 977-7914 or ir@ayrstrategies.com

 

Item
9     Date of Report

 

November
30, 2020

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