| 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]
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]
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]
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]