Welcome to our dedicated page for Ascend Wellness news (Ticker: AAWH), a resource for investors and traders seeking the latest updates and insights on Ascend Wellness stock.
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 (CSE: AAWH.U) announced the completion of its acquisition of two cannabis dispensaries in Chicago and Chicago Ridge, Illinois. This expansion marks the company’s seventh and eighth retail locations in Illinois, improving access to premium cannabis products. The Archer Avenue dispensary is near Midway Airport, while the Ridgeland Avenue store is close to the Chicago Ridge Mall. Additionally, Ascend has begun planting in a new greenhouse at its Barry, Illinois cultivation facility, expanding its growing capacity by adding 55,000 sq. ft. of canopy.
Ascend Wellness Holdings (AAWH) has received final approval from the New York Cannabis Control Board to invest in MedMen NY Inc., the New York subsidiary of MedMen Enterprises. This approval allows AWH to close the investment transaction imminently, enhancing its position in the cannabis market. AWH, a vertically integrated cannabis operator with assets across several states, aims to improve lives through cannabis. This move demonstrates AWH's commitment to strategic growth and reinforces its operational footprint in the cannabis industry.
Ascend Wellness Holdings (AAWH) has officially acquired Ohio Cannabis Clinic, marking its second dispensary in Ohio. Located in Coshocton, this dispensary is strategically positioned to serve major nearby cities. The acquisition aligns with AWH's expansion strategy in Ohio's growing cannabis market, which has over 186,590 registered medical patients. AWH plans to rebrand the newly acquired dispensary under its Ascend name, enhancing brand presence and product accessibility. The company also aims for ongoing growth in Ohio, leveraging its vertically integrated operations.
Ascend Wellness Holdings (AWH) has received conditional approval from the New York Cannabis Control Board for an investment agreement with MedMen NY, Inc., which will grant AWH an 86.7% controlling interest in MedMen's New York subsidiary. This approval is pending a review by the Office of Cannabis Management to ensure compliance with state cannabis laws. AWH is a vertically integrated cannabis operator with assets across several states, focusing on enhancing patient access and maintaining operations.
Ascend Wellness Holdings (AAWH) announced the soft opening of its second adult-use dispensary in Newton, Massachusetts, with delivery services commencing immediately. The dispensary, located 10 miles from Downtown Boston, spans approximately 5,000 square feet and features an open layout. Customers can order online for pickup or delivery within a 25-mile radius, catering to 3.6 million residents. The opening is part of an expanding strategy in the rapidly growing Massachusetts cannabis market, projected to reach $2.6 billion by 2025.
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.
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