Ascend Wellness Holdings Inc (OTCQX: AAWH) is a multi-state cannabis company that cultivates, processes, and retails cannabis products across seven U.S. states. Revenue comes from retail dispensary sales to medical and adult-use customers, supplemented by wholesale distribution of its manufactured products to third-party retail operators and partner locations. The company targets limited-license markets where state regulations cap the number of licenses available, creating a more restricted competitive field. As of the 10-K filed March 12, 2026, AWH operates dispensaries in Illinois, Michigan, New Jersey, Ohio, Pennsylvania, and additional states, and is vertically integrated in six of its seven markets. No single customer represented more than 10% of net revenue in FY2025, FY2024, or FY2023. The company targets approximately 50% of products sold in its own dispensaries to be in-house or partner-branded, capturing vertical margin. Product lines include flower, pre-rolls, vapes, edibles, and infused flower, with brand partnerships including Lowell Smokes and Miss Grass.

Revenue model

Transactional retail sales of cannabis products through company-owned dispensaries to medical patients and adult-use consumers, plus wholesale distribution of manufactured cannabis products to third-party retail operators. Management services agreements with affiliated entities generate additional fee income.

Products and services

Cannabis flower, pre-rolls (including infused and multi-pack formats), vapes (including live and ratio products), edibles (including micro-dose formats), infused flower, and shakes. Brand partnerships include Lowell Smokes and Miss Grass. A flavor-forward product family for vapes, shakes, and pre-rolls was launched in 2023.

Customers and end markets

Medical cannabis patients and adult-use consumers in state-licensed markets. No customer represented more than 10% of net revenue in FY2025, FY2024, or FY2023.

Value-chain role

Vertically integrated operator controlling cultivation, processing, and retail dispensary sale in six of seven operating states as of the 10-K filed March 12, 2026. Also acts as wholesale distributor to third-party retail operators and retail partner locations, and provides management and advisory services to affiliated entities under management services agreements.

Geographic exposure

Seven U.S. states as of the 10-K filed March 12, 2026, including Illinois, Michigan, New Jersey, Ohio, and Pennsylvania, with dispensary and cultivation or processing operations across these markets. All operations are domestic.

Source: SEC 10-K, filed 2026-03-12

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