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Cannabis Sales In New Jersey And Massachusetts Drove Ascend Wellness Net Revenue Growth In 2022

Ascend Wellness Holdings, Inc. (OTCQX: AAWH) (CSE:AAWH.U) net revenue in 2022, which excludes intercompany sale of wholesale products, increased 22.1% year-over-year to $405.9 million, driven by an increase in retail sales, particularly in New Jersey, and an

Ascend Wellness Holdings, Inc. (OTCQX:AAWH) (CSE:AAWH) net revenue in 2022, which excludes intercompany sale of wholesale products, increased 22.1% year-over-year to $405.9 million, driven by an increase in retail sales, particularly in New Jersey, and an increase in third party wholesale sales in New Jersey and Massachusetts.

Q4 2022 Financial Highlights

  • Net revenue, which excludes intercompany sale of wholesale products, increased 0.8% quarter-over-quarter to $112.1 million, and increased 26.7% year-over year.

  • Gross profit was $41.5 million, or 37.0% of revenue, as compared to $36.6 million, or 32.9% of revenue, in Q3 2022.

  • Net loss of $15.1 million compared to net loss of $16.9 million in Q3 2022.

  • Adjusted EBITDA was $28.2 million, a 1.5% increase quarter-over-quarter and a 42.7% increase year-over-year.

  • Adjusted EBITDA margin was 25.1%, a 18 basis point increase compared to the prior quarter and a 282 basis point increase compared to prior year.

  • As of December 31, 2022, cash and cash equivalents were $74.1 million, and net debt, which equals total debt less unamortized deferred financing costs less cash and cash equivalents, was $256.5 million.

Full Year 2022 Financial Highlights

  • Net loss of $80.9 million compared to net loss of $122.7 million for FY 2021.

  • Gross profit was $134.6 million, or 33.1% of revenue, compared to $136.0 million, or 40.9% of revenue, for the prior year.

  • Adjusted EBITDA was $93.2 million, a 17.4% increase year-over-year.

  • Adjusted EBITDA margin was 23.0%, a 93 basis point decrease compared to the prior year.

Abner Kurtin, executive chair of AWH stated, “We are thrilled to report record-breaking results for fiscal year 2022. Our growth represented leadership in the industry with revenue increasing 22% to $406 million and adjusted EBITDA increasing 17% to $93 million. The team worked hard to achieve several significant accomplishments, including the successful transition of New Jersey to adult-use sales, expansion into a new market in Pennsylvania, and the optimization of our existing retail and wholesale footprints.”

Benzinga’s Cannabis Capital Conference Is Back

The most successful cannabis business event in the world, the Benzinga Cannabis Capital Conference, returns to Miami for its 16th edition. This is the place where DEALS GET DONE, where money is raised, M&A starts, and companies meet investors and key partners. Join us at the Fontainebleau Miami Beach Hotel in Florida on April 11-12. Don’t miss out. Secure your tickets now. Prices will surge very soon.

Photo: Benzinga edit with photo by Kindel Media on Pexels

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