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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. effectively mitigate the increases to our costs. If we are unable to take actions to effectively mitigate the effect of the increased inflation and changes to economic conditions, our business, fina...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , adjustments in packaging design and fabrication or increased prices, could increase our costs, delay our time to market and/or decrease sales. Other governmental action related to tariffs or intern...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. World Health Organization declared the outbreak of COVID-19 a global pandemic. A public health epidemic, including COVID-19, or the fear of a potential pandemic, poses the risk that we or our employ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. as a result of the COVID-19 pandemic, we have adopted remote and hybrid work arrangements for many of our employees. It is possible that widespread remote work arrangements may have a negative impac...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. also result in increased consumer privacy, data security, and fraud risks. The continued spread of COVID-19 (or any other actual or potential pandemic) and the measures taken by the governments of ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. severity of the virus and the actions to contain its impact. Because cannabis remains federally illegal, it is possible that we would not be eligible to participate in any government relief programs...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. in currency exchange rates, high rates of inflation and other negative impacts on the global economy, capital markets or other geopolitical conditions. Changes in medical and agricultural developmen...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. public company, we are required to evaluate our internal controls over financial reporting. Furthermore, at such time as we cease to be an “emerging growth company,” as more fully described in these...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. able to implement the requirements of Section 404 in a timely manner or with adequate compliance, our independent registered public accounting firm may issue an adverse opinion due to ineffective in...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. our corporate headquarters. As of December 31, 2022, we lease cultivation and manufacturing facilities in Barry, IL, Athol, MA, Lansing, MI, and Franklin, NJ consisting of a total of approximately ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. a term of ten years with two five-year renewal options. Most leases for our retail stores provide for a base rent, typically with 2-3 percent annual escalations and generally require us to pay insur...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. agreements that were signed in August 2022. ITEM 3. LEGAL PROCEEDINGS For a description of our material pending legal proceedings, please see Note 15 , “Commitments and Contingencies,” of the No...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the CSE under the ticker symbol “AAWH.U” and are quoted on the OTCQX under the symbol “AAWH.” Ascend Wellness Holdings, Inc. has not declared cash dividends in the past. Ascend Wellness Holdings, In...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the best interest of its shareholders. As of March 13, 2023, there were 135 registered holders of shares of our Class A common stock. These totals do not include the number of person whose stock is...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. peer group of companies. The comparison assumes all dividends have been reinvested (if any) and an initial investment of $100 on May 4, 2021. The returns of each company in the peer group have been ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Peer Group 100 95 75 61 51 26 24 19 82 The Peer Group is comprised of: Ayr Wellness Inc., Columbia Care Inc., Cresco Labs Inc., Curaleaf Holdings, Inc., Green Thumb Industries Inc., Jushi...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. and are not indicative of, or intended to forecast, the possible future performance of our common stock. Issuer Purchases of Equity Securities None. Recent Sales of Unregistered Securities Excep...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. warrant to purchase 188,000 shares of Class A common stock at a strike price of $2.64 per share, which was immediately exercisable and expires 30 months from the date of issuance. The issuance of th...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Ascend,” “we,” “us,” “our,” or the “Company”). This MD&A is provided as a supplement to, and should be read in conjunction with the consolidated financial statements and the accompanying notes theret...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 1995, and forward-looking information, within the meaning of applicable Canadian securities laws, (collectively, “forward-looking statements”), that involve risks and uncertainties. Forward-looking ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the competitive conditions of the industry; the competitive and business strategies of the Company; on-going implications of the novel coronavirus (“COVID-19”); statements relating to the business a...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. other similar words or phrases, or by the use of words or phrases which state that certain actions, events, or results, may, could, would, or might occur or be achieved. There can be no assurance th...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. currently anticipate and historical results may not be indicative of future performance. See “Forward-Looking Statements” for more information. Readers are further cautioned not to place undue relia...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. on reported numbers due to rounding. Unless otherwise indicated, all references to years are to our fiscal year, which ends on December 31. Ascend Wellness Holdings, Inc.’s shares of Class A common...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. limited license markets. Our core business is the cultivation, manufacturing, and distribution of cannabis consumer packaged goods, which we sell through our company-owned retail stores and to third...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. April 22, 2021, Ascend Wellness Holdings, LLC converted into a Delaware corporation and changed its name to “Ascend Wellness Holdings, Inc.” and effected a 2-for-1 reverse stock split (the “Reverse ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ment option, at a price of $8.00 per share with net proceeds of approximately $86,065, after deducting underwriting discounts and commissions and certain expenses paid by us. In connection with the I...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , “Stockholders’ Equity,” in the Financial Statements for additional details. Since our formation, we have expanded our operational footprint, primarily through acquisitions. As of December 31, 2022...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. vertical integration in each of our geographic markets. While we have been successful in opening facilities and dispensaries, we expect continued growth to be driven by opening new operational facil...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ibles, and other cannabis-related products. As of December 31, 2022, we had 24 open and operating retail locations and subsequently opened dispensaries in New Bedford, Massachusetts and Grand Rapids,...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. -3 (the “Registration Statement”) containing a base shelf prospectus with the SEC (the “Shelf Prospectus”), which Registration Statement became effective on December 22, 2022. A corresponding base sh...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. offered under the base prospectus will be specified in a prospectus supplement, which will be filed with the applicable U.S. and Canadian securities regulatory authorities in connection with any suc...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. along with building out our cultivation facility which we expect will have its first harvest during the first quarter of 2023; entering into a definitive agreement with Ohio Patient Access LLC (“OP...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ; further strengthening our balance sheet with $65,000 of additional senior debt financing under our credit facility, as described in “Liquidity and Capital Resources;” adding 69,000 square feet of...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. portfolio. Acquisition of Story of PA On April 19, 2022, we acquired Story of PA. Total consideration for the acquisition of the outstanding equity interests in Story of PA was $53,127, consisting...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. will help fund clinical research to benefit the patients of Pennsylvania by contributing $30,000 to Geisinger over the next two years (of which $15,000 was funded in April 2022), and up to an additi...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Acquisitions,” in the Financial Statements for additional information. Through this transaction, AWH entered its sixth market in the United States. We opened our first dispensary in the state in Scr...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. The Ohio Agreement is subject to regulatory review and approval. Once the regulatory approval is received, the Company may exercise the option, and the exercise is solely within the Company’s contro...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. determined OPA is a variable interest entity (“VIE”) and the Company became the primary beneficiary as of the signing date; therefore, OPA is consolidated as a VIE. Refer to Note 8, “Variable Intere...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. of the fair value of the cash consideration of $19,290 plus the estimated fair value of the contingent consideration of $4,842. Of the total cash consideration, $11,300 was funded at signing pursuan...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. at December 31, 2022. The license intangible asset acquired was determined to have an estimated fair value of $21,684 and the three properties had an estimated fair value of $2,448. Direct transact...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. in Illinois. Neither of these licenses were associated with active operations at signing and the transfer of each license is subject to regulatory review and approval. 87 One transaction was enter...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. immaterial. The second transaction was entered on August 12, 2022 for total cash consideration of $5,600. Ascend Wellness Holdings, Inc. accounted for this transaction as an asset acquisition and a...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the Company acquired Marichron Pharma LLC (“Marichron”), a medical cannabis processor in Ohio, for total consideration of $2,600, consisting of cash consideration of $1,750, of which $1,500 was prev...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. is illegal under United States federal law. Substantially all of our revenue is derived from United States cannabis operations. For information about risks related to United States cannabis operatio...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 2022, primarily driven by net cash used in investing activities, including payments related to acquisitions, and net cash used to support working capital needs and operating activities, partially off...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. profit % 33.1 40.9 Operating expenses General and administrative expenses 137,089 116,665 20,424 18% Settlement expense 5,000 36,511 (31,511) (86)% Total operating expenses 142,089 1...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 50)% Loss before income taxes (39,206) (80,937) (41,731) (52)% Income tax expense (41,693) (41,720) (27) NM* Net loss (80,899) (122,657) (41,758) (34)% Not meaningful Revenue Revenu...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. that began in 2022, and new dispensaries that opened during late 2021 and during 2022 contributed $8,935 to our revenue growth. Additionally, we recognized incremental revenue from acquisitions of $...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. for our cultivation products, compared to 224 SKUs as of December 31, 2021. Cost of Goods Sold and Gross Profit Cost of goods sold increased by $74,954, or 38%, during 2022, as compared to 2021. C...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 9% for 2021. The decrease in gross margin was primarily driven by lower margins at our Illinois cultivation facility as pricing decreased compared to prior year, partially offset by gross profit marg...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 200 as of December 31, 2022 compared to approximately 1,500 as of December 31, 2021 to support our expanded operations; a $4,059 increase in depreciation and amortization expense due to $2,663 of in...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. to support the expansion of our operations; and a $1,053 increase in professional services, driven by higher legal expenses for ongoing litigation matters, partially offset by the absence of a $2,0...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 31,553, or 49%, during 2022, as compared to 2021. The decrease was primarily due to the absence of $30,967 of non-cash interest recognized with our IPO. Additionally, in the prior year we recognized ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. %, excluding finance leases, compared to an average debt balance of $218,559 during 2021 with a weighted-average interest rate of 10.6%. Income Tax Expense Since the Company operates in the cannabi...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. and may not necessarily correlate with pre-tax income or loss. The statutory federal tax rate was 21% during both periods. Ascend Wellness Holdings, Inc. has operations in six U.S. geographic marke...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 30.7% of gross profit, during 2021. There have been no material changes to income tax matters in connection with the normal course of operations during 2022. The effective tax rate on gross profit f...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Adjusted Gross Profit as a percentage of net revenue. Our “Adjusted EBITDA” is a non-GAAP measure used by management that is not defined by U.S. GAAP and may not be comparable to similar measures pr...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. non-recurring expenses; litigation settlement; and gain or loss on sale of assets. Accordingly, management believes that Adjusted EBITDA provides meaningful and useful financial information, as this...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 360 9,612 Equity-based compensation included in cost of goods sold 11,627 2,929 Start-up costs included in cost of goods sold(1) 13,044 Non-cash inventory adjustments(2) 10,478 4,914 Adjust...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. value adjustments related to certain inventory items in Michigan. 91 The following table presents Adjusted EBITDA for the year ended December 31, 2022 and 2021: Year Ended December 31, ($ in tho...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 465 Transaction-related and other non-recurring expenses(3) 8,885 11,209 Loss on sale of assets 345 605 Litigation settlement 5,000 36,511 Adjusted EBITDA 93,222 79,427 Adjusted EBITDA M...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. at our cultivation facilities that are not yet operating at scale, including excess overhead expenses resulting from delays in regulatory approvals at certain cultivation facilities. The 2022 amount...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 0 For a discussion comparing our operating results for the year ended December 31, 2021 with the year ended December 31, 2020, refer to Management’s Discussion and Analysis of Financial Condition an...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. of producing additional revenue and earnings over both the immediate and long term. Capital reserves are being utilized for acquisitions in the medical and adult-use cannabis markets, for capital ex...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 210,000 term loan. During the second quarter of 2022, we borrowed an additional $65,000 of term loans from certain lenders under the expansion feature of the credit facility, as further described bel...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. and total current assets of $198,743 and $258,012, respectively, which includes cash and cash equivalents of $74,146 and $155,481, respectively, to meet its current obligations. As of December 31, 2...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. interest entities. As reflected in the Financial Statements, we had an accumulated deficit as of December 31, 2022 and 2021, as well as a net loss for the year ended December 31, 2022, 2021, and 20...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. . Management plans to continue to access capital markets for additional funding through debt and/or equity financings to supplement future cash needs, as may be required. However, management cannot p...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. an increase in the term loan outstanding up to $275,000 if the existing lenders (or other lenders) agreed to provide such additional term loans. During the second quarter of 2022, we borrowed an add...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the initial term loan under the 2021 Credit Facility were used, in part, to prepay certain then-outstanding debt obligations and, together with the 2022 Loans, fund working capital and general corpo...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. interest expense over the term of 2021 Credit Facility using the straight-line method, which approximates the interest rate method. The 2022 Loans were funded by a combination of new and existing le...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. of indebtedness that is not permitted under the agreement, asset sales, and casualty events, subject to customary reinvestment rights. We may prepay the 2021 Credit Facility at any time, subject to ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. day of any fiscal quarter, and we may not permit the ratio of Consolidated EBITDA (as defined in the 2021 Credit Agreement) to consolidated cash interest expense for any period of four consecutive f...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 2022, we received $19,364 pursuant to a financing agreement with a third-party lender (the “Financing Agreement”), which is included in “Long-term debt, net” in the Financial Statements at December 3...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. expense over an expected term. Ascend Wellness Holdings, Inc.’s obligations under the Financing Agreement will be satisfied upon receipt of the ERTC Claim or other full repayment. Ascend Wellness Ho...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. Net cash used in operating activities decreased by $3,382 during 2022, as compared to 2021, primarily driven by the timing and amount of income tax payments, the timing of payments to suppliers and...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. under the Story of PA research collaboration agreement, partially offset by proceeds received from the sale of assets and lower cash investments in capital assets. Net cash used in investing activi...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. $170,187 during 2021, as compared to 2020. The increase was primarily due to higher proceeds from the issuance of debt and net proceeds from our IPO, partially offset by the repurchase of warrants i...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. ’s material future contractual obligations as of December 31, 2022: (in thousands) Commitments Due by Period Contractual Obligations Total 2023 2024 - 2025 2026 - 2027 Thereafter Term notes(...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. leases(5) 1,140 315 630 195 Other commitments(6) 15,943 15,943 Total 1,033,137 89,713 413,548 79,278 450,598 (1) Principal payments due under our term notes payable. Refer to Note 11,...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. of certain payments may vary based on regulatory approval. Refer to Note 11, “Debt,” in the Financial Statements for additional information. This amount excludes the potential earn-out payment relat...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. under non-cancelable leases. Refer to Note 10, “Leases,” in the Financial Statements for additional information. (6) Related to the Story of PA acquisition. Refer to Note 4, “Acquisitions,” in the...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. of medical marijuana products in Ohio (the “Ohio Supply Agreement”) with an initial expiration date of August 2028. Under the Ohio Supply Agreement, the Company will purchase products from the suppl...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. by applicable regulations of the United States Securities and Exchange Commission, that have, or are reasonably likely to have, a current or future effect on the results of our operations or financi...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. for the initial build-out of each location, general maintenance costs and upgrades to existing locations. During 2023, we expect to complete the second phase of expansion at our New Jersey cultivat...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. IP”) balance was $9,633 and relates to capital spending on projects that were not yet complete. This balance includes $4,085 related to the build out of our New Bedford, Massachusetts retail location...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. 2020 (the “2020 Plan”), of which 617 were unvested as of December 31, 2022. Total unrecognized compensation cost related to the restricted common shares was $67 as of December 31, 2022, which is exp...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. appreciation rights, restricted stock awards, restricted stock units (“RSUs”), and other stock-based awards (collectively the “2021 Plan Awards”). As of December 31, 2022, there were 5,859 shares of...
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, which is expected to be recognized over a weighted-average remaining period of 2.5 years. Additionally, during 2022, the Company granted a total of 2,429 options under the 2021 Pl...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , and $680 during 2022, 2021, and 2020, respectively. Of the total equity-based compensation expense, $7,611 and $7,743 was capitalized to inventory during 2022 and 2021, respectively. As of December...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. , and none, respectively, within “Cost of goods sold.” Refer to Note 13, “Equity-Based Compensation Expense,” in the Financial Statements for additional information. In July 2021, the Company adopte...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. . The lease was recorded as an operating lease and resulted in a lease liability of $33,707 and a right of use (“ROU”) asset of $29,107, which was recorded net of a $4,600 tenant improvement allowanc...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. occurs, and, therefore, each lease will be reassessed and remeasured as a modification upon such funding. During 2022, we received a total of $3,690 under the capital expenditure allowance that was ...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. not meet the criteria for sale-leaseback treatment. Refer to Note 10, “Leases,” in the Financial Statements for additional information regarding the Company’s leases. Legal Matters Below is a des...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. into in September 2019 for the Company’s potential acquisition of certain locations in Michigan. FPAW was a variable interest entity of the Company at that time through FPAW Michigan 2, Inc. and bec...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. valid defenses to the demand for specific performance due to lack of suitability of three of the six properties subject to the original transaction agreements. On April 14, 2021, FPAW and AWH enter...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. January 2022). In addition, on April 14, 2021, upon the execution of the Settlement Agreement, AWH issued 4,770 common units of AWH with a fair value of $26,041 to an escrow account, to be held in t...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. the receipt of the initial cash payment of $9,000 and the issuance of the Escrow Units, the TVP Parties filed a stipulated order dismissing all lawsuits, with prejudice and without costs, against FP...
YOU are a financial analyst. You are reading a report of a company. The report is about the company's financial status. retail locations, which properties the Company would lease pursuant to market rental terms. The Put Option is required to be exercised by the TVP Parties within three years of the date of the Settle...