Ascend Wellness
Ascend Wellness operates 36 dispensaries across seven states and has seven cultivation facilities, producing and distributing in-house and partnered brands. The company reported $142.4 million in net revenue and $32.5 million in Adjusted EBITDA in Q1 2024, with plans for further expansion and a commitment to ESG initiatives.
Services
Ascend Wellness operates 36 dispensaries across seven states. Their services include the cultivation and distribution of cannabis products, providing customers with a range of in-house brands and partner products. They focus on delivering high-quality cannabis products and prioritize customer satisfaction in all their operations.
Products
Ascend Wellness produces and distributes a variety of in-house brands, including Simply Herb, Ozone, Ozone Reserve, Common Goods, Tunnel Vision, and Royale. They partner with other well-known cannabis brands like Miss Grass, Lowell Smokes, Flower by Edie Parker, 1906, and AiroPro. These collaborations allow them to offer an extensive range of products to meet diverse consumer needs.
Financial Performance
In Q1 2024, Ascend Wellness generated $142.4 million in net revenue, marking a 25% increase in net revenue year-over-year. They reported $32.5 million in Adjusted EBITDA and have generated positive cash from operations for five consecutive quarters. This financial stability underscores their growth and operational efficiency in the competitive cannabis market.
Expansion and Growth
Ascend Wellness continues to grow with the opening of two new dispensaries in Cincinnati, Ohio, and Monaca, Pennsylvania in Q1 2024. They also operationalized a second cultivation and manufacturing facility in Massachusetts, and entered two long-term supply agreements in Maryland. The company plans to expand total cultivation across its portfolio to 260,000 square feet, demonstrating their commitment to scaling operations.
Community and ESG Initiatives
Ascend Wellness supports the DEA's decision to move cannabis from Schedule I to Schedule III of the Controlled Substances Act. They are committed to Environmental, Social, and Governance (ESG) initiatives with a particular focus on social justice. The company's efforts in ESG reflect their dedication to making a positive impact on the communities they serve.