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Ascend Wellness Holdings

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.U and OTCQX under the symbol AAWH.[4]

History

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]

Ascend faced challenges entering New York’s recreational cannabis market after the state legalized cannabis in 2021 due to regulatory fees and the prioritization of 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]

AWH itself was co-founded by Abner Kurtin, who led the company until 2022. In 2024, the board brought in member Samuel Brill as the new CEO during a leadership shake-up, while fellow co-founder Francis Perullo took on the role of 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

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

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

External links

References

  1. Ascend Wellness Holdings Inc - Company Profile and News Bloomberg.com, retrieved 2024-08-15^
  2. Ascend Wellness Holdings Inc, AAWH:QXR profile - FT.com markets.ft.com, retrieved 2024-08-15^
  3. Check out Ascend Wellness Holdings's stock price (AAWH) in real time CNBC, retrieved 2025-11-11^
  4. Ascend Wellness Holdings, Inc. thecse.com, retrieved 2024-08-15^
  5. Ascend Wellness Holdings, Inc. Form 10-K U.S. Securities and Exchange Commission, March 27, 2025, retrieved 2024-08-15^
  6. Cannabis producer Ascend Wellness jumps 22% in Canadian market debut Reuters, May 4, 2021, retrieved 2024-08-15^
  7. Ascend Wellness Holdings, Inc. Form 10-K Annual Report U.S. Securities and Exchange Commission, March 28, 2024, retrieved 2024-08-15^
  8. 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^
  9. New York's Marijuana Rollout Bumps Out Medical Providers The New York Times, August 25, 2022, retrieved 2024-08-15^
  10. Ascend throws new accusations at MedMen over failed New York deal Times Union, August 22, 2022, retrieved 2024-08-15^
  11. MedMen Announces It Is Entering Bankruptcy Proceedings Bloomberg Law, March 1, 2024, retrieved 2024-08-15^
  12. Abner B. Kurtin - AAWH www.wsj.com, retrieved 2025-11-12^
  13. Ascend Shuffles Leadership Team After CEO’s Domestic Charge Cannabis Business Times, 2022-09-28, retrieved 2025-11-12^
  14. Margaret Jackson. Marijuana MSO Ascend appoints new CEO, CFO in shake-up MJBizDaily, 2024-08-27, retrieved 2025-11-12^
  15. Margaret Jackson. Curio Wellness and Ascend team up to expand cannabis footprints MJBizDaily, 2024-08-13, retrieved 2025-11-12^
  16. Ascend Wellness Holdings, Inc. Form 8-K U.S. Securities and Exchange Commission, July 15, 2024, retrieved 2024-08-15^
  17. Ascend Wellness Holdings, Inc. Form 8-K U.S. Securities and Exchange Commission, May 5, 2023, retrieved 2024-08-15^
  18. Ascend Wellness to host Newark expungement clinic Oct. 4 NJ Biz, September 28, 2023, retrieved 2024-08-15^