[PRESS RELEASE] – NEW YORK, Aug. 7, 2025 – Ascend Wellness Holdings Inc. (AWH), a multistate, vertically integrated cannabis operator, reported its financial results for the quarter ended June 30, 2025. Financial results are reported in accordance with U.S. generally accepted accounting principles (GAAP), and all currency is in U.S. dollars.
Business Highlights
Fully repaid the company’s existing $60 million term loan using $10 million of cash on hand and $50 million through a private placement of 12.75% senior secured notes2 due July 2029. This transaction represents the final phase of a comprehensive refinancing initiative that began with the $235 million notes offering completed in July 2024 and was supplemented by a $15 million private placement in January 2025.
Together, these transactions enhance the company’s financial flexibility, support long-term capital structure management, and preserve one of the longest dated debt maturity profiles currently in the cannabis sector.
Grew retail footprint through continued execution of the company’s densification strategy, adding five locations in key markets during the first half of 2025, bringing AWH’s total store count, including partner locations, to 44.
A strong retail development pipeline remains in place, which is anticipated to progress the company’s medium-term target of 60 total stores, which represents a 50% expansion since launching this goal at the end of 20243.
Sustained positive operating cash flow for ten straight quarters, supporting a strong balance sheet with $95.3 million in cash and cash equivalents and generating $17.8 million in cash from operations.
Commercialized 225 SKUs in H1 2025, with an additional ~300 in flight for the remainder of the year, spanning all product formats. The company continues to focus on expanding shelf presence and driving margin improvement through the rollout of high-margin, in-house branded products across its multistate footprint.
Launched High Wired, a meticulously crafted line of infused flower and pre-roll products designed for seasoned enthusiasts. The brand established a top-selling position in Illinois and Massachusetts following its initial debut and is slated to enter New Jersey in the coming weeks.
Repurchased approximately 1.9 million shares of Class A common stock in the open market through AWH’s normal course issuer bid (NCIB) share buyback program in Q2 2025, for a total of approximately 2.7 million common shares since its launch in January 2025. The company intends to continue repurchasing shares, subject to regulatory limits.
Subsequent to the quarter’s end, AWH launched its new, fully integrated e-commerce ecosystem:
The program includes a redesigned digital shopping platform and app powered by Dutchie, featuring AI-driven personalized product recommendations and pay-by-bank functionality, all within a seamless one-stop experience for browsing, tracking, redeeming, and purchasing.
Ascenders Club, the company’s revamped loyalty program, now features a tiered structure with points-based, best-in-class rewards and exclusive member benefits.
Q2 2025 Financial Highlights
Revenue:
Total net revenue was flat quarter-over-quarter, with a slight decrease of 0.5%, to $127.3 million.
Retail revenue increased 2.5% quarter-over-quarter to $86.5 million.
Wholesale revenue decreased 6.4% quarter-over-quarter to $40.8 million.
Net Loss:
Net loss of $24.4 million in Q2 2025 compared to net loss of $19.3 million in the first quarter of 2025.
Adjusted EBITDA1:
Adjusted EBITDA1 was $28.6 million for Q2 2025, representing a 22.4% margin1. Adjusted EBITDA1 increased 5.7% quarter-over-quarter, and adjusted EBITDA margin1 increased by 130 basis points.
Balance Sheet:
As of June 30, 2025, cash and cash equivalents were $95.3 million, a sequential decrease of $4.8 million, reflecting the repayment of $10 million in cash and refinancing of $50 million via the notes to retire the total principal outstanding under the company’s term loan. Net debt5, which equals total debt less unamortized deferred financing costs less cash and cash equivalents, was $254.3 million.
Cash Flow:
Generated $17.8 million of cash from operations in Q2 2025, representing the 10th consecutive quarter of positive operating cash flow, and free cash flow6 of $12.1 million.
Management Commentary
“With the first half of the year behind us, we have taken pivotal steps to fortify our capital structure and position the company for sustained success,” AWH CEO Sam Brill said. “The retirement of our prior term loan strengthens our balance sheet and extends our financial runway, allowing us to execute on our strategic priorities with greater focus and stability. We remain committed to the initiatives identified in recent quarters that are fueling our transformation and driving improved profitability, such as expanding our vertical margin through retail densification and supporting our store footprint with differentiated products and elevated customer experiences. These foundational efforts support our long-term growth strategy as we enter the second half of the year with strong momentum and a clear roadmap ahead.”
Frank Perullo, co-founder and president of AWH, said, “Q2 delivered strong progress, including the addition of three new stores in key markets and the debut of our new infused brand, High Wired. We also ramped up commercialization of higher-margin, top-selling SKUs, launching 225 in the first half of 2025. Our products continue to gain strong consumer traction, maintaining the number two brand house position by both sales and units across Illinois, Massachusetts and New Jersey7 combined for another consecutive quarter. To complement this achievement, we completed the full-scale launch of our new e-commerce ecosystem across our entire footprint. The platform features a completely reimagined tiered loyalty program and mobile app, designed to revolutionize the shopping experience and reward our valued customers with unmatched perks and benefits.”
Roman Nemchenko, chief financial officer of AWH, said, “We continue to build a strong, scalable platform to support disciplined expansion as we work to grow our topline. In addition to paying down debt, we reached a significant milestone by achieving positive operating cash flow for ten consecutive quarters and have driven improvements through strong cost controls. While there is still progress to be made, we are confident that the strategic actions implemented in the first half of the year will continue to yield meaningful results in the near-term and we remain steadily focused on delivering value for our shareholders.”
Q2 2025 Financial Overview
Net revenue was flat at $127.3 million, with a slight decrease of 0.5% sequentially, of which 2.1% resulted from declines in third-party wholesale revenue that was offset by 1.6% attributable to growth in retail revenue.
Retail revenue totaled $86.5 million, representing a 2.5% increase compared to the prior quarter, primarily driven by the addition of five stores in H1 2025, along with sustained strong performance in Ohio’s adult-use market. This growth was partially offset by ongoing pricing pressure across several markets.
Third-party wholesale revenue totaled $40.8 million, a 6.4% decrease from the prior quarter. This reduction was primarily driven by softer sales in Illinois and continued price compression in various markets, offset by an increase in sales in New Jersey.
Q2 2025 gross profit was $41.4 million, or 32.5% of revenue, as compared to $39.6 million, or 30.9% of revenue, in Q1 2025. Adjusted gross profit1 was $55.3 million, or 43.4% of revenue, for Q2 2025, as compared to $52.2 million, or 40.8% of revenue, for the prior quarter. This increase was primarily attributable to stronger unit growth and a 260-basis-point lift, partially offset by competitive pricing pressures across both retail and wholesale channels.
Total general and administrative (G&A) expenses for Q2 2025 were $42.4 million, or 33.3% of revenue, compared to $37.1 million, or 29% of revenue, for Q1 2025. The increase was primarily associated with the expansion of operations, partially offset by a benefit from cost-savings initiatives previously implemented.
Net loss attributable to AWH for Q2 2025 was $24.4 million, compared to $19.3 million in Q1 2025, primarily driven by higher G&A expenses, partially offset by a contribution from improved margins and continued cost-saving and operational efficiency initiatives.
Adjusted EBITDA1 was $28.6 million in Q2 2025 compared to $27 million for Q1 2025, with an adjusted EBITDA margin1 of 22.4%, a 130-basis-point increase over Q1 2025. This improvement was driven by an increase in adjusted gross profit of 260 basis points and the benefits of continued cost-savings initiatives, and was partially offset by continued pricing pressure and slightly higher G&A expenses.
Cash and cash equivalents at the end of Q2 2025 were $95.3 million, and net debt5 was $254.3 million. Cash from operations was $17.8 million in Q2 2025, representing the 10th consecutive quarter of positive operating cash flow, and free cash flow6 was $12.1 million.
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1
Measure is a non-GAAP financial measure. Please see “Non-GAAP Financial Information” below and “Reconciliations of Non-GAAP Financial Measures (Unaudited)” in the company’s press release.
2
The Notes form part of the same series of the $250 million aggregate principal amount of the Company’s 12.75% senior secured notes due 2029, of which $235 million aggregate principal amount was issued on July 16, 2024, and $15 million aggregate principal amount was issued on Jan. 13, 2025. The Notes were issued at a price of 97.5% of face value pursuant to and governed by a trust indenture entered into as of July 16, 2024, as amended and supplemented by a first supplemental indenture dated as of Jan. 13, 2025.
3
Includes both company-owned and partner locations.
4
The company may repurchase up to the lesser of: (i) 10,215,690 shares of the company’s Class A common stock; and (ii) $2.25 million worth of common shares, in the open market.
5
Net debt is a non-GAAP financial measure defined as total debt, net of unamortized deferred financing costs of ~$349.6 million, less cash and cash equivalents of $95.3 million as of June 30, 2025. Please see “Non-GAAP Financial Information” here.
6
Free cash flow is a non-GAAP financial measure defined as cash from operations of $17.8 million less capital expenditures of $5.7 million, which represents total additions to capital assets excluding $0.5 million related to new store builds. Please see “Non-GAAP Financial Information” here.
[PRESS RELEASE] – BOULDER, Colo., Aug. 18, 2025 – Canopy USA LLC, a brand-driven organization strategically positioned across the fastest-growing states and highest potential segments of the U.S. cannabis market, announced the appointment of a new executive team responsible for driving the company’s next phase of expansion.
Drawing on extensive industry experience, these leaders will steer Canopy USA forward through a shared vision to elevate the company’s brand portfolio, enhance day-to-day operations and execution, and advance growth initiatives across multiple state markets.
Casey Rash, chief financial officer, will oversee centralized functions including finance, human resources and IT. Rash brings deep expertise in regulated industries and a strategic approach to driving organizational scale and efficiency.
Rebecca Kirk, chief operating officer, will lead the company’s operations, innovation and legal teams. Known for building scalable systems and launching category-leading products, Kirk will play a critical role in driving Canopy USA’s performance across its value chain.
Kelly Flores, chief business development officer, will be responsible for marketing, market expansion and product strategy. With a proven track record in cannabis commercialization, Flores will guide brand development and strategic growth initiatives in both existing and emerging state markets.
“These leadership appointments mark the start of a plan to capture growth in the U.S. cannabis market,” Canopy USA President Brooks Jorgensen said. “Within the best of each Acreage, Jetty and Wana, we’ve been aligning systems, teams and processes across markets to create a scalable, efficient organization. With our leadership team now in place, we’re moving forward with purpose.”
Canopy USA’s platform is built to deliver consistent quality, innovative products and trusted brands to consumers and retail partners nationwide. By combining deep market expertise with a focus on execution, the company aims to set the standard for growth and leadership in the evolving U.S. cannabis industry.
Adult-use cannabis sales in Washington state have been falling for five years, according to Department of Revenue data reported by KHQ.
First-quarter sales in 2025 reached $277 million, which is nearly $100 million less than the market’s peak during the pandemic in 2021. Based on current trends, annual cannabis sales this year could be the state’s lowest since 2019 after five straight years of declining sales in Washington.
Regulators attribute the decline to oversupply issues, which drive prices down and make it more difficult for licensees to turn a profit.
Officials with the state Liquor and Cannabis Board (LCB) recently announced the largest expansion of cannabis dispensaries since the market’s launch over a decade ago, offering up to 52 new retail social equity licenses.
Meanwhile, a report from the state’s legislative auditor found that “Washington businesses produced two to three times more cannabis than retailers sold in 2023,” and that “inaccurate and incomplete data” had hampered regulators’ capacity for “data-driven regulation.”
The auditcalls on the LCB to submit a plan to lawmakers by December 31, 2025, containing strategies to improve data accuracy.
Based in Portland, Oregon, Graham is Ganjapreneur’s Chief Editor. He has been writing about the legalization landscape since 2012 and has been contributing to Ganjapreneur since our official launch in…
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During an interview with Delaware Public Media, Gov. Matt Meyer (D) also discussed a conversation he had with Colorado Gov. Jared Polis (D) about regulating the marijuana industry, drawing a contrast between their respective responsibilities given the fact that Colorado is much larger with more local jurisdictions to interact with compared to Delaware, which has just three counties.
Delaware’s adult-use cannabis market launched at the beginning of this month, but legislation awaiting Meyer’s action would make a key change related to local control of where marijuana businesses could operate. And the governor has indicated he’s still wavering on the proposal.
Asked about the fate of the bill from Sen. Trey Paradee (D), who also championed the state’s legalization legislation, Meyer said: “Stay tuned. You’ll hear soon. We will be taking action very shortly.”
“Listen, I have local government background. I don’t think it’s appropriate that, when state government likes local government regulation, they say, ‘Yeah, we support it,’” the governor said. “And when they don’t like local government regulation, they overrule it.”
“At the same time, it’s important for communities that this moves forward,” he said, referring to the implementation of the adult-use cannabis market.
The response didn’t clearly indicate where Meyer currently stands on the proposal, but he also said it’s “always on the table” that he could allow the bill to take effect without his signature.
“I was talking to Governor Polis of Colorado about marijuana regulation just the other day and he’s just like, ‘Just let the counties do it.’ He has too many counties to know,” Meyer said. “I was asking, ‘What’s the regulation of counties?’ He’s like, ‘I have no idea.’ He’s like, ‘Some do it, some don’t. I don’t really know.’”
The Delaware Public Media host said: “But he’s not going to run into the problem, though, where if there’s enough zoning laws, there’s literally no place to put the facilities. That’s probably not a problem for him.”
The governor agreed, saying “Colorado is much larger” with a “three-mile [zoning] limitation from schools,” which would be less feasible in the smaller state of Delaware. “We’re going to see what we can do,” he said.
On the topic of broader regulatory responsibilities, Meyer said the state is “very lucky” that the Office of the Marijuana Commissioner (OCM) is headed up by someone who comes from outside of Delaware who is “one of the leading thinkers on this issue.”
“He looks at it from a business and community aspect, whereas traditionally Delaware has looked at it as a public safety issue,” the governor said. For his part, Meyer said revenue generated from cannabis taxes is “clearly third” on his list of reasons to support legalization.
The first priority, he said, is ensuring that “communities are sustainable and they’re safe and they’re protected.”
“I think there’s a lot of concern in communities. I have small children. What are we doing? Do we want this thing all around our kids? I don’t know how many of you have been to New York or San Francisco lately, but you go outside and there’s that stench,” he said. “That’s not Delaware. We’re doing everything to make sure that we continue to retain the same communities we have.”
“We also have a historic obligation. Marijuana and marijuana enforcement in this state has not been equitable. There are people in our communities today, almost all Black and brown people, who have been imprisoned for years and years for using and selling marijuana, where people of different colors of skin have not had that same experience. We need to make sure we use whatever revenue we have to address that historic wrong going forward.”
“We’re continuing to watch and monitor to make sure communities are being protected as this economic opportunity grows and make sure people are safe,” Meyer said.
While marijuana revenue might be “third” on his list, the governor recently touted the state’s first “successful” weekend of adult-use cannabis sales, with total purchases for medical and recreational marijuana totaling nearly $1 million—and compliance checks demonstrating that the regulated market is operating as intended under the law.
Delaware’s first adult-use marijuana shops officially opened for business on August 1, with a handful of existing medical cannabis operators able to service consumers 21 and older.
Ahead of the sales roll-out, the governor last month toured one of the state’s cannabis cultivation facilities, praising the quality of marijuana that’s being produced, which he said will be the “French wine of weed.”
Dozens of other would-be retailers that have either already received licenses or are still awaiting issuance will need to wait for further regulatory approvals until they can open their doors—a situation that’s frustrated some advocates.
The idea is to identify any hiccups that lawmakers might need to address when they return for next year’s legislative session.
OCM initially projected that recreational sales would start by March, but complications related to securing an FBI fingerprint background check service code delayed the implementation. Lawmakers passed a bill in April to resolve the issue, and the FBI subsequently issued the code that the stat’s marijuana law requires.
A total of 125 licenses will ultimately be issued, including 30 retailers, 60 cultivators, 30 manufacturers and five testing labs. Last year, regulators also detailed what portion of each category is reserved for social equity applicants, microbusinesses and general open licenses.
The then-governor last year signed several additional marijuana bills into law, including measures that would allow existing medical cannabis businesses in the state to begin recreational sales on an expedited basis, transfer regulatory authority for the medical program and make technical changes to marijuana statutes.
The dual licensing legislation is meant to allow recreational sales to begin months earlier than planned, though critics say the legislation would give an unfair market advantage to larger, more dominant businesses already operating in multiple states.
The policy change removes limitations for patient eligibility based on a specific set of qualifying health conditions. Instead, doctors will be able to issue cannabis recommendations for any condition they see fit.
The law also allows patients over the age of 65 to self-certify for medical cannabis access without the need for a doctor’s recommendation.
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