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Ascend Q3 Revenue Drops 12% – New Cannabis Ventures

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4 days ago

November 12, 2025

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Ascend Q3 Revenue Drops 12% – New Cannabis Ventures

November 10, 2025 at 4:54 p.m

Published by NCV Newswire

AWH Announces Third Quarter 2025 Financial Results

Delivered Q3 2025 net income of $124.7 million
Achieved Q3 2025 Adjusted EBITDA¹ of $31.1 million, representing a margin of 24.9%
Focused margin optimization drove sequential adjusted gross margin¹ up 300 basis points to 46.4%
Driven strategic market concentration with seven new stores added year-over-year, expanding nationwide footprint to 46 locations²

NEW YORK, November 10, 2025. /PRNewswire/ – Ascend Wellness Holdings, Inc. (“AWH”, “Ascend” or the “Company”) (CSE: AAWH.U) (OTCQX: AAWH), a leading, diversified, vertically integrated cannabis operator and consumer packaged goods company, today reported its financial results for the quarter ended September 30, 2025 (“3 2025”). Financial results are presented in accordance with US generally accepted accounting principles (“GAAP”) and all currencies are in US dollars.

Business Highlights

Advanced consolidation strategy by adding seven strategically located retail stores to date, increasing market depth and expanding total footprint to 46 locations nationwide, including partners.
Later in the quarter, the Company received approval from the New Jersey Cannabis Regulatory Commission for its newest store in Little Falls. This location marks Ascend’s first partner dispensary in New Jersey. The company is one of only six operators approved under Assembly Bill A4151, which aims to expand investment opportunities for cannabis businesses with diverse ownership.
A strong retail development pipeline of 13 additional stores allows the Company to reach its goal of 60 locations2 over the next 12 months, which has a target launch date of late 2024 and is subject to regulatory approvals and timelines.
Executed CPG-driven growth initiatives and customer-centric innovations across a range of product launches including;
- Expanding the Effin’ product line with the introduction of effects-based vapors offered in 1g full-flavor cartridges in five SKUs: Zen, Chillin’, Do It!, Deep Sleep and Love. The new vapes contain expertly crafted combinations of THC and minor cannabinoids and are available in Illinois, Massachusetts and New Jersey. An all-in-one single-use format is slated to launch in the coming weeks.
- Introducing Effin’s new effects-based chewing gum, including five unique flavors and formulations such as Relief (Sour Acai), Zen (Peach & Honey), Showtime (Pina Colada), Deep Sleep (Dark Cherry) and Create (Strawberry Tequila). Select offers available in Illinois, Massachusetts and New Jersey.
- High Wired’s infused flower and pre-rolls launched in September 2025 in New Jersey, Illinois and Massachusetts. after a very successful initial debut in the second quarter. According to the BDSA, High Wired is the number two brand of infused flowers in all three states.
- Ozone Reserve and Simply Herb are slated to debut in Ohio following form factor approval by the state in August 2025.
- As of the end of Q3 2025, the Company has launched 420 SKUs and remains on track to launch nearly 550 SKUs throughout the year.
- In early Q4 2025, such as Mango Sticky Rice and Fruit Lagoon in Illinois, Massachusetts and New Jersey, the release of Simply Herb’s 1g disposable vapes in seven unique flavors.
Launched a fully integrated e-commerce ecosystem in line with AWH’s customer-first focus, including a redesigned Dutchie-based shopping platform, an AI-powered personalization app, Ascend Pay payment functionality, and an enhanced Ascenders Club loyalty program with multi-tiered, bonus and exclusive bonuses.
Strengthened capital position with the closing of a $9.3 million financing by CF Bank through a mortgage loan secured by our Ohio real estate assets (the “Ohio Mortgage Loan”). The Ohio mortgage carries a competitive interest rate of 8.5% per annum and matures in September 2030.
AWH has repurchased approximately 1.0 million shares of Class A common stock (the “Common Stock”) in the open market during the third quarter of 2025 under the common issuer bid (“NCIB”) stock purchase program (the “Purchase Program”).
- Since the fourth quarter of 2024, the Company has repurchased and retired a total of approximately 15 million shares at an average price of $0.30 per share3. Share repurchases under the repurchase program are expected to continue in accordance with NCIB’s terms and applicable regulatory limits.

Financial highlights for Q3 2025

Total net revenue was $124.7 million, compared to $127.3 million in the second quarter of 2025 (“Q2 2025”).
- Retail revenue was $83.8 million, down 3.1% sequentially.
- Wholesale revenue increased 0.3% quarter-over-quarter to $41.0 million.
Adjusted gross profit¹ was $57.8 million, compared to $55.3 million in the second quarter of 2025.
Net loss was $25.8 million, compared to $24.4 million in Q2 2025.
Adjusted EBITDA1 in 2025 for the third quarter was $31.1 million, representing a 24.9% margin¹.
- Quarter-over-quarter, adjusted EBITDA¹ increased 8.9% and adjusted EBITDA margin¹ increased 250 basis points.
As of September 30, 2025, cash and cash equivalents were $87.3 million and net debt 4 was $281.8 million.

Original press release

Published by NCV Newswire

New Cannabis Ventures’ NCV Newswire aims to gather high-quality content and information about leading cannabis companies to help our readers filter through the noise and stay on top of the most important cannabis business news. The NCV Newswire is edited by an editor and is not, however, automated. Got a secret news tip? Get in touch.

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Michigan Cannabis Sales Bounced a Bit in October – New Cannabis Ventures

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Illinois Cannabis Data Change Suggests Much Lower Sales – New Cannabis Ventures

Published

2 days ago

November 14, 2025

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Illinois Cannabis Data Change Suggests Much Lower Sales – New Cannabis Ventures

November 13, 2025 at 5:13 p.m

Illinois released sales figures for several months today. The last time it published data, it was Cannabis for adults in May. The paper today explains that the reason for the missing data was the Metrc transition. “Sales tracking features in Metrc help retailers more accurately and reliably report actual sales, including all discounts and promotions at checkout. A close look at past data shows that some initial discount prices have been collected in previous months.”

Statewide adult cannabis sales rose 7.5% sequentially to $113.1 million in October, up 4.0% on the day. Annual growth was -20.5%. Here is a chart of adult sales over time:

After growing 106% in 2021, 13% in 2022 and 5% in 2023, annual sales for adults are set to grow 5.4% to $1.72 billion in 2024. So far in 2025, they have decreased by 9.9 percent.

There hasn’t been an update from the state on medical cannabis in a while. The state exempts the sale separately from its medical plan, and April issue showed that sales fell 1.6% sequentially to $19.7 million, down 13.2% year over year.

Based in Houston, Alan leverages his experience as an online community founder 420 Investorthe first and still the largest due diligence platform focused on publicly traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. time New Cannabis Ventureshe is responsible for content development and strategic alliances. Before turning his attention to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst with more than two decades of research and portfolio management experience. A prolific writer, with over 650 articles published since 2007 Looking for Alphawhere he has 70,000 followers, Alan is a frequent speaker at industry conferences and frequent source Media including the NY Times, Wall Street Journal, Fox Business and Bloomberg TV. Contact Alan. Twitter: |: Facebook |: LinkedIn: |: El

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Michigan Cannabis Sales Bounced a Bit in October – New Cannabis Ventures

Published

5 days ago

November 11, 2025

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Michigan Cannabis Sales Bounced a Bit in October – New Cannabis Ventures

On November 10, 2025 at 8:10 PM

Michigan hemp sales for the month of October down from a year ago as they rose 6.5% sequentially, which was +3.1% on a daily basis. Sales of $267.8 million decreased by 0.3 percent compared to last year.

The Michigan Cannabis Regulatory Agency breaks down sales by medical and adult use, with medical sales down 57.7% year-over-year to $0.4 million, down 0.7% sequentially, and adult-use sales down 0.1% year-over-year to $250.9 million, up 6.6% sequentially.

The state breaks down sales by category and provides pricing details by category for both medical and adult;

As supply continues to expand, prices for adult flowers have plummeted. The average price of $991 a pound in October fell 2.0% sequentially to near a new record low and fell 16.3% from a year earlier.

Michigan hemp sales will grow 82.1% to $1.79 billion in 2021, 27.9% to $2.29 billion in 2022, and 33.3% to $3.06 billion in 2023. In 2024, they increased by 7.6% to $3.29 billion. expand further as supply becomes more available and as distribution expands.

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October Was a Tough Month for Cannabis Stocks – New Cannabis Ventures

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2 weeks ago

October 31, 2025

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Q2 Cannabis Financial Updates Fail to Impress – New Cannabis Ventures

Hemp stocks, as measured by the Global Hemp Stock Index, were quite volatile in 2024 and have been in 2025 as well. The index fell 7.5% in December to close 15.2% lower for the year, and has also had a poor start to 2025. It hit a new all-time high of 4.97 on the last day of March, and then dropped in early April. The index gained 11.5% in April, but ended the second quarter from there, closing at 5.02. Q3 was strong with increases in July and August, and September, which started with a pullback, ended with another increase before pulling back on the last day. In September, the index fell slightly. It retreated further in October, falling 11.1% to 6.83.

After collapsing 21.8% in late 2024 to 6.88 in Q4, the index fell heavily in Q1 and then marginally in Q2. The global hemp stock index, which now has 28 members, fell 27% year-to-date in June. After a 53.0 percent rally in the third quarter, the index increased by 11.6 percent compared to last year. Now it has decreased by 0.7%.

Since its peak in February 2021, the global hemp stock index is down 92.6% from a closing high of 92.48.

The top 3 names all rose more than 1% in October;

Each of these shares is updated annually.

The weakest names on October 3 are all down more than 22%.

Two of these stocks are down significantly year-to-date, while Tilray is up slightly.

We will summarize the performance of the index again in a month. In April, we historically combined the two articles, and we update here the other indexes that New Cannabis Ventures continues to maintain: the American Cannabis Operator Index, the Ancillary Cannabis Index, and the Canadian Cannabis LP Index.

American Hemp Operator Index

The ACOI fell again in October, falling 6.0% to 12.21. It jumped 123.6% in Q3 to 12.99 and is now up 46.1% year-to-date, up from 8.36.

The strongest performing stock in October was Ascend Wellness (OTC: AAWH ) (CSE: AAWH.U ), which rose 8.0%. The weakest, TerrAscend (OTC: TSNDF ) (TSX: TSND ), was down 14.6% again.

In November, the index will have ten members with the addition of Vireo Health (OTC: VREOF ).

Auxiliary cannabis index

Ancillary commodities lost 13.4% in October as the index fell to 11.02. The index, which rose 14.5% to 12.72 in 3Q, is down 20.0% year-to-date from 13.77 in 2025.

The strongest performing stock in October was Chicago Atlantic Real Estate Finance ( REFI ), which rose 0.6%. The weakest, SHF Holdings, fell by 64.5%.

In November, the index will have eight members, with the removal of LIEN and SHFS, both of which joined in October.

Canadian Hemp LP Index

Canadian LPs fell 10.4% in October as the index fell to 65.91. The index, which increased by 78.4% in the third quarter, reaching 73.56. now up 31.5% in 2025 from 50.11 so far.

The strongest Canadian LP in October was Adastra Holdings (CSE: XTRX ), which rose 12.8%. Rubicon Organics (TSXV: ROMJ ) was the weakest, down 22.5%.

In November, the index will have thirteen members, and Cannabis Decibel (TSXV: DB) will rejoin.