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 reports developments as a multi-state, vertically integrated cannabis operator and consumer packaged goods company. News commonly covers earnings releases, retail and wholesale performance, dispensary openings, and expansion of its regulated cannabis footprint in markets such as Ohio and New Jersey.
Company updates also feature product and brand activity across flower, vapes, edibles, concentrates, gummies, and infused products, including the Ozone, Ozone Reserve, and Simply Herb portfolios. Other recurring themes include supply-chain and social-equity partnerships, operational support for independently operated dispensaries, cost controls, refinancing activity, and the company’s shift toward a CPG-oriented retail model.
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.
Ascend Wellness Holdings, Inc. (CSE: AAWH.U) announces a conference call scheduled for November 11, 2021, at 5:00 PM ET to discuss its Q3 2021 financial results. The call follows the release of the earnings report, providing investors with insights into the company's performance. Investors can access the call by dialing 1 (888) 390-0605 with conference ID: 67116805, or through a live webcast available on the AWH Investor Relations website.
Ascend Wellness Holdings, Inc. (CSE: AAWH.U) has appointed T. Andrew Brown as president of AWH New York to enhance equity and access in the adult-use cannabis market. Leveraging over 35 years of legal experience, Brown aims to strengthen relationships with state officials and industry stakeholders, focusing on communities impacted by cannabis prohibition. AWH plans to invest in MedMen NY's medical cannabis operations and expand access to products. The company’s efforts align with social justice and economic benefits for New York residents.
Ascend Wellness Holdings (AAWH) partners with luxury brand Edie Parker to launch Flower pre-rolls in Massachusetts, with expansion to Illinois by early November. The pre-rolls are available at AWH's Boston location and through its statewide distribution network as of October 3. The 'Best Buds' twin packs feature three offerings: Early Bird (sativa), Happiest Hour (hybrid), and Nightcap (indica). This initiative aims to attract new customers and enhance the brand's presence in the cannabis market, combining luxury aesthetics with premium cannabis products.
Ascend Wellness Holdings (CSE: AAWH.U; OTCQX: AAWH) has completed the acquisition of BCCO, LLC, a medical dispensary in Carroll, Ohio. Additionally, the company has entered into a definitive agreement to acquire Ohio Cannabis Clinic, LLC in Coshocton, Ohio. CEO Abner Kurtin emphasized the strategic moves to expand in the growing Ohio market, which is poised for adult-use cannabis legislation. The Ohio medical cannabis market is expected to grow from $200 million in 2020 to approximately $600 million by 2025. These acquisitions position AWH for long-term growth and disciplined capital allocation.
Ascend Wellness Holdings (CSE: AAWH.U, OTCQX: AAWH), a leading cannabis operator, will participate in four key upcoming events. CEO Abner Kurtin is scheduled for a fireside chat at the BTIG Inaugural Cannabis Conference on September 29, 2021, and will also attend the Viridian Capital Cannabis Expert Series on October 1. Investor meetings will be held at the A.G.P. Virtual Fall Consumer Cannabis Conference on October 5, and at the Benzinga Cannabis Capital Conference on October 14, where key executives will present.
Ascend Wellness Holdings (CSE: AAWH.U, OTCQX: AAWH) has announced reaching a significant milestone of $1 million in contributions to the Last Prisoner Project (LPP). This was achieved through a customer donation program, which includes a company match of $500,000. Initially, AWH committed to raise $250,000 in July 2020 and later doubled its goal to $1 million. AWH will continue the donation initiative without a cap, reinforcing its commitment to cannabis criminalization reform and social justice.