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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) is investigating allegations against CEO Abner Kurtin regarding a domestic-related misdemeanor. The Board of Directors, through its Compensation and Corporate Governance Committee, is conducting the investigation with independent legal counsel. Although the Company cannot comment further, it is treating the matter seriously and will continue to evaluate the situation as it develops to ensure operational stability.
Ascend Wellness Holdings, Inc. (AAWH) announced the launch of recreational cannabis sales at its second New Jersey dispensary, Ascend Montclair, starting today. This follows the successful opening in Rochelle Park on April 21. The Montclair location offers a dedicated adult-use menu and special services for medical patients, including a medical express lane and designated shopping hours. Frank Perullo, President of AWH, expressed excitement about serving the Montclair community amid signs of a thriving adult-use market in New Jersey. The dispensary is open daily from 8 am to 8 pm.
Ascend Wellness Holdings reported record revenue of $117.7 million in Q2 2022, a 16.2% quarter-over-quarter increase. Net revenue rose by 14.6% to $97.5 million, fueled by strong retail growth of 19.4% to $75.6 million and an impressive adjusted EBITDA margin expansion of 220 basis points to 21.4%. The net loss decreased to $21.2 million from $27.8 million in Q1 2022. Notable operational milestones include the launch of adult-use sales in New Jersey and expansions in Michigan, Ohio, and Pennsylvania, solidifying AWH's position as a leading cannabis operator.
Ascend Wellness Holdings (AAWH) announced a definitive agreement to acquire Ohio Patient Access LLC, which is set to operate three dispensaries in Cincinnati, Piqua, and Sandusky. This move would expand AWH's footprint in Ohio to five dispensaries, the maximum allowed in the state. The CEO highlighted the strategic importance of growing in populous markets and the potential for adult-use cannabis sales in Ohio. Currently, AWH operates two dispensaries in Ohio and has a cultivation facility. Ohio's medical cannabis sales reached $381 million in 2021, marking a 72% increase from the previous year.
Ascend Wellness Holdings has officially opened its third medical dispensary in New Jersey, located in Fort Lee. The new facility spans over 3,400 square feet and features 29 registers to enhance efficiency. This expansion aims to meet the increasing demand for cannabis in the region and is strategically positioned across the Hudson River from New York City. Ascend Fort Lee will offer a full menu of cannabis products and is planning to transition to adult-use sales later this fall to serve both medical patients and recreational consumers.
Ascend Wellness Holdings, Inc. (AAWH) is set to hold a conference call on August 15, 2022, at 5:00 PM ET, to discuss its second quarter 2022 financial results following market close. Investors can join by dialing 1 (888) 390-0605 with the conference ID 06364687. A live audio webcast will also be available on the company's Investor Relations page. AWH operates in several states including Illinois, Michigan, and New Jersey, producing a range of cannabis products.
Ascend Wellness Holdings (AAWH) announced that its directors, Emily Paxhia, Scott Swid, and Joseph Hinrichs, collectively purchased approximately 60,352 Class A Common Shares between July 5 and July 6, 2022. This follows earlier purchases by CEO Abner Kurtin and President Frank Perullo. The company reassured stakeholders about its growth prospects despite market challenges, with the Board expressing confidence in Ascend's trajectory and the cannabis industry.
Ascend Wellness Holdings announced the purchase of 50,000 Class A Common Shares by AGP Partners, LLC at $2.05 per share on July 1, followed by 1,100 shares at $1.90 on July 4. AGP is associated with CEO Abner Kurtin and President Frank Perullo. Kurtin expressed confidence in AWH's future, leveraging current market conditions for strategic stock purchases while focusing on growth initiatives and financial performance, despite capital challenges.
Ascend Wellness Holdings (CSE: AAWH.U; OTCQX: AAWH) has closed on $28.5 million under its Senior Credit Facility, increasing total funding to $275 million. This funding will support near-term capital expenditures and acquisitions as the company expands its operations across the Midwest and Northeast. The loan carries a 9.5% interest rate, maturing in August 2025, and includes a warrant coverage of 20% on a $3.10 exercise price. CFO Dan Neville expressed optimism about leveraging this capital to enhance growth strategies.
Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH) has successfully closed an additional $36.5 million in funding through its existing term loan credit facility to support growth initiatives. This follows the August 2021 announcement of a $210 million senior secured term loan. The new financing aims to enhance expansion efforts, particularly in Pennsylvania and the acquisition of MedMen NY. CFO Dan Neville emphasized ongoing exploration of financing options for growth.
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