AWH Announces Fourth Quarter and Full Year 2025 Results

• Q4 2025 and Q4 2025 revenue were $120.5 million and $500.6 million
• Expanded adjusted EBITDA margin1 to 25.1% in 2025. in the fourth quarter and 23.4% in 2025. for the financial year.
• Maintained strong liquidity with $85.7 million in cash and no significant short-term debt
• The retail footprint grows to 48 locations as consolidation continues

NEW YORK, March 12, 2026. /PRNewswire/ – Ascend Wellness Holdings, Inc. (“AWH”, “Ascend” or the “Company”) (CSE: AAWH-U.CN) (OTCQX: AAWH), a multinational, vertically integrated cannabis operator, today reported its financial results for the quarter and year ended December 31, 2025. Financial results are presented in US dollars in all currencies and under GAAP.

Q4 & FY 2025 Business Highlights

• Implemented a consolidation strategy throughout 2025, opening eight new dispensaries, expanding market presence and expanding retail footprint to 48 locations to date, including partner-owned and operated locations.
  • Ascend opened its first social capital partner store in Little Falls, New Jersey with Mister Jones, LLC in Q4 2025. The company has also been approved by the New Jersey Cannabis Regulatory Commission for a second Social Capital partner store, which will be located in Eatontown, New Jersey and is expected to begin operations in April 2026.
  • During the first quarter of 2026 (“Q1 2026”), AWH opened its sixth store in Ohio and an additional partner owned and operated in Illinois. In addition, the Company closed an unsuccessful store in Ann Arbor, Michigan.
  • The retail development pipeline includes 12 new sites, bringing the total number of Company-owned and partner-owned and -operated dispensaries to 60, pending regulatory approvals.
  • Developed and launched a record 566 SKUs in fiscal year 2025, including 146 in Q4 2025, exceeding the initial goal of 550 SKUs for the year, including;
  • Debut of two new brands: High Wired infused flower and Honor Roll high quality prenglers made with 100% flower.
  • Expanding formats, flavors and formulations across nearly all product lines, including Effin’ effects-based gummies and vapors, High Wired sugar caps and Simply Herb single-use vapors, with multiple new launches ranked among AWH’s best-selling SKUs for Q4 2025.
  • Ultra Limited Ozone King Edition of Ozone Liquid Diamonds and Queen Cola.
  • Quarter after quarter, in Q1 2026, AWH unveiled an extensive brand and quality transformation of its flagship lifestyle brand Ozone, featuring an updated visual identity, elevated product standards, innovative packaging and enhanced consumer engagement. The relaunch has begun in Illinois, Massachusetts, and New Jersey, with other major markets to follow in the coming quarters. The evolution of Ozone will see the launch of a number of new products, including the brand’s first full-spectrum gum, as well as new macrodose gum and additional flower and vapor offerings.
• Retained a position among the top three brand houses by both sales and units in Illinois, Massachusetts and New Jersey3 combined through fiscal year 2025, reinforcing market leadership with an expanded portfolio of products and brands.
  Delivering a fully integrated e-commerce ecosystem that combines a redesigned shopping platform and app with AI-driven personalization, Ascend Pay payment functionality and an enhanced loyalty program, marking a major milestone in AWH’s customer-first strategy.
  • Sales through Ascend Pay increased 49.4% from the third quarter of 2025 (“Q3 2025”) to the fourth quarter of 2025, driven by a 51.5% increase in transactions and a 57.8% increase in units sold at retail locations owned and operated by Ascend and partners.
  • In the fourth quarter of 2025, total membership of the Ascenders Club loyalty program increased by 56%, and active members increased by 23.7% sequentially. Loyalty members accounted for 88% of retail transactions, up 16% at Ascend retail locations.
• Strengthened capital structure by fully repaying the Company’s $60.0 million term loan through a $50.0 million private placement of 12.75% Senior Secured Notes4 due 2029 and $10.0 million in cash, completing its broader refinancing initiative in three quarters and with $9 million in secured assets in the 2025 quarter. competitive 8.5% interest rate maturing in September 2030 to support disciplined growth and retail expansion.
• A common course issuer bid (“NCIB”) share buyback program (“Buyback Program”) has been successfully completed.
  • The Company has repurchased and retired approximately 15.8 million shares at an average price of $0.32 per share5 beginning in the fourth quarter of 2024, when the Purchase Program was initiated.

Original press release

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Michigan Cannabis sales in January have sharply decreased compared to a year ago, as they decreased by 15.9% consecutively. At $226.8 million, sales decreased by 8.3 percent compared to last year.

The Michigan Cannabis Regulatory Agency breaks down sales by medical and adult use, with medical sales down 43.4% year over year to $0.4 million, down 1.6% sequentially, and adult use sales down 8.2% year-over-year to $226.4 million, up 15.9% sequentially.

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

Michigan hemp sales are expected to 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. billion The program should continue to expand going forward as supply becomes more affordable and distribution expands.

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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