Ascend Wellness Expands Recreational Cannabis Sales in Ohio

LOS ANGELES- Ascend Wellness Holdings, Inc.  a cannabis operator, announced the expansion of recreational cannabis sales in Ohio to its fifth dispensary in Carroll. The move comes after the company successfully transitioned four other locations—Cincinnati, Coshocton, Piqua, and Sandusky—to non-medical sales last week. The Carroll dispensary, located at 3560 Dolson Ct NW, is now open for recreational sales to customers aged 21 and over.

The introduction of non-medical sales has generated a significant revenue boost for Ascend. According to data from Headset, the transition from medical-only to recreational cannabis sales tripled daily revenue for Ohio retailers, jumping from $12,740 to $33,864—a 270% increase. John Hartmann, CEO of Ascend, noted the strong community response and highlighted the substantial growth across the company’s Ohio locations. Hartmann stated, “We’ve seen an initial revenue surge by at least three times previous sales and in some cases even higher.”

The expansion is part of a broader trend within Ohio’s cannabis market, which reported $484.4 million in medical cannabis sales in 2023, according to the Ohio Department of Commerce. The state’s decision to allow dual-use dispensaries is enabling companies like Ascend to meet evolving consumer needs while capitalizing on the growing demand for cannabis products.

Ascend’s Ohio operations include a cultivation and manufacturing facility, where it produces branded products like Common Goods, Simply Herb, and Ozone vapes, gummies, and flower. The company now operates five dispensaries in Ohio and plans to continue leveraging the state’s shift towards recreational sales to drive further growth.

In parallel with its operational expansion, Ascend’s stock saw a notable increase, rising 15.2% on Monday to $1.21 per share. The trading volume surged to 239,451 shares, a significant jump from the average daily volume of 12,015 shares. Despite the recent gain, the stock remains down 8.3% over the past 50 days, with a current average price of $0.94.

Ascend Wellness Holdings operates across several states and focuses on cultivating, manufacturing, and distributing cannabis products. Its offerings include flowers, pre-rolls, vapes, edibles, and other cannabis-related items.