MORRISTOWN, N.J. – Ascend Wellness Holdings, Inc., a vertically integrated multi-state cannabis operator focused on bettering lives through cannabis, has completed the repurchase for cancellation of 11,000,000 shares of its Class A common stock, representing over 5% of the outstanding Class A common stock, in a private transaction from an institutional investor.
The Purchased Shares were repurchased by AWH at a significant discount to the closing price of the Company’s shares on the Canadian Securities Exchange on December 17, 2024. The repurchase for cancellation was reviewed and unanimously approved by the Board of Directors of AWH and the Company has received consent by the holders of its existing term loan to repurchase up to $5 million of shares of the Company’s Class A common stock.
“We strongly believe that our current market valuation does not fully reflect the true strength and value of our business. This transaction represented a unique opportunity for us to support our existing investors by efficiently removing unnecessary pressure on our stock and reducing our float,” said Sam Brill, Chief Executive Officer. “We are positioning Ascend to be a leader in our industry and are taking meaningful actions to ensure we achieve these goals. As we head into 2025, we remain firmly committed to improving margins, densifying our retail footprint to drive vertical sales, and delivering meaningful and sustainable cash flow generation.”
The Company believes that this is an important strategic step to help drive returns for our shareholders and will be accretive to shareholders of AWH as the trading price of the Company’s common shares on the CSE does not reflect the underlying value of the Company.
About Ascend Wellness Holdings Inc.
AWH is a vertically integrated operator with assets in Illinois, Maryland, Massachusetts, Michigan, Ohio, New Jersey, and Pennsylvania. AWH owns and operates state-of-the-art cultivation facilities, growing award-winning strains and producing a curated selection of products for retail and wholesale customers. AWH produces and distributes its in-house Common Goods, Simply Herb, Ozone, Effin’, and Royale branded products.
