Ascend Wellness Stock Price, News & Analysis

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.

Ascend Wellness Holdings reported record revenue of $117.7 million in Q2 2022, a 16.2% quarter-over-quarter increase. Net revenue rose by 14.6% to $97.5 million, fueled by strong retail growth of 19.4% to $75.6 million and an impressive adjusted EBITDA margin expansion of 220 basis points to 21.4%. The net loss decreased to $21.2 million from $27.8 million in Q1 2022. Notable operational milestones include the launch of adult-use sales in New Jersey and expansions in Michigan, Ohio, and Pennsylvania, solidifying AWH's position as a leading cannabis operator.

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.