Ascend Wellness Stock Price, News & Analysis

Ascend Wellness Holdings (AAWH) announced a definitive agreement to acquire Ohio Patient Access LLC, which is set to operate three dispensaries in Cincinnati, Piqua, and Sandusky. This move would expand AWH's footprint in Ohio to five dispensaries, the maximum allowed in the state. The CEO highlighted the strategic importance of growing in populous markets and the potential for adult-use cannabis sales in Ohio. Currently, AWH operates two dispensaries in Ohio and has a cultivation facility. Ohio's medical cannabis sales reached $381 million in 2021, marking a 72% increase from the previous year.

Ascend Wellness Holdings has officially opened its third medical dispensary in New Jersey, located in Fort Lee. The new facility spans over 3,400 square feet and features 29 registers to enhance efficiency. This expansion aims to meet the increasing demand for cannabis in the region and is strategically positioned across the Hudson River from New York City. Ascend Fort Lee will offer a full menu of cannabis products and is planning to transition to adult-use sales later this fall to serve both medical patients and recreational consumers.

Ascend Wellness Holdings, Inc. (AAWH) is set to hold a conference call on August 15, 2022, at 5:00 PM ET, to discuss its second quarter 2022 financial results following market close. Investors can join by dialing 1 (888) 390-0605 with the conference ID 06364687. A live audio webcast will also be available on the company's Investor Relations page. AWH operates in several states including Illinois, Michigan, and New Jersey, producing a range of cannabis products.

Ascend Wellness Holdings (AAWH) announced that its directors, Emily Paxhia, Scott Swid, and Joseph Hinrichs, collectively purchased approximately 60,352 Class A Common Shares between July 5 and July 6, 2022. This follows earlier purchases by CEO Abner Kurtin and President Frank Perullo. The company reassured stakeholders about its growth prospects despite market challenges, with the Board expressing confidence in Ascend's trajectory and the cannabis industry.

Ascend Wellness Holdings announced the purchase of 50,000 Class A Common Shares by AGP Partners, LLC at $2.05 per share on July 1, followed by 1,100 shares at $1.90 on July 4. AGP is associated with CEO Abner Kurtin and President Frank Perullo. Kurtin expressed confidence in AWH's future, leveraging current market conditions for strategic stock purchases while focusing on growth initiatives and financial performance, despite capital challenges.

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.