Ascend’s Sales Slip In First Quarter
May 20, 2025Multistate operator Ascend Wellness reported net revenue of $128 million for Q1 2025, a 5.9% decline year-over-year. The company’s adjusted EBITDA was at $27 million, a 10.7% decrease. Headwinds hit the company’s retail unit, with retail revenue down 6.6% to $84.4 million. The wholesale business also declined, dropping 4.4% to $43.6 million.
The company attributed the overall challenges for the quarter to price pressure and volume softness in Illinois, Michigan, New Jersey, and Massachusetts. Adult-use sales in Ohio partially offset the other quarterly losses. “We have done the work to position the business for success, and we anticipate in the coming months we’ll be launching new products, as well as opening locations to advance our densification strategy,” said co-founder and president Frank Perullo.—Shane English
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