Ascend Wellness
Ascend Wellness Holdings is a publicly traded multi-state cannabis operator running 51 retail dispensaries, 6 cultivation facilities, and 6 house brands across 7 limited-license U.S. states, serving medical patients and adult-use consumers through vertically integrated cultivation, manufacturing, retail, and wholesale channels.
- Company typePublic
- Founded2018
- HeadquartersBoston, United States
- Headcount1,001–5,000
- GTM typeB2C
- OfferingHardware or Manufacturing
What Ascend Wellness does
Ascend Wellness Holdings (AWH) is a multi-state vertically integrated cannabis operator founded in 2018 and publicly traded on the Canadian Securities Exchange and OTCQX under ticker AAWH. The company operates across seven limited-license U.S. states (Illinois, Maryland, Massachusetts, Michigan, New Jersey, Ohio, and Pennsylvania), running a vertically integrated platform that spans six cultivation and processing facilities (~258,000 sq ft of canopy producing 220,000+ pounds annually), manufacturing, 51 retail dispensaries (company-owned and partner-operated), wholesale distribution, and an e-commerce channel at LetsAscend.com. AWH serves both medical patients and adult-use consumers through six house brands spanning price and experience tiers: Ozone (flagship lifestyle), High Wired (high-potency), Honor Roll (premium pre-rolls), Simply Herb (value), Effin (effects-driven vapes/edibles), and Royale (Michigan super-premium flower).
The company's go-to-market is direct-to-consumer retail with order-ahead, in-store pickup, and free delivery at select locations, supported by the unified Ascenders Club loyalty program and Ascend Pay (a cashless checkout feature built on Plaid integration). Technology integrations include Dispense for e-commerce and Alpine IQ for loyalty administration. Revenue is generated through two streams: retail sales to medical and adult-use consumers (the larger stream, transacted through 51 dispensaries), and wholesale cannabis flower and manufactured products sold to third-party licensed retailers. FY2025 revenue was $500.6 million (a 10.9% YoY decline) and Q1 2026 net revenue was $116.9 million, with adjusted EBITDA margins of 23.4% (FY) and 25.1% (Q4 2025), and an FY2025 net loss of $118.2 million.
AWH's customer segmentation is hybrid: medical cannabis patients and adult-use consumers (21+) are the primary segments, with wholesale partners and social equity businesses as secondary segments. Strategic priorities include densification in limited-license Northeast and Midwest markets, brand portfolio expansion (566 SKUs launched in FY2025), social equity programming (ROOTS program, expungement clinics), and preparation for federal rescheduling of medical cannabis to Schedule III (DEA registration filings submitted June 2026).
Ascend Wellness firmographics
Firmographics- Name
- Ascend Wellness
- Legal name
- Ascend Wellness Holdings, Inc.
- Website
- https://awholdings.com
- Company type
- Public
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 1,001–5,000 employees
- Short description
- Ascend Wellness Holdings is a publicly traded multi-state cannabis operator running 51 retail dispensaries, 6 cultivation facilities, and 6 house brands across 7 limited-license U.S. states, serving medical patients and adult-use consumers through vertically integrated cultivation, manufacturing, retail, and wholesale channels.
- Ownership category
- akta.pro rank
Ascend Wellness industry classification
Industry- Product category
- Cannabis Cultivation and Retail
- NAICS
- Tobacco, Electronic Cigarette, and Other Smoking Supplies Retailers (459991), Drugs and Druggists' Sundries Merchant Wholesalers (42421), Other Health and Personal Care Retailers (45619)
- SIC
- Retail-Drug Stores And Proprietary Stores (5912), Wholesale-Drugs, Proprietaries & Druggists' Sundries (5122), Medicinal Chemicals & Botanical Products (2833)
- akta.pro primary industry
- Cannabis Dispensary + Wellness/Apothecary Format (Supplements, Skincare, etc.) (CRANAFAJ)
- akta.pro secondary industries
- Cannabis Online Ordering for Dispensary Pickup (Click-and-Collect) (CRANAGAC), Cannabis Subscription & Membership Delivery Programs (CRANAGAI)
Keywords
Where Ascend Wellness is headquartered
LocationHeadquarters
- HQ city
- Boston
- HQ country
- United States
- HQ region
- North America
Offices36 records
Markets served
Ascend Wellness business model
Business model- GTM type
- B2C
- Offering type
- Hardware or Manufacturing
- Cost components
- Personnel, Operations, Supply Chain, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Retail Sales: Direct-to-consumer sales through 51 company-owned and partner-operated retail dispensaries across 7 states, serving medical patients and adult-use consumers
- Wholesale Cannabis Products: Wholesale distribution of cannabis flower and manufactured products to third-party licensed retailers; operates 6 cultivation facilities producing 220,000+ pounds annually
Go-to-market motion1 record
Distribution channels4 records
Marketing channels6 records
Ascend Wellness product offering
Product offeringCore offering
Ascend Wellness Holdings is a vertically integrated cannabis operator that cultivates, manufactures, and retails cannabis products through 51 dispensaries across 7 U.S. states under six house brands (Ozone, High Wired, Honor Roll, Simply Herb, Effin, Royale). The company serves both medical patients and adult-use consumers through company-owned and partner-operated retail locations, an e-commerce platform, and wholesale distribution to third-party retailers.
Product overview
Ascend Wellness Holdings is a multi-state, vertically integrated cannabis company operating across seven U.S. states (Illinois, Maryland, Massachusetts, Michigan, New Jersey, Ohio, Pennsylvania). The company operates through an integrated platform combining cultivation (~258,000 sq ft canopy, 220K+ pounds annually), manufacturing, retail (51 stores), and e-commerce. Its CPG portfolio includes six house brands: Ozone (flagship lifestyle), High Wired (high-potency), Honor Roll (premium pre-rolls), Simply Herb (value), Effin (effects-driven vapes/edibles), and Royale (super-premium Michigan flower). Supporting infrastructure includes Ascenders Club loyalty program, Ascend Pay cashless payment via Plaid, and LetsAscend.com e-commerce platform powered by Dispense. The company also operates social equity initiatives including the ROOTS business readiness program and expungement clinics.
Differentiator
Problem solved
Functional benefit
Brands
- Ozone: Flagship lifestyle brand created to elevate the everyday. Crafted with care and consistency, Ozone delivers high-quality cannabis across all major categories for consumers at any stage of their cannabis journey.
- High Wired
- Honor Roll
- Simply Herb
- Effin
- Royale
Products and services
- Ozone Flagship lifestyle cannabis brand designed to elevate everyday experiences, offering high-quality cannabis products across all major categories including flower, vapes, and edibles for consumers at any stage of their cannabis journey.
- High Wired High-potency infused cannabis brand built for seasoned enthusiasts seeking maximum impact, infused with high-quality concentrates and crafted from premium ground flower for amplified potency and a full-spectrum experience.
- Honor Roll Premium pre-roll cannabis brand crafted with 100% top-cut whole flower, delivering richer terpene expression, smoother smoke, and a consistently refined experience.
- Simply Herb Value-priced cannabis brand grown in state-of-the-art facilities, crafted for quality and consistency at an affordable price point for everyday consumers.
- Effin
- Royale
- Cultivation and Manufacturing Operations Vertically integrated cultivation and manufacturing operations spanning six state-of-the-art facilities across Illinois, Massachusetts, Michigan, New Jersey, Ohio, and Pennsylvania, with approximately 258,000 square feet of total canopy supporting production of more than 220,000 pounds of cannabis annually.
- Ascend Retail Dispensaries
- Ascenders Club Loyalty Program
- Ascend Pay
- LetsAscend.com E-Commerce Platform
Quantifiable outcome
- 258,000 sq ft cultivation with 220,000+ lbs annual production capacity
- +2 more outcomes
Companies that use Ascend Wellness
Customer profileSegments4 records
Ideal customer profiles4 records
Ascend Wellness technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Integration3 records
Feature3 records
Ascend Wellness partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core and minor.
- NuProjectcorePartnership to launch ROOTS (Readying Opportunities for Operational & Trade Sustainability), a six-month business readiness program for small cannabis operators in Massachusetts and New Jersey. The program provides coaching, technical assistance, mentorship, and financial training to help participants prepare for enterprise procurement opportunities within Ascend's supply chain network.
- Mister Jones, LLCcorePartnership to open a dispensary in Little Falls Township, New Jersey scheduled for December 19, 2025. Ascend provides funding and operational support, leveraging New Jersey's new cannabis investment law to promote social equity and community engagement.
- East CoastingminorPartner-operated dispensary brand operating in New Jersey through Ascend's network. Located at 178 Highway 35, Eatontown, NJ 07724.
Scale indicators12 records
Recent moves7 records
Expansion highlights6 records
Ascend Wellness competitors and assessment
Company assessmentDirect peers
- Verano Holdings: Vertically integrated cannabis operator with multi-state retail and cultivation, including direct overlap with Ascend in NJ, IL, and PA. Comparable in product breadth, premium brand positioning, and state license strategy.
- Green Thumb Industries (GTI): Vertically integrated cannabis MSO with retail, cultivation, and brand operations in limited-license markets. Directly comparable to Ascend in scale, geographic strategy, and CPG brand portfolio approach.
- Cresco Labs: Vertically integrated cannabis MSO with strong position in Illinois and other Midwest/Northeast markets. Closely comparable to Ascend in geographic footprint, brand portfolio (Sunnyside, High Supply), and limited-license market strategy. Notably, Ascend CCO David Gacom previously held a leadership role at Cresco.
- Planet 13 Holdings: Vertically integrated cannabis operator with a flagship superstore retail concept and multi-state presence. Comparable to Ascend in vertically integrated CPG-and-retail model, with differentiated experiential retail positioning.
- Trulieve Cannabis: Large multi-state cannabis operator with vertically integrated retail and cultivation, including dispensary networks and branded products. Comparable to Ascend in operational model, with overlapping presence in several of Ascend's core states.
- Curaleaf Holdings: Largest U.S. cannabis MSO with vertically integrated cultivation, processing, and retail across multiple states. Highly comparable to Ascend in business model, product portfolio, and multi-state footprint including overlap in MA, NJ, and IL.
- Ayr Wellness: Multi-state cannabis operator focused on limited-license markets with vertical integration. Comparable to Ascend in business model and expansion strategy, though operating in a different geographic mix.
Emerging players
- Jushi Holdings: Vertically integrated cannabis company with retail, cultivation, and processing across multiple states including PA and OH. Comparable to Ascend in operating model though smaller in scale, with partial geographic overlap.
- iAnthus Capital Holdings: Multi-state cannabis operator with retail and cultivation in several U.S. states including NJ, MA, and FL. Comparable to Ascend in business model though significantly smaller in scale and currently in financial restructuring.
Broad incumbents
- Tilray Brands: Large diversified cannabis and consumer packaged goods company with operations spanning Canada, the U.S., and Europe. Comparable to Ascend as a peer MSO with broad product and geographic reach, though Tilray operates at meaningfully larger scale and includes non-cannabis CPG lines.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Ascend Wellness social profiles
Digital presenceAscend Wellness financial estimates
Financial estimateRevenue estimate
Valuation estimate
Ascend Wellness leadership team
Management profileNumber of profiles
Profiles10 records
Ascend Wellness subsidiaries and ownership
Company hierarchySubsidiaries1 record
Ascend Wellness funding detail
Funding detailFunding overview
Funding rounds14 records
Investors8 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Ascend Wellness M&A and investment
M&A and investmentM&A3 records
Investments1 record
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Ascend Wellness
What does Ascend Wellness do?
Ascend Wellness Holdings is a vertically integrated cannabis operator that cultivates, manufactures, and retails cannabis products through 51 dispensaries across 7 U.S. states under six house brands (Ozone, High Wired, Honor Roll, Simply Herb, Effin, Royale). The company serves both medical patients and adult-use consumers through company-owned and partner-operated retail locations, an e-commerce platform, and wholesale distribution to third-party retailers.
Is Ascend Wellness a public or private company?
Ascend Wellness is a public company. It is classified as public and is currently operating.
When was Ascend Wellness founded?
Ascend Wellness was founded in 2018. It employs 1,001 to 5,000 people.
Where is Ascend Wellness based?
Ascend Wellness is headquartered in Boston, United States, in the North America region.
How does Ascend Wellness make money?
Two revenue lines are on record. Retail Sales are the primary driver. The others are wholesale Cannabis Products.
Who are Ascend Wellness's main competitors?
Direct peers on record are Verano Holdings, Green Thumb Industries (GTI), Cresco Labs, Planet 13 Holdings, Trulieve Cannabis, Curaleaf Holdings and Ayr Wellness. Emerging players are Jushi Holdings and iAnthus Capital Holdings. Tilray Brands is listed as a broad incumbent.
Does Ascend Wellness have an API?
No public API is recorded for Ascend Wellness.
What industry is Ascend Wellness in?
Ascend Wellness's product category is Cannabis Cultivation and Retail. Its primary akta.pro industry code is CRANAFAJ, Cannabis Dispensary + Wellness/Apothecary Format (Supplements, Skincare, etc.), with a secondary code of CRANAGAC, Cannabis Online Ordering for Dispensary Pickup (Click-and-Collect). Its NAICS code is 459991 and its SIC code is 5912.