Ascend Wellness Holdings's Business Segments

Ascend Wellness Holdings, Inc. is a vertically integrated multi-state cannabis operator focused on adult-use and near-term adult-use markets, primarily in limited license states. The company cultivates, manufactures, and distributes cannabis consumer packaged goods through company-owned retail stores, retail partner locations, and third-party licensed retail outlets. Founded in 2018 in Illinois, Ascend operates in seven U.S. states: Illinois, Maryland, Massachusetts, Michigan, New Jersey, Ohio, and Pennsylvania. As of December 31, 2025, the company operated 47 dispensaries, including 42 in adult-use states, with plans to expand to 60 retail locations. Ascend manages cultivation facilities in six states, totaling approximately 258,000 square feet of canopy, and employs about 2,300 people. The company's shares are listed on the Canadian Securities Exchange and OTCQX Best Market. Ascend completed its initial public offering in May 2021, raising net proceeds of approximately $86.1 million. It has utilized private financing and credit facilities to support growth and acquisitions, including a $275 million credit facility and $300 million in senior secured notes issued between 2024 and 2025. The company also pursues partnerships with social equity license holders to expand its operations.

The Company operates a single reportable segment focused on the production and sale of cannabis products. All operations are based in the United States. The Chief Executive Officer, serving as the chief operating decision maker, manages the business at the consolidated level, using consolidated operating profit and net income (loss) to evaluate segment performance, allocate resources, and assess overall operating results. Revenue from direct cannabis sales is disaggregated into retail revenue and third-party wholesale revenue to reflect the impact of economic factors on revenue and cash flows.