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.
AWH ANNOUNCES Q1 2024 FINANCIAL RESULTS: Ascend Wellness Holdings, Inc. reported $142.4M Net Revenue in Q1 2024, a 25% YoY increase and 2% QoQ increase. Adjusted EBITDA was $32.5 million, a 39% YoY increase. The company generated positive cash flow. Retail revenue increased 15.1% YoY. Net loss was $18.2 million. Cash and cash equivalents were $72.9 million. AWH opened two dispensaries, secured operating agreements with two partner dispensaries, and operationalized a new facility. The company plans revenue growth of 12-15% and adjusted EBITDA increase of 17-22% compared to 2023.
Ascend Wellness Holdings, Inc. (AWH) supports the DEA's decision to move cannabis from Schedule I to Schedule III of the CSA, marking a significant step in cannabis reform. This change is expected to bring benefits like tax relief, improved access, funding opportunities, research advancements, and potential up-listing for AWH. The company looks forward to further developments and celebrates the decision's positive impact on stakeholders.
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