In this episode of The Dales Report, we’re back with another cannabis exclusive. Host Shadd Dales and millennial investor Anthony Varrell are joined by CEO John Hartmann of Ascend Wellness Holdings to talk about how they appear to be dominating the revenue game.
Earlier this month, Ascend Wellness Holdings (AAWH) released their Q3 2023 fiscal year financial reports. The company has experienced top-line revenue and profitability, reporting highlights such as sales up 14.9% compared to the previous quarter, and gross revenue increased 26.6% YOY. This increase was fueled by their successful retail and wholesale business.
The company generated $101.3m at the dispensary level – a 12.7% increase from Q2. Part of that boost was driven by the start of adult use sales in their four dispensaries in Maryland. Ascend also has a focus on late-stage medical markets. They have worked very hard in their rebranding efforts, innovative technology implementation, and their commitment to delivering exceptional results in the ever-evolving industry.
The trio discuss the factors that have been crucial to their success, including the importance of strategic location and capital allocation. These key items contributed to Ascend Wellness Group’s position as having the highest revenue per dispensary among multi-state operators.
But where does Ascend go from here? John also discusses Ascend’s wholesale growth plans in Illinois, New Jersey, and Massachusetts. Ohio is part of Ascend’s upcoming expansion target with the planned opening of five new dispensaries.
For a MSO, Ascend Wellness Holdings combines financial fundamentals, brand power, and streamlined dispensaries. This is how they deliver impressive financial performance while staying ahead in a competitive market.
Lastly, we also discuss the launch of the super premium flower brand, Royale. You’ll hear all about the company’s cultivation staff and their dedication to achieving goals when you tune in. Don’t miss out on this insider look at Ascend Wellness Holdings from CEO John Hartmann, where we look at the company’s growth and prospects that lie ahead.