Ascend Wellness Archives - Green Market Report

StaffMay 30, 2023


The Daily Hit is a recap of the top financial news stories for May 30, 2023.

On The Site

Two Dozen Publicly Traded U.S. Cannabis Companies Lost $4 Billion Last Year

Two dozen of the top plant-touching publicly traded marijuana companies in the United States posted a cumulative financial loss of more than $4 billion in 2022 against nearly $9 billion in revenue, according to analysis of filings by Green Market Report. Read more here.

New York Cannabis Regulators Propose Settlement for Lawsuit Hindering Retail Licensing

New York marijuana industry regulators on Tuesday gave initial approval to a settlement deal that is intended to end a legal fight that has stalled retail cannabis permits in the Finger Lakes Region. Read more here.

Numinus Wellness Shares Soar as Landmark Clinical Study of Psilocybin Therapy Begins

Numinus Wellness Inc. (TSX: NUMI) announced on Tuesday that its subsidiary, Cedar Clinical Research, has begun studying a potential new therapy for treatment-resistant depression (TRD) using COMP360 psilocybin. As a result, shares of NUMI jumped more than 30% to lately sell at 19 cents on the news as of the Phase 3 trial was released on Tuesday morning. Read more here.

Entourage Health Revenue Rises on Pre-Rolls, Medical Marijuana

Entourage Health Corp. (TSX-V: ENTG) (OTCQX: ETRGF) announced Tuesday a 24% sequential increase in revenue for the first quarter of 2023 ending March 31, with a significant contribution from its medical cannabis stream and adult-use pre-roll sales. Read more here.

YourWay Cannabis Can’t Find An Auditor For Filings

YourWay Cannabis Brands Inc. (CSE: YOUR)(OTC: YOURF) has been delayed in issuing its financial reports because it can’t find an auditor. The company said that since the resignation of its previous auditor Macias Gini & O’Connell LLP in December 2022, it hasn’t been able to find a replacement. Read more here.

In Other News


Surrounded by dozens of cheering people in green clothes, Minnesota Democratic Gov. Tim Walz signed a bill Tuesday to legalize recreational marijuana for people over the age of 21, making Minnesota the 23rd state to legalize the substance for adults. Read more here.


Ohioans 21 and older would be able to cultivate, purchase and possess marijuana if a bipartisan bill passes in the Ohio Statehouse, possibly circumventing a ballot measure campaign to force legalization through. Read more here.

North Carolina

A North Carolina state House of Representatives committee has taken up a medical marijuana legalization bill already approved by the state Senate, and activists are hopeful this year the state may embrace MMJ. Read more here.

StaffAugust 15, 2022


Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH) reported its financial results for the second quarter ending June 30, 2022, with revenue increasing 16.2% quarter-over-quarter and increasing 20.7% year-over-year, to $117.7 million. This easily beat the Yahoo Finance average analyst estimate for sales of $92 million. Ascend said its net loss dropped to $21.2 million during the quarter versus last year’s net loss of $27.8 million for the same time period. The net loss made the earnings ($0.11) per share, which missed the earnings estimate for a loss of ($0.06) per share. 

Retail revenue grew 19.4% quarter-over-quarter to $75.6 million. Gross wholesale revenue grew 11.0% quarter-over-quarter to $42.1 million and wholesale, net of intercompany sales, grew 0.7% to $21.9 million.

“We are pleased with our financial performance for the quarter, with upwards of 15% revenue growth and operating leverage which drove a 220 basis point increase in Adjusted EBITDA margins,” said Abner Kurtin CEO and Co-Founder. “The key driver of these results was the commencement of adult-use sales at our Rochelle Park, New Jersey dispensary, one of the top performing stores in the state. Ascend is extremely well positioned to benefit from adult-use sales in New Jersey, because of our attractive collection of assets combined with high operating leverage given our focused portfolio. Outside of New Jersey, the rest of the business across the portfolio also exceeded expectations. Furthermore, we were pleased to announce important acquisitions in Ohio and Illinois, which bring us to the retail cap in both states, positioning us to be a leader in the Midwest. This growth is supported by one of the top balance sheets in the industry with $141 million of cash and no near term maturities.”

Ascend said it closed on $65 million of the remaining funding available under the accordion feature of its existing Senior Secured Term Loan, bringing the total debt financing from the loan to $275 million. This capital will support the Company’s growth and expansion initiatives in PennsylvaniaOhio, and other states.

New Jersey

Like other companies that were able to start sales in New Jersey, the garden state has proven to be a winner. Ascend began its adult-use sales at the Rochelle Park, New Jersey dispensary on April 21st, with store sales reaching as high as $1.25 million in a single week. Subsequent to quarter end, the company opened its Fort Lee, New Jersey dispensary for medical sales. The company said it expects to begin selling adult-use cannabis at its Montclair, New Jersey store on August 19th, pending approval by the township, followed by adult-use sales in Fort Lee this fall. The company said it added 4,000 square feet of canopy in New Jersey for a total of 20,000 square feet of a canopy in the state and 217,000 square feet overall.

Also in the news, today, Ascend announced that it entered into a definitive agreement the option to buy Ohio Patient Access, which owns and operates three Ohio dispensaries that are in the process of being built in CincinnatiPiqua, and Sandusky. The addition of OPA’s three dispensaries would increase AWH’s Ohio footprint to five dispensaries, the maximum permitted by the State. The company also signed two agreements to acquire two dispensary licenses in Illinois from separate sellers. Once closed, the company would have ten dispensaries in Illinois, which would maximize scale and bring it to the state-imposed cap of ten.

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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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