Ascend Wellness Posts $406 Million In Revenue For 2022
March 21, 2023New York-based Ascend Wellness reported results for the quarter and year ended December 31, in which quarterly net revenue held steady at $112.1 million and annual revenue grew 22.1% to $405.9 million. In the final quarter, the company took a net loss of $15 million but logged a healthy $28.2 million in adjusted EBITDA.
The company last year opened several new retail locations in Michigan, New Jersey, and Pennsylvania, and transitioned three more in New Jersey upon the launch of the recreational market; one of those, in Rochelle Park, New Jersey, is now one of the top revenue-generating stores in the state.
Ascend has 26 active dispensaries at this time. It also expanded its cultivation space, adding 69,000 square feet of canopy to bring its total up 40% to 245,000 square feet across six states. It also launched new products and brands like Simply Herb in Illinois, Massachusetts, Michigan, and New Jersey and expanded partnerships with AiroPro, Lowell Farms, and Miss Grass.—Danny Sullivan
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