Ascend Wellness Names New CEO, Records First Positive CashflowMay 16, 2023
New York-based Ascend Wellness has appointed John Hartmann as its new CEO, effective May 15. Hartmann has held various leadership roles in his career including as president of BuyBuy Baby and CEO of True Value Company. Hartmann said he intends to bring “rigor and sophistication to our operations while leveraging my experiences spanning large-scale retail organizations.” Additionally, chief revenue officer Chris Melillo is leaving the company, though he will stay on through the third quarter to help with the transition.
Ascend also reported earnings for the first quarter, in which gross revenue advanced 4.9% sequentially to $141.2 million. Net revenue, excluding intercompany sale of wholesale products, grew 1.9% sequentially to $114.2 million. Revenue from retail was up 30% year over year to $82.7 million. The company took a net loss of $18.5 million and logged an adjusted EBITDA of $23.3 million. Ascend opened a slew of new retail locations during and after the quarter’s end—including in Massachusetts, Michigan, Illinois, and Pennsylvania, and acquired four in Maryland—bringing the total to 31 dispensaries across seven states.—Danny SullivanSubscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning. You will also receive the Cannabis edition as part of your subscription.
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