Ascend Wellness Stock Price, News & Analysis

Ascend Wellness Holdings (AAWH) has announced its participation in two significant upcoming virtual events. The Needham 24th Annual Growth Conference will occur on January 10, 2022, featuring CEO Abner Kurtin in a fireside chat from 8:30 a.m. to 9:10 a.m. ET. Additionally, the ATB 10th Annual Institutional Investor Conference will be held from January 11 to 13, 2022, with Kurtin joining a panel discussion on Brand Building and Leadership at 9 a.m. ET on January 13.

Ascend Wellness Holdings (AAWH) announced full regulatory approval to transfer a license but claims MedMen is violating their investment agreement by not closing the transaction. MedMen attempted to terminate the agreement, citing a lack of regulatory approval, which AWH disputes. They emphasize the need for MedMen to fulfill its commitments, ensuring continuity in New York's medical cannabis program. AWH is committed to collaborating with state regulators to enhance patient access to cannabis.

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.