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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, Inc. (CSE: AAWH.U, OTCQX: AAWH) announced a conference call on May 9, 2023, at 5:00 PM ET to discuss its first quarter 2023 financial results. This follows the release of earnings after market close. Leadership participating includes Abner Kurtin, Dan Neville, and Frank Perullo. Investors can access the call by dialing 1 (888) 390-0605 or through a live audio webcast on the company's investor relations page. The call will also be available for replay until 12:00 AM ET on May 16, 2023.
Ascend Wellness Holdings has opened its eighth dispensary in Michigan, named Ascend Century, located in Grand Rapids. The dispensary, which opened on March 14, aims to provide affordable cannabis products, including premium flower, edibles, and concentrates. Designed as an outlet, it offers everyday low pricing and features over 2,800 square feet of retail space. Ascend Century is strategically placed near downtown attractions, enhancing consumer access to its products. Additionally, the company will launch the Ascenders Club loyalty program on April 3, allowing customers to earn rewards. This expansion increases Ascend's total dispensaries to 26 across several states, strengthening its market presence.
Ascend Wellness Holdings (AAWH) reported record financial results for Q4 and FY 2022, achieving a 26.7% year-over-year increase in net revenue to $112.1 million for Q4 and a 22.1% increase to $405.9 million for the full year. The company's adjusted EBITDA rose 42.7% year-over-year to $28.2 million in Q4, with a margin of 25.1%. Despite a net loss of $15.1 million in Q4, it was an improvement from $16.9 million in Q3. The company ended the year with $74.1 million in cash and expanded its cultivation capacity by 40%. AWH opened four new dispensaries during 2022, increasing its total to 24.
Ascend Wellness Holdings, Inc. (CSE: AAWH.U) announced a conference call for March 14, 2023, at 5:00 PM ET to discuss its fourth quarter and full year 2022 financial results. The call will feature leadership including Executive Chairman Abner Kurtin, CFO Dan Neville, and President Frank Perullo. Investors can access the call by dialing 1 (888) 390-0605 using conference ID: 91989477. A live audio webcast will also be available on the AWH investor relations website, with a replay option provided for a limited time following the call.
Ascend Wellness Holdings (CSE: AAWH.U) has opened its first outlet dispensary in Massachusetts, located in New Bedford, marking its third overall outlet after successful launches in Pennsylvania. The dispensary boasts 5,200 square feet and will offer a full range of adult-use cannabis products, including flower, edibles, and vapes. Positioned conveniently near I-95, it aims to serve both Massachusetts and Rhode Island residents, particularly benefiting summer visitors to Cape Cod. The company emphasizes accessible, affordable high-quality cannabis products. Ascend New Bedford operates daily from 10 am to 7 pm.
Ascend Wellness Holdings (CSE: AAWH.U) has entered a definitive agreement to acquire four operating dispensaries in Maryland from Devi Holdings for $19 million. This transaction includes $12 million in cash and $7 million in stock, significantly expanding AWH's footprint into its seventh state. Maryland's mature medical cannabis market, with sales projected to reach $1 billion by 2024, presents an opportunity for growth, especially with the recent legalization of adult-use cannabis. AWH aims to leverage this expansion strategy, similar to its success in states like New Jersey and Illinois.
Ascend Wellness Holdings, Inc. (CSE: AAWH.U; OTCQX: AAWH) announced its participation in key upcoming cannabis conferences. Daniel Neville, CFO and Interim Co-CEO, will engage in a panel at the Wolfe Virtual Conference on December 5, 2022, and another at the Cowen 5th Annual Cannabis Conference on December 7, 2022. Additionally, both Neville and Rebecca Koar, SVP of Investor Relations, will be present at ATB's 11th Annual Institutional Conference on January 12, 2023. AWH operates in multiple states, producing award-winning cannabis products under various brands.
Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH) has announced changes to its Board of Directors as part of an ongoing leadership transition. Effective immediately, Dan Neville and Joshua Gold are appointed to the Board, while Emily Paxhia has resigned. Gold will chair the Audit Committee and serve on others, whereas Scott Swid will chair the Compensation & Corporate Governance Committee. Paxhia's resignation is not due to disagreements with the company. The leadership changes aim to enhance governance as Ascend continues to operate across multiple states in the cannabis sector.
On November 22, 2022, Ascend Wellness Holdings (AAWH) filed a registration statement on Form S-3 with the SEC, aiming to qualify up to $100 million in securities, including Class A common stock and debt securities. Although there are no immediate plans for issuance, the company seeks to remain flexible for future financing opportunities. The registration allows for capital raising in U.S. and Canadian markets, enhancing shareholder prospects as conditions evolve. The SEC's review process will determine the statement's effectiveness.
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