Ascend Wellness Executes Agreement to Acquire 2nd Cultivation License in Massachusetts

NEW YORK, Feb. 22, 2024 – PRESS RELEASE – Ascend Wellness Holdings Inc. (AWH), a multistate, vertically integrated cannabis operator, announced the execution of a definitive agreement to acquire its second cultivation license and associated operations in Massachusetts.

The targeted acquisition, situated in Amesbury, is currently pending regulatory approval, which is expected to be granted in the first half of 2024. In the intervening period, AWH will operate the facility under an interim consulting agreement.

The Amesbury facility boasts a spacious 54,000-square-foot area, with plans for a targeted investment to encompass 15,000 square feet of canopy and a state-of-the-art kitchen. When combined with AWH's existing cultivation and production facility in Athol, Mass., this move will elevate the company's total cultivation space in the state to an impressive 70,000 square feet of canopy.

The expansion is a response to the increasing demand for AWH’s products in Massachusetts, underscored by the resounding success of the Simply Herb brand, which AWH introduced in the state less than two years ago. Simply Herb has swiftly ascended to the top spot, capturing a meaningful sales lead over the second highest-ranked brand in the entire state, according to BDSA sales data.

“We are thrilled to strengthen our commitment to Massachusetts and substantially increase our cultivation and production footprint in the state,” Ascend CEO John Hartmann said. “Densifying our key markets is a stated strategy for our business and this reinforces that focus.

"Our wholesale and retail markets have experienced significant growth, fueled by expanded third-party relationships and consumer demand across our three Massachusetts stores—in Boston, Newton and New Bedford. The demand for additional supply is a direct result of our team's hard work and remarkable success in the Massachusetts market."