On Monday, Colorado-based medical marijuana company Ascend, Inc. (OTC: ASND) released its Q1 financial results for 2019, and the numbers were very good. For the quarter, Ascend reported revenue of $66.1 million, more than tripling the $20.7 million that the company made in the first quarter of 2018. On a per share basis, the company posted net income of $3.2 million, or $0.04 per share, up from a loss of $0.7 million, or $0.01 per share, one year prior.
With legalization of cannabis nationwide, and medical marijuana legal in 28 states, it should be clear that the marijuana industry is here to stay. As it becomes more mainstream, however, it will likely follow the path of other industries, such as the tobacco and alcohol industries, which have had to evolve in order to maintain market share.
Ascend Wellness (OTCQB: ASWB) recently reported its first-quarter fiscal 2019 financial results. Revenue was $66.1 million, which was up 275% compared to the same period last year. The company also reported a net loss of $1.5 million, or $0.09 loss per share. The company’s previous revenue was $19.1 million, and the loss was $1.7 million, or $0.11 per share. In addition, the company reported that it had $5.9 million in cash and equivalents at the end of the quarter.
AWH announces financial results for quarter 2021
Revenue for the first quarter of 2021 increased 21.8% from the previous quarter to $66.1 million.
Starting in early 2021, the company will add five new pharmacies, including the main one in Boston.
Revenues for 2021 are estimated at $320 million to $340 million.
Joe Hinrichs, former president of Ford Motor Company’s automotive division, appointed to the board of directors
NEW YORK, 18. May 20, 2021 /CNW/ – Ascend Wellness Holdings, Inc. (AWH or the Company) (CSE: AAWH.U), a vertically integrated multi-state operator focused on improving lives through cannabis, today announced its financial results for the quarter ended December 31. March 2021 announced. The company has applied for a listing on the OTCQX, which is part of the OTC Markets group. The financial results are presented in accordance with accounting principles generally accepted in the United States (GAAP) and all currencies are expressed in U.S. dollars. Financial data for the first quarter of 2021
Income : Total revenue of $66.1 million was up 21.8% from the previous quarter and 192.7% from a year ago.
Customized EBITDA¹ : Adjusted EBITDA of $15.8 million was 57.8% higher than the prior year. Adjusted EBITDA margin of 23.9% is 550 basis points higher than Q4 2020.
Net loss : Net loss for the first quarter of 2021 was $48.2 million, including a one-time non-cash charge of $36.5 million, compared to a net loss of $7.1 million in the prior quarter.
Balance: At March 31, 2021, cash and cash equivalents were $62.6 million. After the quarter, AWH raised net proceeds of $86.4 million in its IPO, including over-allotments and net of underwriting discounts and commissions.
1 Adjusted gross profit, adjusted gross margin and adjusted EBITDA are non-GAAP measures. For a reconciliation of non-GAAP measures to GAAP measures, see the additional (unaudited) information on non-GAAP measures at the end of this press release. Remark of the management First quarter results show exceptional sequential growth in revenue and adjusted EBITDA, reflecting the strong fundamentals of our business.
Abner Curtin, Founder and CEO, AWH
By focusing our investors’ capital on emerging leisure markets with high barriers to entry, we continue to position AWH for sustained growth in the most attractive U.S. markets. Mr Curtin added: We are also proud to announce that Joe Hinrichs will be joining our Board of Directors. Hinrichs worked at Ford Motor Company for 19 years before retiring in 2020, most recently as president of the automotive division. The addition of a distinguished Fortune 500 executive to our Board of Directors is an important milestone for Ascend and the industry. Mr. Hinrichs’ leadership qualities, experience and ability to build consensus with employees at all levels of the organization will be invaluable to AWH and to me. Welcome aboard, Joe. AWH has implemented its strategy to consolidate pioneering storefronts in popular high-traffic areas, offering a range of high-quality products not previously available in the market.
I am delighted to be joining AWH at such a crucial stage of its growth and look forward to working with the management team and my fellow board members to provide expert advice to ensure long-term growth and profitability. Admission of Joe Hinrichs to the Board of Directors Mr. Hinrichs spent 19 years with Ford Motor Company, most recently as President of the automotive division. Prior to that, he served as president of global operations, president of the Americas, president of Asia Pacific and Africa, president and CEO of Ford China and group vice president of global manufacturing and workforce from 2007 to 2019. Prior to joining Ford, he was a partner and senior vice president of Ryan Enterprises Group, a Chicago-based private equity group. Earlier in his career, he spent ten years at General Motors, where he held various engineering and manufacturing positions, including plant manager. Mr. Hinrichs received his B.S. in Electrical Engineering with honors from the University of Dayton, Ohio in 1989 and his MBA from Harvard Business School as a GM Fellow in 1994. Current business development Store
In the first quarter of 2021, AWH opened two new distribution locations in Fairview Heights, Illinois, and Grand Rapids, Michigan, bringing the company’s total number of distribution locations to 31. March 2021 has 14 open and active clinics. AWH then opened its headquarters in downtown Boston, Massachusetts, on May 6. in May 2021, and on May 15. May 2021, a second office in northern New Jersey in Rochelle Park. The company also opened an Ascend by Midway location in Chicago Ridge, Illinois, and now has 17 active clinics in Illinois, Michigan, New Jersey and Massachusetts.
Total retail sales were $45.5 million in the first quarter of 2021, up 20.0% from the previous quarter. Continued revenue growth varied from state to state, but exceeded 17% in all states where the company operates. In particular, sales growth at the pharmacy in Montclair, New Jersey, exceeded 40% on a sequential basis.
The total number of transactions rose 27.9% from the previous quarter to approximately 411,000. The average cost per transaction decreased 6.2% to approximately $111 due to a shift in focus to leisure customers and markets such as Chicago, Illinois and Michigan, where the average cost of a ticket is lower.
Gross wholesale sales increased to $30.3 million, an increase of 38.0% on a sequential basis, primarily due to increased production at the Company’s Barry, Illinois grow facility. Net wholesale revenue after sales to businesses was $20.6 million, up 26.1% from the prior year.
Book equivalent sales increased 16.6% from the previous quarter and 316.2% year-over-year to approximately 8,600 pounds.
Gross sales per pound equivalent were approximately $3,530, an increase of 18.3% over the prior year and a decrease of 9.2% over the prior year. Last year, profits per pound equivalent increased due to supply restrictions in Illinois following the legalization of sales to adults beginning in January 2020.
The 5th. In May 2021, the company completed the acquisition of a cultivation permit in Ohio.
Sales Benchmark Based on the company’s existing operations, current regulatory environment and expected growth, AWH’s management currently estimates annual revenues in 2021 of between $320 million and $340 million. Financial overview for the first quarter of 2021 Total revenues for the first quarter of 2021 were $66.1 million, up 192.7% from $22.6 million in the first quarter of 2020 and up 21.8% from $54.3 million in the fourth quarter of 2020. Sales growth was driven by the opening of new stores, increased traffic in open stores and increased cultivation and production activities. The Company continues to invest in the expansion of its growth and manufacturing capacity in Illinois, New Jersey, Massachusetts and Michigan. Gross margin for the first quarter of 2021 was $29.7 million, or 44.9% of sales, compared to $7.5 million, or 33.2% of sales, in the first quarter of 2020. General and administrative expenses were $25.1 million, or 38.0% of sales, in the first quarter of 2021, compared to $9.6 million, or 42.7% of sales, in the first quarter of 2020. Total other expenses were $7.3 million in the first quarter of 2021 and consisted primarily of interest expense. Net loss attributable to AWH for the first quarter of 2021 was $48.2 million, or $0.45 per basic and diluted historical ordinary unit, compared to a net loss of $7.5 million, or $0.08 per basic and diluted historical ordinary unit, for the first quarter of 2020. Balance sheet and liquidity At March 31, 2021, the Company had cash and cash equivalents of $62.6 million. The total amount outstanding was $252.4 million. The debt includes $125 million of convertible notes that were converted into Class A common stock at the May 2021 IPO. Net proceeds from the IPO were $75.2 million, net of underwriters’ discounts and commissions, from the issuance of 10.0 million shares of Class A common stock. On May 7, 2021, the underwriters exercised their over-allotment option to fully purchase an additional 1.5 million shares of Class A common stock, resulting in additional net proceeds to the Company of $11.3 million. Non-GAAP financial information This press release contains certain non-GAAP financial measures as defined by the SEC. A reconciliation of these non-GAAP financial measures to the most comparable financial measures calculated and presented in accordance with GAAP is included in the financial tables accompanying this press release. This information should be considered in addition to, not as a substitute for, or superior to, a performance measure prepared in accordance with GAAP. Conference call and webcast The AWH will hold a conference call on Wednesday, May 18, 2021 at 5:00 p.m. ET will release financial results for the quarter ended 31… March 2021. You can access the conference call by calling (888) 664-6383 with conference ID 14638132. A live audio webcast of the conference call will also be available in the Investor Relations section of AWH’s website at https://awholdings.com/investors/ and will be archived for replay. About Ascend Wellness Holdings, Inc. AWH is a vertically integrated operator with facilities and partners in Illinois, Michigan, Ohio, Massachusetts and New Jersey. AWH owns and operates state-of-the-art growing facilities, breeds award-winning varieties and produces a variety of products. AWH manufactures and distributes products under the brand name Ozone. For more information, see www.awholdings.com. For more information on the Company’s first quarter 2021 results, please visit the Investor Relations section of AWH’s website at https://awholdings.com/investors/, the SEC’s website at www.sec.gov and the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com. ASCEND WELLNESS HOLDINGS, INC. RECONCILIATION OF NON-GAAP FIGURES (UNAUDITED) We define adjusted gross margin as gross margin excluding non-cash inventory costs. We define adjusted gross margin as adjusted gross profit as a percentage of net sales. Our adjusted EBITDA is a measure used by management that is not defined under U.S. GAAP and may not be comparable to similar measures used by other companies. We define adjusted EBITDA margin as adjusted EBITDA as a percentage of net sales. Management calculates adjusted EBITDA as the reported net loss adjusted for : Income taxes, other (income) expense, interest expense, depreciation and amortization, write-downs included in cost of sales, losses on disposal of assets, non-cash inventory adjustments, stock-based compensation, start-up costs, transaction costs and other non-recurring costs, and legal settlements. Therefore, management believes that adjusted EBITDA provides meaningful and useful financial information as it is a measure of the Company’s operating performance. Non-GAAP financial measures may be considered supplemental, but should not be considered a substitute for, or superior to, results prepared in accordance with U.S. GAAP. The following table sets forth the adjusted gross margin for the three months ended December 31. March 2021 and 2020: The following table presents adjusted EBITDA for the three months ended December 31, 2010. March 2021 and 2020: Original press release Stay ahead of the crowd by subscribing to 420 Investor, the largest and most comprehensive subscription service for cannabis dealers and investors since 2013. New Cannabis Ventures is committed to gathering quality content and information about leading cannabis companies to help our readers filter through the noise and stay informed about the most important news in the field. 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With the increasing legalization of marijuana in the country, it’s not particularly surprising that the marijuana industry is booming. As of the end of last year, 23 states have already legalized marijuana in some form (whether it be medicinal or recreational), which is a pretty significant number when you consider that the industry was almost completely illegal just a few years ago. Blog. Read more about ascend wellness group and let us know what you think.
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