Ascend Wellness Holdings, Inc.

Ascend Wellness Holdings, Inc. is a vertically integrated multi-state cannabis operator that cultivates, manufactures, and distributes cannabis consumer packaged goods. The company focuses on adult-use or near-term adult-use states, primarily in limited license markets. Its products are sold through company-owned retail stores, to retail partner locations, and to third-party licensed retail locations. Founded in 2018 with initial operations in Illinois, Ascend Wellness Holdings has expanded its operational footprint, mainly through acquisitions. The company now has operations or financial interests in seven U.S. geographic markets: Illinois, Maryland, Massachusetts, Michigan, New Jersey, Ohio, and Pennsylvania. Additionally, it has contractual relationships with certain third-party license holders, referred to as "retail partner locations." During 2024, the company opened four dispensaries and began supporting two retail partner locations. In 2025, Ascend Wellness Holdings re-opened its Detroit, Michigan dispensary and began supporting seven additional retail partner locations. As of December 31, 2025, the company had a total of 47 open dispensaries across its portfolio. Of these, 42 dispensaries are in states with legislation permitting adult-use cannabis. The company has fully-financed expansion plans to reach a target of 60 total retail locations, including retail partner locations, in the medium-term. Ascend Wellness Holdings operates cultivation facilities in six states with approximately 258,000 square feet of total canopy.