Ascend Wellness Stock Price, News & Analysis

Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH) has announced changes to its Board of Directors as part of an ongoing leadership transition. Effective immediately, Dan Neville and Joshua Gold are appointed to the Board, while Emily Paxhia has resigned. Gold will chair the Audit Committee and serve on others, whereas Scott Swid will chair the Compensation & Corporate Governance Committee. Paxhia's resignation is not due to disagreements with the company. The leadership changes aim to enhance governance as Ascend continues to operate across multiple states in the cannabis sector.

On November 22, 2022, Ascend Wellness Holdings (AAWH) filed a registration statement on Form S-3 with the SEC, aiming to qualify up to $100 million in securities, including Class A common stock and debt securities. Although there are no immediate plans for issuance, the company seeks to remain flexible for future financing opportunities. The registration allows for capital raising in U.S. and Canadian markets, enhancing shareholder prospects as conditions evolve. The SEC's review process will determine the statement's effectiveness.

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.