Ascend Wellness Appoints High-Profile Executives, Expects Record Revenue In Q3

Vertically integrated cannabis operator Ascend Wellness Holdings, Inc. AAWH AAWH announced on Wednesday its preliminary third quarter 2023 financial results and updates to its leadership team.

Following a preliminary, unaudited review, the company is expecting the following:

• Record revenue for the 6th consecutive quarter, with net revenue up nearly 15% sequentially to approximately $140 million;
• Sequential adjusted EBITDA growth ranging from $27 to $29 million; and
• A third consecutive quarter of positive cash from operations and the first quarter of positive free cash flow.

"Based on our preliminary evaluation, Q3 2023 marks a noteworthy milestone for our company as our preliminary results have exceeded expectations," Abner Kurtin, the company's executive chairman, said. "We are thrilled to report record-breaking revenue, accompanied by a significant increase in adjusted EBITDA and continued healthy cash flow generation."

The company will host a third-quarter conference call on Tuesday, Nov. 7.

Key Leadership Changes

The New York-based company simultaneously announced the following leadership appointments:

• The appointment of Mark Cassebaum as CFO and the resignation of Dan Neville. Cassebaum joins AWH from Blackstone-owned Centric Brands and has previously served as the divisional CFO for buybuyBaby and Operations at Bed Bath & Beyond.
• The appointment of Chris Holzer as chief of operations, who is joining the company from Bayer Crop Science, where he held the position of senior vice president and head of quality – product supply, seeds & chemistry.
• The appointment of Denise Pedulla as chief legal officer and corporate secretary, who joins AWH from Conformis, Inc.
• The promotion of Rebecca Koar to executive vice president of investor relations and strategy.

"We are pleased to bring this caliber of talent from outside the industry into our organization to complement and strengthen our existing team," John Hartmann, the company's CEO said. "Each of these talented individuals are a testament to our commitment to excellence, and we are confident that their expertise will propel us to new heights."

AAWH Price Action

AWH's shares traded 0.0118% higher at $0.85 per share after the market close on Tuesday.

Missed the first wave of cannabis investments? Don’t make that mistake again.
Experts believe cannabis stocks have found their floor and are now poised for unprecedented growth.
Join Benzinga PotProfits. Benefit from Michael Berger's sharp analysis, revealing top cannabis stock opportunities and timely updates.
Experience the potential of 10%+ returns in just 90 days. Our 4.5-star Marketfy rating speaks volumes. Secure your position in this booming sector with a 30-day money-back guarantee. The time to invest is now, before everyone else realizes it. Secure your profits with Benzinga. Click here now to learn more.

Related News

• AWH To Secure $7M Via Private Placement
• This State Exemplifies Ascend Wellness' Success Despite Cannabis Capital Shortage, CFO Says
• Ascend Wellness Q2 Net Revenue Grows 26.1% YoY, What About Income?

Photo: Courtesy of Hunters Race on Unsplash