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; 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.
Ascend Wellness Holdings reported Q1 2022 net revenue of $85.1 million, a 3.8% decline from the previous quarter but a 28.7% increase year-over-year. Gross revenue totaled $101.2 million, reflecting a 0.8% quarter-over-quarter decrease and a 33.4% annual growth. The net loss widened to $27.8 million compared to $16.5 million in Q4 2021. Adjusted EBITDA stood at $16.4 million, down 17.1% quarter-over-quarter. The company expanded its operations into Pennsylvania and launched adult-use sales in New Jersey, marking a significant growth opportunity.
Ascend Wellness Holdings, Inc. (AWH) has signed a term sheet to resolve a lawsuit against MedMen NY, Inc., agreeing to acquire a 99.99% stake in MedMen NY. AWH will increase the transaction value by $15 million, bringing the total to $88 million, which remains below recent comparable deals. AWH will pay $74 million at closing, including a prior deposit, and an additional $14 million upon the first sale of adult-use cannabis. This acquisition marks AWH's entry into New York, enhancing its presence in the cannabis market.
Ascend Wellness Holdings (CSE: AAWH.U, OTCQX: AAWH) announced its participation in two upcoming virtual cannabis conferences. CEO Abner Kurtin will join the 6th Annual Canaccord Genuity Cannabis Conference for a fireside chat on May 11, 2022, at 8:00 am ET. The event can be accessed here. Kurtin will also participate in the Wolfe Research Virtual Consumer Conference on May 13, 2022, at 12:55 pm ET, alongside industry leaders.
Ascend Wellness Holdings, Inc. (AAWH) announced a conference call for May 11, 2022, at 5:00 PM ET to discuss its first-quarter 2022 financial results. Investors can access the call by dialing 1 (888) 390-0605 with conference ID 72077468. A live audio webcast will also be available on AWH's Investor Relations website, where a replay will be archived. AWH operates in several states including Illinois, Michigan, and New Jersey, focusing on producing cannabis products and maintaining cultivation facilities.
Ascend Wellness Holdings, Inc. (CSE: AAWH.U) has launched recreational cannabis sales at its Rochelle Park, New Jersey dispensary, catering to both adult-use and medical consumers. Following approval from the New Jersey Cannabis Regulatory Commission, the dispensary offers a separate menu for adult-use customers, featuring various products. Customers must reserve shopping appointments, while medical patients receive dedicated services, ensuring their priority. This expansion is part of AWH's strategy to serve the growing cannabis market in New Jersey effectively.
Ascend Wellness Holdings (AAWH) has completed a roll-up transaction, consolidating its ownership of Story of PA CR, LLC, a key player in Pennsylvania's medical marijuana market. Following the acquisition, Story has received a Clinical Registrant Permit, allowing it to open one cultivation facility and six dispensaries in the state. AWH will invest approximately $55 million in total consideration, including cash and shares, to support an extensive cultivation operation and contribute to clinical research alongside Geisinger Commonwealth School of Medicine, enhancing access to medical marijuana for Pennsylvania patients.
Ascend Wellness Holdings (AAWH) has announced its approval to serve adult-use consumers in New Jersey, becoming one of the first operators to enter this market. The flagship Ascend Rochelle Park dispensary will begin sales shortly, with additional locations in Montclair and Fort Lee planned. AWH currently operates two medical dispensaries and will expand its cultivation facility to 100,000 square feet by the end of 2023, anticipating a market exceeding $2 billion by 2025. The company aims to hire locally, creating jobs as demand for cannabis increases.
Ascend Wellness Holdings, Inc. (CSE: AAWH.U, OTCQX: AAWH) announced its participation in two major cannabis conferences. CEO Abner Kurtin will engage in a fireside chat at the BTIG Global Cannabis Conference on April 7 at 11:20 am ET and host one-on-one investor meetings. Additionally, Kurtin and VP of Investor Relations Rebecca Koar will meet with investors at the Benzinga Cannabis Capital Conference on April 20-21 in Miami Beach, Florida. AWH operates cultivation facilities across several states, producing award-winning cannabis products.
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