Ascend Wellness Holdings
| Company type | Public |
|---|---|
| Industry | Cannabis industry |
| Founded | 2018 |
| Headquarters | , United States |
| Products |
|
| Revenue | US$562 million (2024) |
| Website | awholdings |
Ascend Wellness Holdings, Inc. is an American vertically integrated cannabis operator with operations in multiple states. The company's business includes the cultivation, manufacturing, and retail distribution of cannabis products.[1][2][3] It is publicly traded on the Canadian Securities Exchange (CSE) under the symbol AAWH.[4]
History
[edit]Ascend Wellness Holdings was founded in 2018 and operated as a limited liability company before reincorporating in Delaware and becoming a public company in 2021.[5] Its initial public offering on the Canadian Securities Exchange in May 2021 was followed by a 22% increase in its stock price on the first trading day.[6]
The company expanded its retail in early 2021 by acquiring two MOCA dispensaries in Chicago.[7] Budtenders at one of the Chicago dispensaries voted to join Teamsters Local 777 in May 2021.[8]
As a former medical licensee in New York, the company faced challenges during the state's transition to recreational sales, including regulatory fees and competition from social equity applicants.[9] In 2022, the company became involved in a legal dispute with MedMen Enterprises over a failed agreement to acquire a majority stake in MedMen's New York operations.[10] MedMen later filed for Chapter 7 bankruptcy in 2024.[11]
In a 2024, co-founders Abner Kurtin and Francis Perullo announced that Kurtin would step down as CEO and be succeeded by board member Samuel Brill, with Perullo becoming president.[12][13][14]
Ascend has established its vertically integrated operations in multiple U.S. states, such as Illinois, Massachusetts, Michigan, New Jersey, and Ohio.[15]
Finance
[edit]In July 2024, Ascend announced the issuance of $235 million in 12.75% senior secured notes, set to mature in 2029.[16] According to its financial reports, the company generated $562 million in revenue for the full fiscal year 2024.[5][17]
Community Initiatives
[edit]The company has partnered with community organizations in New Jersey to support record-clearing and expungement events for individuals with prior cannabis-related offenses.[18]
See also
[edit]- Cannabis in the United States
- Cannabis industry
- Canadian Securities Exchange
- List of cannabis companies
References
[edit]- ^ "Ascend Wellness Holdings Inc - Company Profile and News". Bloomberg.com. Retrieved 2024-08-15.
- ^ "Ascend Wellness Holdings Inc, AAWH:QXR profile - FT.com". markets.ft.com. Retrieved 2024-08-15.
- ^ "Check out Ascend Wellness Holdings's stock price (AAWH) in real time". CNBC. Retrieved 2025-11-11.
- ^ "Ascend Wellness Holdings, Inc. | The Canadian Securities Exchange (CSE)". thecse.com. Retrieved 2024-08-15.
- ^ a b "Ascend Wellness Holdings, Inc. Form 10-K" (PDF). U.S. Securities and Exchange Commission. March 27, 2025. Retrieved 2024-08-15.
- ^ "Cannabis producer Ascend Wellness jumps 22% in Canadian market debut". Reuters. May 4, 2021. Retrieved 2024-08-15.
- ^ "Ascend Wellness Holdings, Inc. Form 10-K Annual Report". U.S. Securities and Exchange Commission. March 28, 2024. Retrieved 2024-08-15.
- ^ "Budtenders at MOCA dispensary in River North vote to join Teamsters as Illinois cannabis union movement grows". Chicago Tribune. May 28, 2021. Retrieved 2024-08-15.
- ^ "New York's Marijuana Rollout Bumps Out Medical Providers". The New York Times. August 25, 2022. Retrieved 2024-08-15.
- ^ "Ascend throws new accusations at MedMen over failed New York deal". Times Union. August 22, 2022. Retrieved 2024-08-15.
- ^ "MedMen Announces It Is Entering Bankruptcy Proceedings". Bloomberg Law. March 1, 2024. Retrieved 2024-08-15.
- ^ "Abner B. Kurtin - AAWH | Ascend Wellness Holdings Inc. - Wall Street Journal". www.wsj.com. Retrieved 2025-11-12.
- ^ "Ascend Shuffles Leadership Team After CEO's Domestic Charge". Cannabis Business Times. 2022-09-28. Retrieved 2025-11-12.
- ^ Jackson, Margaret (2024-08-27). "Marijuana MSO Ascend appoints new CEO, CFO in shake-up". MJBizDaily. Retrieved 2025-11-12.
- ^ Jackson, Margaret (2024-08-13). "Curio Wellness and Ascend team up to expand cannabis footprints". MJBizDaily. Retrieved 2025-11-12.
- ^ "Ascend Wellness Holdings, Inc. Form 8-K" (PDF). U.S. Securities and Exchange Commission. July 15, 2024. Retrieved 2024-08-15.
- ^ "Ascend Wellness Holdings, Inc. Form 8-K". U.S. Securities and Exchange Commission. May 5, 2023. Retrieved 2024-08-15.
- ^ "Ascend Wellness to host Newark expungement clinic Oct. 4". NJ Biz. September 28, 2023. Retrieved 2024-08-15.