Ascend Wellness Holdings
Ascend Wellness Holdings is a U.S. vertically integrated cannabis operator that cultivates, manufactures, and sells cannabis products through retail dispensaries.
Last updated August 26, 2026
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Overview
Ascend Wellness Holdings, Inc. is an American cannabis company operating across cultivation, product manufacturing, wholesale distribution, and dispensary retail. Founded in 2018 by Abner Kurtin and Francis Perullo, the company developed as a vertically integrated operator, meaning that it seeks to control multiple stages of the cannabis supply chain rather than relying exclusively on outside growers, processors, or retailers. Its business has included cultivation facilities, manufacturing operations, branded cannabis products, and retail dispensaries in several U.S. states. The company began as a limited liability company and later reincorporated in Delaware as it prepared for public markets. Ascend became publicly traded in 2021, completing an initial public offering on the Canadian Securities Exchange in May of that year under the symbol AAWH.U. Its shares also trade on the OTCQX market under the symbol AAWHF. The first trading day following the Canadian listing saw the stock price rise by approximately 22 percent, according to the company's Wikipedia account and cited reference material. Retail expansion was an important part of Ascend's early growth. In 2021, the company acquired two MOCA dispensaries in Chicago, strengthening its presence in Illinois after the state launched its adult-use cannabis market. One of the Chicago stores subsequently became the subject of organized-labor activity when budtenders voted in May 2021 to join Teamsters Local 777. This reflected a broader labor and employment dimension of the growing regulated cannabis sector. Ascend has operated in Illinois, Massachusetts, Michigan, New Jersey, and Ohio. Its operating model combines state-licensed cultivation and processing with retail distribution, although the exact mix of assets and licenses can change as state regulations, transactions, and capital conditions evolve. The company has also sought to build consumer-facing cannabis brands and dispensary experiences while navigating state-by-state licensing rules, limits on ownership, local approvals, and the financial constraints associated with a federally illegal product category in the United States. The company encountered difficulties in entering New York's adult-use cannabis market. New York legalized recreational cannabis in 2021, but the market's regulatory structure emphasized social-equity participation and imposed significant fees and compliance requirements. Ascend also became involved in a legal dispute with MedMen Enterprises concerning an agreement to acquire a majority interest in MedMen's New York operations. The dispute became part of a wider period of financial and strategic stress for both companies; MedMen later filed for Chapter 7 bankruptcy in 2024. Leadership changed materially after co-founder Abner Kurtin's tenure as chief executive ended in 2022. In 2024, the board appointed Samuel Brill, previously a board member, as chief executive officer, while co-founder Francis Perullo became president. The change placed the company under a leadership structure focused on operational execution and financial discipline as the regulated U.S. cannabis market matured. Ascend announced in July 2024 that it had issued $235 million of 12.75 percent senior secured notes maturing in 2029. The financing was intended to support the company's capital structure and ongoing operations. Financial reporting cited in the reference material states that Ascend generated $562 million in revenue for fiscal year 2024. The company has also participated in New Jersey community initiatives involving record-clearing and expungement events for people with prior cannabis-related offenses. Its current identity is therefore that of a multi-state cannabis platform balancing cultivation, manufacturing, retail expansion, capital management, regulatory compliance, and community engagement.
History
Ascend Wellness Holdings was established in 2018 by Abner Kurtin and Francis Perullo as a U.S. cannabis enterprise. Its initial strategy centered on vertical integration: developing cultivation and manufacturing capabilities while building a retail network in states where medical or adult-use cannabis was legal. This structure allowed the company to participate in several parts of the value chain, including production, product development, wholesale distribution, and dispensary sales. The business initially operated as a limited liability company. It later reincorporated in Delaware and pursued access to public capital markets. In May 2021, Ascend completed an initial public offering on the Canadian Securities Exchange under the symbol AAWH.U. It also became quoted on OTCQX under AAWHF. The stock gained approximately 22 percent during its first trading day, giving the company a public-market profile at a time when U.S. cannabis operators were seeking capital outside the traditional U.S. equity markets. Ascend expanded its Illinois retail footprint in early 2021 through the acquisition of two MOCA dispensaries in Chicago. The transaction supported the company's participation in Illinois's regulated adult-use market and illustrated its preference for combining operating assets with retail distribution. Labor relations also became visible during this period: workers at one Chicago dispensary voted in May 2021 to join Teamsters Local 777. The company subsequently operated in several U.S. states, including Illinois, Massachusetts, Michigan, New Jersey, and Ohio. These markets differ substantially in licensing, product rules, taxation, ownership restrictions, and the relationship between medical and adult-use programs. As a result, Ascend's multi-state model required state-specific operations rather than a single nationally uniform retail format. New York presented particular challenges. Although the state legalized adult-use cannabis in 2021, its market emphasized social-equity applicants and involved substantial regulatory costs and compliance requirements. Ascend became involved in a dispute with MedMen Enterprises over a proposed acquisition of a majority interest in MedMen's New York operations. The transaction did not proceed smoothly and led to litigation. MedMen later entered Chapter 7 bankruptcy proceedings in 2024, placing the disagreement within a broader context of instability among highly leveraged cannabis companies. Leadership evolved after co-founder Abner Kurtin left the chief executive role in 2022. In 2024, Ascend's board appointed Samuel Brill, a board member, as CEO. Fellow co-founder Francis Perullo assumed the presidency. The leadership change occurred while the company was managing expansion, regulatory complexity, and financing pressure in a U.S. cannabis market that remained fragmented and federally restricted. In July 2024, Ascend announced $235 million of 12.75 percent senior secured notes with a 2029 maturity. The financing represented a significant capital-structure event for the company. Reference material also reports fiscal-year 2024 revenue of $562 million. Alongside commercial operations, Ascend participated in New Jersey community efforts supporting record-clearing and expungement events for individuals affected by previous cannabis convictions. Its history therefore combines rapid regulated-market expansion with the legal, labor, financing, and social-policy issues characteristic of the U.S. cannabis industry.
- 2024
Leadership transition
[1]Samuel Brill became CEO and Francis Perullo became president.
- 2024
Senior secured notes issuance
[1]The company announced $235 million of 12.75 percent senior secured notes maturing in 2029.
- 2021
Reincorporation and public-market transition
[1]The company reincorporated in Delaware and became a public company.
- 2021
Canadian Securities Exchange listing
[1]Ascend completed its initial public offering on the Canadian Securities Exchange in May 2021.
- 2021
MOCA dispensary acquisition
[1]Ascend acquired two MOCA dispensaries in Chicago, expanding its Illinois retail operations.
- 2018
Company founded
[1]Ascend Wellness Holdings was founded by Abner Kurtin and Francis Perullo as a U.S. cannabis operator.
Products and positioning
A multi-state, vertically integrated U.S. cannabis operator combining cultivation, manufacturing, branded products, and dispensary retail.
Cannabis products
Cannabis flower
Dried cannabis flower cultivated and sold through Ascend's state-regulated operations and retail dispensaries. Availability, labeling, potency limits, and permitted formats vary by jurisdiction.
Cannabis products
Pre-rolls
Ready-to-use cannabis products made from processed flower and distributed through regulated retail channels. Product specifications and permitted sales formats depend on the laws of each operating state.
Cannabis products
Vapes and concentrates
Cannabis extracts and vaporizer products manufactured or sold within the company's licensed markets. These products form part of the processed-product portfolio associated with Ascend's vertically integrated model.
Cannabis products
Edibles
Ingestible cannabis products offered where state regulations permit them. Formats, serving limits, packaging, and product availability are controlled by the rules of each jurisdiction.
Retail
Ascend dispensaries
State-licensed medical and adult-use cannabis retail locations operated under the Ascend platform. The dispensaries provide regulated product sales and customer education in markets including Illinois and other states where the company has operated.
Marketing campaigns
- New Jersey record-clearing and expungement initiatives
New Jersey
Ascend partnered with community organizations on events supporting people seeking record clearing or expungement for prior cannabis-related offenses.
Outcome. The initiatives connected affected community members with assistance related to cannabis-record relief.
Brand decisions
2024
Reorganize senior leadershipOtherBackground
The company changed its leadership structure after the end of Abner Kurtin's chief executive tenure.
Action taken
The board appointed Samuel Brill as CEO and Francis Perullo as president.
Aftermath
The company continued under a leadership structure combining an experienced board member as CEO with a co-founder in the presidency.
2024
Issue senior secured notesStrategyBackground
Ascend required capital for its ongoing operations and balance-sheet management in a financially challenging cannabis sector.
Action taken
The company announced $235 million of 12.75 percent senior secured notes scheduled to mature in 2029.
Aftermath
The issuance added secured debt to the company's capital structure.
Senior secured notes issued. $235 million (July 2024; notes mature in 2029)
2021
Acquire two MOCA dispensaries in ChicagoM&ABackground
Ascend sought to expand its retail presence in Illinois's regulated cannabis market.
Action taken
The company acquired two MOCA dispensaries in Chicago.
Aftermath
The transaction increased Ascend's Chicago retail footprint.
2021
Complete initial public offeringOtherBackground
Ascend moved from private-company operations toward public-market financing.
Action taken
The company listed on the Canadian Securities Exchange in May 2021 and also traded on OTCQX.
Aftermath
Ascend became a publicly traded multi-state cannabis operator.
Recent events
Reported
Ascend Wellness Holdings completes acquisition of Ohio Cannabis Company and its Coshocton dispensary[2]
Ascend Wellness Holdings announced the closing of its acquisition of Ohio Cannabis Clinic, doing business as Ohio Cannabis Company, and its licensed medical marijuana retail dispensary in Coshocton, Ohio.
Reported
AWH appoints Danielle Drummond as vice president of social equity[3]
Ascend Wellness Holdings announced that it hired Danielle Drummond as vice president of social equity, a newly created position.
Reported
AWH raises 2021 revenue guidance[4]
Ascend Wellness Holdings announced that it was increasing its 2021 full-year net revenue guidance range from $320–$340 million to $330–$350 million.
Reported
AWH reports Q2 2021 financial results[4]
Ascend Wellness Holdings reported Q2 2021 financial results, including net revenue of $83.4 million and a net loss of $44.9 million.
Reported
AWH announces partnership with Last Prisoner Project[5]
Ascend Wellness Holdings announced a partnership with Last Prisoner Project to raise $250,000 through a customer donation program at AWH retail locations, including a company match of $125,000. The program was scheduled to launch on July 1, 2020.
Sources6 sources
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