The following is a summary of the Ascend Wellness Holdings, Inc. (AAWH) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Ascend's Q1 2024 revenue net of intercompany sales stood at $142 million, marking a 25% increase over last year due to new dispensaries and a strong wholesale business.

• They reported an adjusted EBITDA of $32.5 million, up 39% from last year, coupled with a year-over-year margin expansion of 239 basis points.

• The company ended the quarter with a robust balance sheet: $73 million of cash and equivalents, coupled with a successful generation of profits further supporting cash flow from operations.

• Ascend's gross wholesale revenue grew by 35% year-over-year, reaching $79 million, primarily due to increases in New Jersey, Massachusetts, and Pennsylvania.

Business Progress:

• In Q1 2024, the company opened eight new dispensaries and acquired four more in Maryland.

• Seven new dispensaries across existing states are in the pipeline, aligning with their strategy to densify and scale in existing markets.

• Agreements are being finalized with two dispensaries in Illinois to open this month, with plans to open a third partner dispensary in Q3.

• Approximately 51% of total retail sales came from AWH produced products – an approach set to maintain a balanced portfolio.

• The company is preparing for the launch of adult use sales in Ohio this summer, with a supply strategy involving their own grown products and third-party relationships.

• Ascend expressed plans to expand the retail portfolio by over 50% in the near term, which includes partnerships in New Jersey and Illinois.

• Management highlighted increases in competition and pricing pressure in Illinois and New Jersey markets due to the emergence of more dispensaries.

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