Ascend Wellness Stock Price, News & Analysis

Ascend Wellness Holdings has launched recreational cannabis sales at its flagship Fort Lee location in New Jersey, effective November 17, 2022. This is the company's third dispensary for adult-use sales in the state, following openings in Rochelle Park and Montclair. Strategically located near New York City, Fort Lee features over 4,000 square feet of retail space and 45 parking spots. The dispensary operates on an appointment-only basis while offering special services for medical patients. Interim co-CEO Frank Perullo expressed enthusiasm for broadening access to cannabis through this new outlet.

Ascend Wellness Holdings reported record financial performance for Q3 2022, achieving $111.2 million in net revenue, a 14.1% increase quarter-over-quarter and a 17.9% increase year-over-year. The company also recorded an Adjusted EBITDA of $27.8 million, representing a margin of 25.0% and a margin expansion of 354 basis points from the previous quarter. Despite a net loss of $16.9 million, Ascend continues to expand its footprint with new dispensaries and increased wholesale capabilities.

Ascend Wellness Holdings has launched the Miss Grass Minis line in three New Jersey locations: Rochelle Park, Montclair, and Fort Lee. The partnership between AWH and Miss Grass expands the successful product line to New Jersey after prior launches in Massachusetts and Illinois. Available since October 26, the Minis consist of five 0.4g pre-rolls, offering three strains: Fast Times, Quiet Times, and All Times, each with distinct profiles. This introduction aims to cater to varied consumer preferences and enhance the brand’s presence in the East.

Ascend Wellness Holdings (AAWH) has launched its first medical cannabis dispensary in Scranton, Pennsylvania, as of October 21, 2022. This outlet aims to provide quality cannabis products at competitive prices, catering to the state's over 700,000 registered medical patients. The Scranton location is the first of six planned dispensaries in Pennsylvania. This strategic establishment is positioned in a prime market projected to exceed $1 billion in sales by 2023, highlighting Ascend's commitment to serving the local community and expanding its operations.

Ascend Wellness Holdings, Inc. (AAWH), a prominent multi-state cannabis operator, has announced a conference call scheduled for November 10, 2022, at 5:00 PM ET. This call will follow the release of its third-quarter 2022 financial results, which will be made available after market close. Investors can join the call by dialing 1 (888) 390-0605 and using conference ID: 35417710. A live audio webcast will also be accessible on the AWH Investor Relations website.

Ascend Wellness Holdings (AAWH) announced a leadership transition on September 28, 2022, appointing CFO Daniel Neville and President Frank Perullo as Interim Co-CEOs while the Board searches for a permanent CEO. The Board retained Russell Reynolds to assist in this search as they prepare for the next phase of growth. Founder Abner Kurtin will now serve as Executive Chairman. The Board expressed confidence in Neville and Perullo's capabilities to guide the company during this transition, emphasizing AWH's strong foundation in the cannabis industry.

Ascend Wellness Holdings (AAWH) announced various initiatives aimed at supporting cannabis expungement efforts, including a total of $2 million in donations. The company is hosting expungement clinics across the U.S., starting with an event in Montclair, New Jersey this October. AWH's Ascend Foundation has contributed over $65,000 to equity organizations and surpassed $1.8 million in donations to the Last Prisoner Project, aiding individuals with cannabis convictions. These actions demonstrate AWH's commitment to social justice and community support in the cannabis industry.

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.