This article is an adapted version of the Cannabis Confidential newsletter.
It’s a rare session that I’ll step away from the screens, particularly with so much going on, year-end approaching and the industry on edge.
As I pride myself on conducting exhaustive due diligence, I drove across the river this morning to join Ascend CEO Sam Brill for a closer look at their passion, purpose, and processes.
Ascend Wellness is a leading U.S. operator with retail and CPG assets in Illinois, New Jersey, Ohio, Maryland, Pennsylvania, Massachusetts, and Michigan.
Sam, who spent 28 years in finance and operations, led an Ascend financing round in 2020 and remained an investor and staunch supporter. He joined the board as a lead independent director in early 2023 and was tapped as CEO in August last year.
His stated goals have been on profitability, sustainability, and densification, which focuses on securing a retail footprint in prime locations with high traffic areas and ample parking to maximize brand visibility and enhance accessibility.
I didn’t realize Ozone, one of Ascend’s flagship brands, was #1 in combined units sold in NJ, MA and IL in Q3 (BDSA), Simply Herb is #1 in sales and units in MA, or that High Wired, their new infused brand that launched Q2, became a top-3 infused flower SKU in IL and the #2 overall infused flower in NJ.
In terms of the financials, they hit $30M in cost savings and their margin profile improved ahead of schedule despite negative operating leverage and an extremely challenging status quo. They also bought back 7% of their outstanding shares at a $0.30/sh. average.
Turnpike Tuesday
I awoke this morning and tended to my typical morning routine, including sharing a view of the overnight news and assimilating recent events for X-subs.
Truth be told, I was looking …
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Author: Todd Harrison / High Times
