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Ascend Wellness Holdings, Inc. (OTCQX: AAWH) is a vertically integrated, multi-state cannabis operator with a significant presence in Illinois, Maryland, Massachusetts, Michigan, Ohio, New Jersey, and Pennsylvania. The company is dedicated to providing superior products and services in the cannabis industry, leveraging state-of-the-art cultivation facilities to grow award-winning strains and produce a curated selection of products tailored for retail and wholesale customers.
Ascend Wellness Holdings focuses on simplifying the cannabis experience with its effect-based categorization of products, ensuring that customers' unique needs are met with consistency and quality. The company operates several brands, including Ozone, Ozone Reserve, Simply Herb, Common Goods, Tunnel Vision, and Royale, catering to a variety of consumer preferences.
Recent achievements include a reported net revenue of $142.4 million for Q1 2024, marking a 25% increase year-over-year. Additionally, the company generated $32.5 million in Adjusted EBITDA, reflecting a 39% increase from the previous year. As of March 31, 2024, Ascend Wellness Holdings had $72.9 million in cash and cash equivalents, demonstrating financial robustness and a positive cash flow from operations for the fifth consecutive quarter.
Ascend Wellness Holdings continues to expand its footprint, with recent openings of dispensaries in Cincinnati, Ohio, and Monaca, Pennsylvania, bringing its total to 36 dispensaries. The company's strategic focus includes densifying its retail presence and expanding wholesale penetration while driving innovation and productivity across its operations. This growth strategy is supported by key partnerships and long-term supply agreements, such as those recently secured in Maryland.
The company’s commitment to social equity is evident through initiatives like the Ascend CO-LAB for Social Equity, which fosters a more inclusive and sustainable industry by addressing social disparities caused by the war on drugs.
Led by CEO John Hartmann, Ascend Wellness Holdings is poised for continued success and is actively preparing for potential federal cannabis reform that could further enhance its market position. Hartmann's recent acquisition of 192,500 shares of Class A common stock underscores his confidence in the company's strategic direction and growth potential.
For more information about Ascend Wellness Holdings and to stay updated on their latest developments, visit www.awholdings.com.
Ascend Wellness Holdings (AAWH) reported Q3 2021 financial results with a 13.2% increase in net revenue quarter-over-quarter, reaching $94.4 million. Total revenue was $105 million, up 7.7% quarter-over-quarter and 131.4% year-over-year. However, the company posted a net loss of $13 million primarily due to one-time expenses. Adjusted EBITDA improved 15.9% to $23.5 million, while cash and equivalents stood at $204.5 million. AWH plans to expand its New Jersey facility to 150,000 sq.ft by year-end 2023 and anticipates revenue growth amidst challenges in Q4 2021.
Ascend Wellness Holdings (AAWH) has appointed Danielle Drummond as Vice President of Social Equity to enhance the company's commitment to equity, diversity, and restorative justice, particularly in the New York market. Drummond brings over 15 years of experience in combating racial bias and will focus on initiatives like expungement clinics and a nonprofit to support social equity candidates in cannabis licensing. This strategic move aims to solidify AWH's leadership in the adult-use cannabis market and address the impacts of past cannabis prohibition on marginalized communities.
Ascend Wellness Holdings, Inc. (CSE: AAWH.U) announces a conference call scheduled for November 11, 2021, at 5:00 PM ET to discuss its Q3 2021 financial results. The call follows the release of the earnings report, providing investors with insights into the company's performance. Investors can access the call by dialing 1 (888) 390-0605 with conference ID: 67116805, or through a live webcast available on the AWH Investor Relations website.
Ascend Wellness Holdings, Inc. (CSE: AAWH.U) has appointed T. Andrew Brown as president of AWH New York to enhance equity and access in the adult-use cannabis market. Leveraging over 35 years of legal experience, Brown aims to strengthen relationships with state officials and industry stakeholders, focusing on communities impacted by cannabis prohibition. AWH plans to invest in MedMen NY's medical cannabis operations and expand access to products. The company’s efforts align with social justice and economic benefits for New York residents.
Ascend Wellness Holdings (AAWH) partners with luxury brand Edie Parker to launch Flower pre-rolls in Massachusetts, with expansion to Illinois by early November. The pre-rolls are available at AWH's Boston location and through its statewide distribution network as of October 3. The 'Best Buds' twin packs feature three offerings: Early Bird (sativa), Happiest Hour (hybrid), and Nightcap (indica). This initiative aims to attract new customers and enhance the brand's presence in the cannabis market, combining luxury aesthetics with premium cannabis products.
Ascend Wellness Holdings (CSE: AAWH.U; OTCQX: AAWH) has completed the acquisition of BCCO, LLC, a medical dispensary in Carroll, Ohio. Additionally, the company has entered into a definitive agreement to acquire Ohio Cannabis Clinic, LLC in Coshocton, Ohio. CEO Abner Kurtin emphasized the strategic moves to expand in the growing Ohio market, which is poised for adult-use cannabis legislation. The Ohio medical cannabis market is expected to grow from $200 million in 2020 to approximately $600 million by 2025. These acquisitions position AWH for long-term growth and disciplined capital allocation.
Ascend Wellness Holdings (CSE: AAWH.U, OTCQX: AAWH), a leading cannabis operator, will participate in four key upcoming events. CEO Abner Kurtin is scheduled for a fireside chat at the BTIG Inaugural Cannabis Conference on September 29, 2021, and will also attend the Viridian Capital Cannabis Expert Series on October 1. Investor meetings will be held at the A.G.P. Virtual Fall Consumer Cannabis Conference on October 5, and at the Benzinga Cannabis Capital Conference on October 14, where key executives will present.
Ascend Wellness Holdings (CSE: AAWH.U, OTCQX: AAWH) has announced reaching a significant milestone of $1 million in contributions to the Last Prisoner Project (LPP). This was achieved through a customer donation program, which includes a company match of $500,000. Initially, AWH committed to raise $250,000 in July 2020 and later doubled its goal to $1 million. AWH will continue the donation initiative without a cap, reinforcing its commitment to cannabis criminalization reform and social justice.
Ascend Wellness Holdings (CSE: AAWH.U, OTCQX: AAWH) announced participation in four key conferences in September 2021. Co-Founder & CEO Abner Kurtin and CFO Dan Neville will engage with investors through various formats, including one-on-one meetings and fireside chats. Notable events include the Beacon Securities Virtual Cannabis Conference on September 9, the Needham 2nd Virtual Cannabis Conference on September 14, the Echelon US Cannabis Conference on September 22, and the BTIG Inaugural Cannabis Conference on September 29. For details, contact AWH's Investor Relations.
Ascend Wellness Holdings reported Q2 2021 net revenue of $83.4 million, a 26.1% increase quarter-over-quarter. Total gross revenue reached $97.5 million, rising 28.5% from the previous quarter and 236.2% year-over-year. Adjusted EBITDA improved to $20.3 million, marking a 28.3% increase. However, the company faced a net loss of $44.9 million, primarily due to a non-cash interest expense related to its IPO. AWH has increased its full-year net revenue guidance to a range of $330-$350 million.
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