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YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ary pressure; unanticipated expenses; commercial disputes or claims; limitations on insurance coverage; availability and expectations regarding of cash flow to fund capital requirements; the product ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. but are not limited to, those discussed in Part I of this Form 10-K under Item 1A., “Risk Factors,” and we urge readers to consider these risks and uncertainties in evaluating our forward-looking st...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. data and knowledge of this industry that we believe to be reasonable. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made an...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Holdings, Inc. (“AWH,” “Ascend,” “we,” “us,” “our,” or the “Company”) is a vertically integrated multi-state cannabis operator focused on operating in adult-use or near-term adult-use states in prim...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. CQX”) under the symbol “AAWH.” Ascend is an emerging growth company under federal securities laws and as such Ascend is able to elect to follow scaled disclosure requirements for this filing. Ascend...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. December 31, 2022, the Company opened dispensaries in New Bedford, Massachusetts and Grand Rapids, Michigan. Ascend Wellness Holdings, Inc. has fully-financed expansion plans to achieve 39 total ope...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the use of the cannabis plant. As of March 1, 2023, AWH employed approximately 2,000 people across the cultivation, processing, retail, and corporate functions. The following organizational chart d...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Floor, New York, NY 10018. History of the Company Founding and Incorporation Ascend Wellness Holdings, Inc. was originally formed on May 15, 2018 as Ascend Group Partners, LLC, and changed its na...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Inc. Following the Conversion, the Company has authorized 750,000,000 shares of Class A common stock with a par value of $0.001 per share, 100,000 shares of Class B common stock with a par value of...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. . Initial Public Offering On May 4, 2021, the Company completed an Initial Public Offering (“IPO”) of its Class A common stock, in which it issued and sold 10.0 million shares of Class A common sto...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Real Estate Preferred Units then-outstanding automatically converted into a total of 113.3 million shares of Class A common stock and 65 thousand historical common units were allocated as shares of ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 200.9 million fully diluted shares outstanding, including approximately 188.0 million shares of Class A common stock, approximately 0.1 million shares of Class B common stock, and approximately 7.1 m...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. a $210.0 million term loan (the “Term Loan”) that bears interest at a rate of 9.5% per annum, due quarterly. Proceeds from the Term Loan were used, in part, to prepay approximately $75.6 million of ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ol, Massachusetts cultivation facility is located. In April 2020, AWH executed a sale leaseback agreement with Innovative Industrial Properties, Inc. (“IIP”) with a sale price of $26.8 million and a ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. WH acquired the real property where its Lansing, Michigan cultivation facility is located. In July 2019, AWH executed a sale leaseback agreement with IIP with a sale price of $4.8 million and a TIA o...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. million, excluding transaction costs. Each of the lease agreements provide for a capital expenditure allowance of up to $3.0 million. On November 22, 2022, the Company filed a registration statemen...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. million worth of shares of Class A common stock, preferred stock, warrants, debt securities, subscription rights and/or units of the Company (“Securities”) for a period of three years. The terms of ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. . Growth via acquisition has allowed Ascend to strategically select and to operate primarily in highly competitive market dynamics. Ascend Wellness Holdings, Inc.’s key transactions are detailed in t...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 2 Dispensaries Chicago, IL (Logan Square and River North) Signed in August 2020 and close in December 2020 This acquisition was the Company’s first entry into the Chicago market and was included i...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. -Rochelle Park, NJ-Fort Lee, NJCultivation located in: -Franklin, NJ September 2020 At the time of acquisition, only the Montclair location was operational. We subsequently opened the Rochelle Park...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the Archer location was operational and the Ascend by Midway - Chicago Ridge location opened in April 2021. Midway has been included in our consolidated results as a VIE since the initial signing in...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. prior to that date. Two dispensaries in the Grand Rapids, MI area opened in September 2020 and March 2021, and a third opened in early 2023. The Battle Creek and Detroit area dispensaries each opene...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ensary Coshocton, OH December 2021 Medical dispensary located in the greater Columbus area. Story of PA CR, LLC 6 Dispensaries and 1 Cultivation 1 Scranton, PA-1 Wayne, PA April 2022 Clinical...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. in the process of building the 3 dispensaries. Ascend Wellness Holdings, Inc. plans for Cincinnati to be a “flagship” location. HG Holding, LLC 1 Dispensary 1 Tinley Park, IL Definitive agreemen...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. closed on the acquisition to acquire a processing facility which will process material produced at the nearby Monroe, OH cultivation facility. Devi Holdings, Inc 4 Dispensaries 1 Aberdeen, MD- 1 ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. -owned retail stores and to third-party licensed retail cannabis stores. Ascend believes in bettering lives through cannabis. The mission is to improve the lives of its employees, patients, customers...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. . All of the expansion plans are subject to capital allocation decisions, the evolving regulatory environment and the COVID-19 pandemic. See “ Forward-Looking Statements. Product Offering Ascend p...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Ascend’s in-house brands offer a variety of options to satisfy every potential customer’s budget and preference. Ascend’s approach to branding is to have brands that fit the “good”, “better”, and “b...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , and Ohio. Ozone Reserve is the “best” offering with premier products including exotic flower, refined concentrates, purified oils, as well as resins and distillates. Ozone Reserve is currently prod...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the female demographic. Their “high-times,” “all times,” “good times,” and “half times” mini pre-roll have been well received at AWH retail stores and amongst its wholesale offering. Lowell Smokes,...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. vaporizers, with advanced Airo Pro vapor systems designed to create the ideal vaping experience. While the Company aims to have a plethora of brand offerings, its goal is to have 50% of products so...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. operates and having 50% of its retail sales come from products it manufactures or produces. This entails controlling the entire supply chain from seed to sale. AWH is currently vertically integrated...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. location is critical when it comes to the success and long-term sustainability of a dispensary. By situating the stores in marquee locations, AWH believes the barriers to entry for competition are h...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. on projects which it believes will be accretive to its shareholders. To date, the bulk of the Company’s expansion has been through acquisition. Ascend Wellness Holdings, Inc. views M&A as the fastes...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. been able to improve the financial performance of acquired assets by implementing its standard operating procedures and technology, thereby allowing for AWH to make acquisitions that create signific...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. made, AWH has benefited from several cultivation expansion opportunities. Since inception in 2018, the Company completed cultivation builds in Illinois, Massachusetts, Michigan, Pennsylvania, New Je...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. majority of future growth to be driven by opening new operational facilities and dispensaries under current licenses, expansion of current facilities and increased consumer demand. Cultivation AWH...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ization, improved cultivation practices, and investments in technology to drive higher yields per square foot than the industry average. Manufacturing AWH’s manufacturing operations are centered ar...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. labor efficiency. Wholesale distribution During the fourth quarter of 2022, approximately 55% of AWH wholesale sales were generated by sales of Ascend products to third-party retailers. AWH aims t...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. category management and expansion. AWH’s development efforts are focused on pre-rolls, vapes, edibles, and other ready-to-use product forms that it expects to outperform whole flower over time. Asce...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Miss Grass that has been well received by customers. AWH continues to expand the edibles manufacturing capabilities to provide micro-dose product forms along with additional forms desired by the mar...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. a major highway or in a highly trafficked downtown. Vision. Ascend believes in using the power of the cannabis plant to help people better their lives. As a company, AWH has a strong commitment to ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. over week sales growth, peak days for volume, transactions, gross margin and other key performance metrics. High Volume Focus. AWH is focused on driving high transaction volume in its retail stores...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 90% of customers in Collinsville utilize the Reserve-Online-Pickup-in-Store option. 10 Delivery. AWH now has delivery programs out of Newton, Massachusetts; Boston Massachusetts; and throughout Mic...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. rationalization, so that best-in-class supply partners are providing full end-to-end service across the enterprise. Building a common base of operating procedures, packaging and supply components, a...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. minority communities, through decades of unjust laws and inequitable enforcement. AWH has been a long standing partner with the Last Prisoner Project (“LPP”) to support their effort to push to get n...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 25 social equity applicants. Governance. Governance and disclosure are important to AWH. This year, the Compensation and Governance Committee and the Audit Committee became fully independent. Ascen...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. to make small changes that have a positive impact on communities and the planet. 67 Ascend employees completed 1,260 actions during the challenge, resulting in: 10,000 gallons of water saved, 104 do...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 2022 with local chapters of labor unions, with expiration dates ranging from January 2025 to June 2025. One additional collective bargaining agreement was entered into during January 2023 and expires...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. to work towards achieving a more equitable balance of genders and races across the company and in leadership. Employee safety and health in the workplace is one of our core values. The COVID-19 pan...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. out. Cultivation assets: Across its cultivation assets, as of December 31, 2022, AWH had 245,000 square feet of total canopy, which is defined as the square footage of flower, vegetation, and prop...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. are not yet permitted for cultivation operations. The new cultivation plans are flexible and will ultimately depend on market conditions, local licensing, construction, and other regulatory permissi...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 000 Located in Athol, Massachusetts, the cultivation facility underwent a phase 2 expansion which it completed in 2022. Ascend Wellness Holdings, Inc. recently added ethane and butane-based extracti...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 31, 2022, AWH had 24 open and operating retail locations. AWH anticipates expanding to 39 open and operating dispensaries by mid-2024, including acquisitions that are pending close. The new store ope...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 2 in Southern IL bordering Missouri; 2 near Springfield, IL. The state caps recreational dispensary licenses at 10 stores per owner. Ascend Wellness Holdings, Inc. has entered definitive agreements ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 2 dispensaries in the greater Columbus area. The state caps dispensary licenses at 5 stores per owner. Ascend Wellness Holdings, Inc. has entered definitive agreement to acquire 1 license which would...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , cultivation and other licenses held by each entity, and whether such entity has any operation, cultivation, or processing facilities. State Entity Adult-Use/Medical Direct/Indirect/ Ancillary ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ast Apothecary LLC AU Direct —(1) New Jersey Ascend New Jersey LLC M, AU Direct Michigan FPAW Michigan LLC AU, M Direct 11 19 Ohio BCCO, LLC Direct Ohio Ohio Cannabis Clinic, LLC D...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. including Trulieve Cannabis Corp., Jushi Holdings Inc., Verano Holdings Corp., Cresco Labs Inc., Green Thumb Industries Inc., Curaleaf Holdings Inc., TerrAscend Corp., and Ayr Wellness Inc, among ot...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. threat today, AWH anticipates pharmaceutical companies gaining a larger presence in the industry if and when cannabis is rendered federally legal. 14 Ascend Wellness Holdings, Inc. believes it is ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. been able to leverage its extensive capital markets knowledge, securing $275.0 million in senior debt with an interest rate of 9.5% per annum, which at the time of the deal was an industry leading c...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Main & Main, surrounded by other top tier businesses such as Trader Joe’s & Starbucks. This is because AWH entered the business slightly later than some of its peers. In doing so, the Company strate...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. “Staff Notice 51-532”), which provides specific disclosure expectations for issuers that currently have, or are in the process of developing, cannabis related activities in the United States as permi...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. into a definitive agreement (the “Maryland Agreement”) to acquire 100% of the membership interests of Devi Holdings, Inc. (“Devi”), which owns and operates four licensed medical cannabis dispensarie...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. state and local cannabis rules and regulations, and intend to publicly disclose any material non-compliance, citations, or notices of violation which may have an impact on our licenses, business act...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. in a schedule. Cannabis is classified as a Schedule I controlled substance. The CSA explicitly prohibits the manufacturing, distribution, selling, and possession of cannabis and cannabis-derived pro...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. two epilepsy conditions. The FDA has not approved cannabis or cannabis derived compounds as a safe and effective drug for any other condition. Moreover, under the 2018 Farm Bill or Agriculture Impro...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. To date, there are 37 states, plus the District of Columbia (and the territories of Guam, Puerto Rico, the U.S. Virgin Islands and the Northern Mariana Islands), that have laws and/or regulations th...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. laws for medical cannabis patients. State laws that permit and regulate the production, distribution and use of cannabis for adult-use or medical purposes are in direct conflict with the CSA, which...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ’s activities are compliant with applicable United States state and local law, strict compliance with state and local laws with respect to cannabis may neither absolve the Company of liability under ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. regulatory and enforcement systems to control the cultivation, processing, distribution, sale and possession of cannabis. As such, conduct in compliance with those laws and regulations is less likel...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Jeff Sessions issued the Sessions Memorandum, which rescinded the Cole Memorandum effective upon its issuance. The Sessions Memorandum stated, in part, that current law reflects “Congress’ determina...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. to decide whether to prosecute cannabis activities, despite the existence of state-level laws that may be inconsistent with federal prohibitions. No direction was given to federal prosecutors in the...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. under President Biden and Attorney General Garland, confirmed on March 10, 2021, will re-adopt the Cole Memorandum or announce a substantive cannabis enforcement policy. At Mr. Garland’s confirmatio...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. to support or derived from its cannabis operations, (ii) the arrest of its employees, directors, officers, managers and investors, and charges of ancillary criminal violations of the Controlled Subs...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ), there is a risk that federal authorities may enforce current U.S. federal law criminalizing cannabis. While federal prosecutors appear to continue to use the Cole Memorandum’s priorities as an en...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. a Schedule I controlled substance at the federal level. The U.S. federal government has always reserved the right to enforce federal law in regard to the sale and disbursement of medical or adult-us...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. to cannabis businesses. While Congress is considering legislation that may address these issues, there can be no assurance of the content of any proposed legislation or that such legislation is ever...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. s are divided into three categories - cannabis limited, cannabis priority, and cannabis terminated - based on the financial institution’s belief that the business in question follows state law, is op...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. was not a DOJ priority. However, former Attorney General Sessions’ revocation of the Cole Memorandum and the 2014 Cole Memorandum has not affected the status of the FinCEN Memorandum, nor has the D...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. difficult for cannabis-based businesses to open and maintain a bank account with any bank or other financial institution. One legislative safeguard for the medical cannabis industry, appended to th...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the Consolidated Appropriations Act, 2022 signed into law by President Biden on March 15, 2022. The Rohrabacher/Blumenauer Amendment will remain effective through December 16, 2022. The Rohrabacher/...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ission of the Cole Memorandum, the DOJ appears to continue to adhere to the enforcement priorities set forth in the Cole Memorandum. The Cole Memorandum and the Rohrabacher/Blumenauer Amendment gave ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. township, borough, and other political/administrative divisions; ensure that its cannabis related activities adhere to the scope of the licensing obtained (for example: in the states where cannabis...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. cover or pretense for trafficking of other illegal drugs, and is not engaged in any other illegal activity, or any activities that are contrary to any applicable anti-money laundering statutes; and ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. MORE Act was not passed by the Senate prior to the end of the 116th Congress, but an updated version was subsequently reintroduced in the House of Representatives on May 28, 2021. On September 30, 2...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the United States to cannabis-related legitimate businesses and service providers, was introduced in the House of Representatives on March 7, 2019 with bipartisan support. On April 11, 2019, S. 1200...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Emergency Solutions Act. However, that measure also stalled in the Senate. The SAFE Banking Act passed the House again on April 19, 2021 as H.R. 1996, by a vote of 321 – 101. On September 23, 2021, ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. version of the bill, which was passed on March 28, 2022, removed the provisions related to the SAFE Banking Act. There is no guarantee the SAFE Banking Act will become law in its current form, if at...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Human Services and Attorney General Merrick Garland to initiate a review of marijuana’s classification as a Schedule I controlled substance under the CSA. The timing and outcome of this review is un...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Research Expansion Act is the first piece of standalone federal cannabis reform legislation in U.S 19 history. Among other things, the Research Expansion Act ; (i) directs the DEA to register prac...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. patients; and (v) directs the DHHS to coordinate with the National Institutes of Health and other agencies to report on the “therapeutic potential” of cannabis for conditions such as epilepsy, and t...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the House of Representatives on December 23, 2022, and the Senate on December 22, 2022, failed to include the Safe Banking Act or any of its provisions. As of December 31, 2022, there can be no ass...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. state in which we currently operate. We have in place a detailed compliance program and an internal legal and compliance department, and we are building out our operational compliance team across al...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. POS software; audit procedures; epidemic responses; emergency situation response; dispensing procedures; patient/client check-in procedure; employee education and consultation materials; packaging a...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. irrigation systems; fertilizer; beneficial organisms; climate control; transplanting; inventory tagging; pruning; defoliation; drying, trimming and curing; storage of products; maintaining confident...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the regulation and criminalization of cannabis. Further, we have created comprehensive standard operating procedures that include detailed descriptions and instructions for receiving shipments of i...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. purchase and sale transactions may be completed online. A patient, patient’s primary caregiver or customer may reserve products online, but the patient or customer must be physically present at one ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. dispensing limits. Once the foregoing is verified, the patient or the patient’s primary caregiver may pay for the products to complete the purchase. If the customer does not have valid identificatio...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. an ongoing basis in accordance with our compliance program and standard operating procedures. While our operations are in full compliance with all applicable state laws, regulations and licensing re...