Ascend Wellness Holdings Expands But Still Struggles To Turn a Profit
NEW YORK– Ascend Wellness Holdings Inc., a New York-based cannabis company, expanded its footprint significantly in 2022 by opening four new stores in three states, transitioning three shops in New Jersey to recreational sales, expanding cultivation capacity by 69,000 square feet, and increasing revenue by more than 22% to $405.9 million. However, the company still reported losses of almost $81 million for the entire year, despite improving from $122.7 million in losses in 2021.
In Q4 2022, revenues shot up 26.7% year-over-year to $112.1 million. Although Ascend’s executive chairman, Abner Kurtin, expressed optimism about the future and was “thrilled” with the “record-breaking results” the company achieved in 2022, he noted that generating cash flow would be the objective for the coming year.
As of December 31, Ascend had $74.1 million in cash and equivalents to offset its $256.6 million in debts. Additionally, the company launched a new value brand called Simply Herb through its retailers in Illinois, Massachusetts, Michigan, and New Jersey, entered the Pennsylvania market through the acquisition of Story of PA CR, and signed three more acquisition deals to bring a trio of Ohio dispensaries and two Illinois shops into the Ascend portfolio.
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