Ascend Wellness Holdings Inc (QX) (AAWH)

Ascend Wellness Holdings Announces the Opening of East Coasting Dispensary in Eatontown, New JerseyApril 22, 2026 8:00 AM
PR Newswire (US)

Independent Adult-Use Dispensary Established with Cannabis Reform Advocate Kyle PageNEW YORK, April 22, 2026 /PRNewswire/ - Ascend Wellness Holdings, Inc. ("AWH," "Ascend," or the "Company") (CSE: AAWH.U) (OTCQX: AAWH), a leading, multi-state, vertically integrated cannabis operator and consumer packaged goods company, today announced the opening of East Coasting, a new adult-use cannabis dispensary located at 178 NJ-35 Eatontown, NJ. Through a partnership agreement under New Jersey law that facilitates expanded investment opportunities for diversely-owned businesses in the cannabis industry, East Coasting will operate independently, with Ascend providing operational support and resources along with cannabis reform advocate Kyle Page. Today marks the soft opening of the new storefront, with a grand opening planned for April 24th.







Kyle Page will serve as owner and operator of East Coasting, bringing both lived experience and hands-on industry expertise to the dispensary. Page's journey has been shaped by the unequal enforcement of cannabis laws in Black communities and the long-term barriers created by cannabis-related convictions. After entering the legal cannabis industry in 2022, Page built his career at Ascend, progressing from cultivation associate to supervisor and later returning to the Company for retail and operational training in preparation for dispensary ownership."East Coasting represents everything I've learned through my journey, including the setbacks, the growth, and the responsibility that comes with leadership," said Kyle Page, owner and operator of East Coasting. "This is about building a dispensary that people are proud to visit, leading a team with care, and creating a space that reflects community, opportunity, and progress. With Ascend's support, my goal is for East Coasting to be more than a store and to become a destination and a brand that stands for inclusion, advocacy, and hope for what this industry can become."Page was initially hired by Ascend through the Company's hiring efforts for returning citizens and quickly became an advocate at expungement clinics and community events, where he shared his experience and supported others navigating similar barriers. Despite facing regulatory challenges tied to his past conviction, Page persisted, continued working in the industry, and ultimately partnered with Ascend to launch his own dispensary."Kyle's story reflects both the harm caused by prohibition and the promise of a more equitable cannabis industry," said Danielle Drummond, Vice President of Social Equity for Ascend Wellness Holdings. "He has demonstrated resilience, leadership, and a deep commitment to community throughout his time with Ascend. East Coasting represents exactly what our social equity partnerships are designed to achieve by creating meaningful ownership opportunities for individuals who were once excluded from this industry."East Coasting Dispensary will operate from 9 AM - 9 PM daily. A grand opening celebration is planned for April 24th and will feature giveaways, promotions and in-store activations. For more information on East Coasting Dispensary, visit https://eastcoasting.com/stores/east-coasting-new-jersey.Ascend's CO-LAB for Social Equity program focuses on restorative justice, economic empowerment, and community reinvestment. CO-LAB has also supported mentorship, education, and funding for aspiring cannabis entrepreneurs from diverse backgrounds. By fostering inclusivity and supporting community-driven initiatives, Ascend aims to help create pathways to success for minority-owned businesses. For more information on CO-LAB and its initiatives, please visit https://letsascend.com/co-lab-for-social-equity/.About Ascend Wellness Holdings, Inc.AWH is a vertically integrated cannabis operator with assets in Illinois, Maryland, Massachusetts, Michigan, New Jersey, Ohio and Pennsylvania. AWH owns and operates state-of-the-art cultivation facilities, growing award-winning strains and producing a curated selection of products for retail and wholesale customers. AWH produces and distributes its in-house Simply Herb, Ozone, Ozone Reserve, High Wired, Honor Roll, Effin', Common Goods, and Royale branded products. For more information about AWH, visit www.awholdings.com.Cautionary Note Regarding Forward-Looking InformationThis news release includes forward-looking information and statements (together, "forward-looking statements"), which may include, but are not limited to, the plans, intentions, expectations, estimates, and beliefs of the Company. Words such as "expects", "continue", "may", "will", "anticipates", and "intends" or similar expressions are intended to identify forward-looking statements. Without limiting the generality of the preceding statement, all statements in this press release relating to estimated and projected revenue, expectations regarding production capacity, anticipated capital expenditures, expansion, profit, product demand, margins, costs, cash flows, sources of capital, growth rates, potential acquisitions, closing dates for transactions, regulatory approvals, future facility openings, and, enhancing shareholder value, reducing downward pressure on the stock, and future financial and operating results are forward-looking statements.We caution investors that any such forward-looking statements are based on the Company's current projections and expectations about future events and financial trends, the receipt of all required regulatory approvals, and on certain assumptions and analysis made by the Company in light of the experience of the Company and perception of historical trends, current conditions, and expected future developments and other factors management believes are appropriate.Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein. Such factors include, among others, the risks and uncertainties identified in the Company's most recently filed Annual Report on Form 10-K, as updated in subsequently filed Quarterly Reports on Form 10-Q, as applicable, and in the Company's other reports and filings with the applicable Canadian securities administrators on its profile on SEDAR+ at www.sedarplus.ca and the SEC on its profile on EDGAR at www.sec.gov. Although the Company believes that any forward-looking statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such statements, there can be no assurance that any such forward-looking statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking statements. Any forward-looking statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws. No securities regulator nor the Canadian Securities Exchange has reviewed, approved, or disapproved the content of this press release.



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Original: Ascend Wellness Holdings Announces the Opening of East Coasting Dispensary in Eatontown, New Jersey

AWH Announces Preliminary Unaudited Fourth Quarter and Full Year 2025 Results and Conference Call DateFebruary 9, 2026 8:00 AM
PR Newswire (Canada)

Q4 2025 and FY 2025 revenue expected to be ~$120 million and ~$500 million, respectivelyQ4 2025 and FY 2025 Adjusted EBITDA projected at ~$30 million and ~$117 millionBalance sheet strength with $86 million cash and no significant debt maturities until 2029
Q4 & FY 2025 earnings call scheduled for Thursday, March 12, at 5:00 PM ETNEW YORK, Feb. 9, 2026 /CNW/ - Ascend Wellness Holdings, Inc. ("AWH", "Ascend" or the "Company") (CSE: AAWH-U) (OTCQX: AAWH), a multi-state, vertically integrated cannabis operator, today announced preliminary, unaudited results for the fourth quarter and year ended December 31, 2025.







For the fourth quarter of 2025 ("Q4 2025"), the Company expects net revenue to be approximately $120 million and Adjusted EBITDA to be approximately $30 million, representing an Adjusted EBITDA margin of ~25%. For the full year 2025 ("FY 2025"), the Company expects net revenue to be approximately $500 million and Adjusted EBITDA to be approximately $117 million, with an Adjusted EBITDA margin of ~23%. As of December 31, 2025, the Company had cash and cash equivalents of approximately $86 million. "Our Q4 results delivered Adjusted EBITDA margin expansion in line with our guidance at the start of the year, driven by disciplined working capital management, cost controls, and an improved product and sales mix," said Sam Brill, Chief Executive Officer and Director of AWH. "Through our densification strategy, we expanded our retail footprint to 47 stores and deliberately reoriented the business toward a customer-focused, CPG operating model. This shift supported a record number of SKUs and a broader product and brand portfolio, driving market share gains across our core markets. These results underpin a strong business and balance sheet, backed by ample liquidity and a solid operational platform. We have entered 2026 in a position of strength, with no significant debt maturities until 2029, and a highly selective, disciplined approach to advancing our expansion pipeline and M&A initiatives."Subsequent to the quarter, on February 5, 2026, the Company was notified of an arbitration award in favor of Green Thumb Industries, Inc. ("GTI") relating to a 2018 side letter tied to a prior capital raise. The arbitrator found both parties breached certain obligations under the agreement. The Company disagrees with the unanticipated decision, which was contrary to advice and guidance from expert external advisors and analyses. The Company is continuing to evaluate its options. Even if the Company were required to satisfy the award in full, it has sufficient liquidity and financial flexibility necessary to continue operating as planned and will remain in compliance with its loan covenants. For the complete filing, please refer to the Company's Form 8-K filed with the Securities Exchange Commission ("SEC") on February 6, 2026, available on the SEC's EDGAR website at www.sec.gov.         Earnings Conference CallThe Company will hold a conference call on Thursday, March 12, 2026, at 5:00 PM ET, following the release of its complete fourth quarter and full year 2025 results.The earnings conference call may be accessed by dialing 1-888-699-1199. A live webcast will also be available on the Investor Relations section of the AWH website at https://awholdings.com/investors and will be archived for replay.CONFERENCE CALL DETAILS DATE:Thursday, March 12, 2026TIME:5:00 p.m. ET WEBCAST:Click to accessDIAL-IN NUMBER:     1-888-699-1199REPLAY:1-888-660-6345Replay Code: 66620#
Available until 12:00 midnight ET Thursday, March 19, 2026Non-GAAP Financial Information and DefinitionsThis press release includes certain non-GAAP financial measures as defined by the U.S. Securities and Exchange Commission ("SEC"). This information should be considered as supplemental in nature and not as a substitute for, or superior to, any measure of performance prepared in accordance with GAAP. Adjusted EBITDA/Margin are non-GAAP financial measures.Our "Adjusted EBITDA" is a non-GAAP measure used by management that is not defined by GAAP and may not be comparable to similar measures presented by other companies. We define "Adjusted EBITDA Margin" as Adjusted EBITDA as a percentage of net revenue. Management calculates Adjusted EBITDA as the reported net loss, adjusted to exclude: income tax expense, other (income) expense, interest expense, depreciation and amortization, depreciation and amortization included in cost of goods sold, non-cash inventory adjustments, equity-based compensation, equity-based compensation included in cost of goods sold, start-up costs, start-up costs included in cost of goods sold, transaction-related and other non-recurring expenses, and gain or loss on sale of assets. Accordingly, management believes that Adjusted EBITDA provides meaningful and useful financial information, as this measure demonstrates the operating performance of the business. Non-GAAP financial measures may be considered in addition to the results prepared in accordance with GAAP, but they should not be considered a substitute for, or superior to, GAAP results. The Company's presentation of these financial measures may not be comparable to similar non-GAAP measures used by other companies. These financial measures are intended to provide additional information to investors regarding the Company's performance.About Ascend Wellness Holdings, Inc.AWH is a vertically integrated cannabis operator with assets in Illinois, Maryland, Massachusetts, Michigan, New Jersey, Ohio and Pennsylvania. AWH owns and operates state-of-the-art cultivation facilities, growing award-winning strains and producing a curated selection of products for retail and wholesale customers. AWH produces and distributes its in-house Simply Herb, Ozone, Ozone Reserve, High Wired, Honor Roll, Effin', Common Goods, and Royale branded products. For more information about AWH, visit www.awholdings.com.Caution Regarding Pre-Released Financial MetricsThis press release contains certain pre-released fourth quarter and full year financial metrics. The fourth quarter and full year financial metrics contained in this press release are preliminary and unaudited and represent the most current information available to the Company's management, as financial closing procedures for the three months and year ended December 31, 2025 are not yet complete. The Company's actual consolidated audited financial statements for such period will be filed with the applicable Canadian securities administrators on its profile on SEDAR at https://www.sedarplus.ca/and the SEC on its profile on EDGAR at www.sec.gov, and may result in material changes to the financial metrics summarized in this press release (including by any one financial metric, or all of the financial metrics, being below or above the figures indicated) as a result of the completion of normal quarter and year-end accounting procedures and adjustments, and also what one might expect to be in the final consolidated financial statements based on the financial metrics summarized in this press release. Although the Company believes the expectations reflected in this press release are based upon reasonable assumptions, the Company can give no assurance that actual results will not differ materially from these expectations.Cautionary Note Regarding Forward-Looking InformationThis news release includes forward-looking information and statements (together, "forward-looking statements"), which may include, but are not limited to, the plans, intentions, expectations, estimates, and beliefs of the Company. Words such as "expects", "continue", "may", "will", "anticipates", and "intends" or similar expressions are intended to identify forward-looking statements. Without limiting the generality of the preceding statement, all statements in this press release relating to estimated and projected revenue, expectations regarding production capacity, anticipated capital expenditures, expansion, profit, product demand, margins, costs, cash flows, sources of capital, growth rates, potential acquisitions, closing dates for transactions, regulatory approvals, future facility openings, and, enhancing shareholder value, reducing downward pressure on the stock, and future financial and operating results, including expectations regarding liquidity, cash flows, and the financial impact or resolution of legal or arbitration matters are forward-looking statements.We caution investors that any such forward-looking statements are based on the Company's current projections and expectations about future events and financial trends, the receipt of all required regulatory approvals, and on certain assumptions and analysis made by the Company in light of the experience of the Company and perception of historical trends, current conditions, and expected future developments and other factors management believes are appropriate.Forward-looking statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking statements herein. Such factors include, among others, the risks and uncertainties identified in the Company's most recently filed Annual Report on Form 10-K, as updated in subsequently filed Quarterly Reports on Form 10-Q, as applicable, and in the Company's other reports and filings with the applicable Canadian securities administrators on its profile on SEDAR+ at www.sedarplus.ca and the SEC on its profile on EDGAR at www.sec.gov. Although the Company believes that any forward-looking statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such statements, there can be no assurance that any such forward-looking statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking statements. Any forward-looking statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws. No securities regulator nor the Canadian Securities Exchange has reviewed, approved, or disapproved the content of this press release.



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Original: AWH Announces Preliminary Unaudited Fourth Quarter and Full Year 2025 Results and Conference Call Date

What's the story here...no posts since 23'?

AAWH...THE WEEH TREND IS STILL STRONG

AAWH..very nice play....love the unknown stocks

NEWS: AAWH ANNOUNCES Q2 2022 FINANCIAL RESULTS

Q2 2022 Financial Highlights

Gross Revenue increased 16.2% quarter-over-quarter and increased 20.7% year-over-year, to $117.7 million.
Net revenue, which excludes intercompany sale of wholesale products, increased 14.6% quarter-over-quarter and 17.0% year-over-year, to $97.5 million.
Retail revenue grew 19.4% quarter-over-quarter to $75.6 million. Gross wholesale revenue grew 11.0% quarter-over-quarter to $42.1 million and wholesale, net of intercompany sales, grew 0.7% to $21.9 million.
Net loss decreased to $21.2 million during the quarter, compared to a net loss of $27.8 million in Q1 2022.
Adjusted EBITDA1 was $20.9 million, representing a 21.4% margin, a ~220 basis point margin expansion quarter-over-quarter.
As of June 30, 2022, cash and cash equivalents were $140.6 million, and net debt2 was $152.7 million.

AAWH Announces Q2 2022 Financial Results

NEWS: AAWH to Hold Second Quarter 2022 Earnings Conference Call on Monday, August 15, 2022

NEW YORK, July 14, 2022 /PRNewswire/ - Ascend Wellness Holdings, Inc. ("AWH" or the "Company") (CSE: AAWH.U), (OTCQX: AAWH), a leading multi-state, vertically integrated cannabis operator, today announced that it will hold a conference call on Monday, August 15, 2022, at 5:00 PM ET following the release of its second quarter 2022 financial results after market close.

The earnings conference call may be accessed by dialing 1 (888) 390-0605 with conference ID: 06364687. A live audio webcast will also be available on the Investor Relations section of AWH website at https://awholdings.com/investors-overview and will be archived for replay.

NEWS: Seaport Global touts discounted cannabis stocks as a recession play

By Steve Gelsi

Seaport's Sonny Randhawa says 'a commodity never smelled so sweet' as he launches coverage of eight U.S. cannabis names.

Seaport Global Securities LLC analyst Sonny Randhawa on Friday launched coverage of eight U.S. cannabis companies and assigned buy ratings to all of them as an undervalued group.

He predicted consumers could turn to cannabis as a lower-priced alternative to alcohol in a potential recession.

"With budgets constrained, we believe new customer penetration rates could accelerate as consumers spend more time at home and the bang-per-buck for cannabis vs alcohol keeps moving higher," Randhawa said.

Summing up his ratings move, Randhawa said, "a commodity never smelled so sweet" because cannabis stocks are going through a bottoming process and will be higher six months from now, both on an absolute basis and relative to the S&P 500 .

Ascend Wellness Holdings Inc. (AAWH) ($7 price target), Ayr Wellness Inc. ($13 price target), Curaleaf Holdings Inc. ($9 price target) and Green Thumb Industries Inc. ($15 price target) all drew buy ratings.

Jushi Holdings Inc. ($3 price target), Terrascend Corp. ($4 price target), Trulieve Cannabis Corp. ($23 price target), and Verano Holdings Corp. also received buy ratings.

"If there was ever a time to buy over the last 18 months, we believe it's today," Randhawa said.

The view by Seaport Global remains contrarian relative to the steep losses in the sector in 2022. Dim prospects for a new cannabis bill introduced this week by Sen. Chuck Schumer marked the latest in a series of disappointments for investors hoping to cash in on federal legalization.

The AdvisorShares Pure U.S. Cannabis ETF (MSOS) has lost 51.9% of its value in 2022, including a drop of 2.7% on Friday. By contrast, the Nasdaq is down 24.3% in 2022. The S&P 500 has lost 16.8%.

Still, Seaport Global's Randhawa argues that prospects for the group over the next three to five years remain more bullish now than ever.

During the current time of high inflation and rising interest rates, value names in a sector typically outperform, he said.

Cannabis stocks fit in this value bucket after steep losses in stock prices, even as the cannabis sector grows at a projected compound annual growth rate of 17%, Randhawa said.

Volume has substantially increased in the last month, leading to the rise from the $2 curve, which I consider the bottom. PPS decreased steadily over the past year but that's not uncommon for a newly listed company. Combination of manufacturing/distributing their own product over a variety of states with dozens of retail storefronts (opening new ones constantly) leads me to think this is a solid entry point for a company with massive upside.

Long on $AAWH.

Ascend Wellness Holdings owns, manages, and operates cannabis cultivation facilities and dispensaries in several states across the United States, including Illinois, Massachusetts, Michigan, New Jersey, and Ohio. Its product portfolio consists of approximately 199 stock keeping units (SKUs), across a range of cannabis product categories, including flower, pre-rolls, concentrates, vapes, edibles, and other cannabis-related products. The Company has around 19 operating retail locations. It produces consumer-packaged goods in five manufacturing facilities.

$AAWH

NEWS: AAWH Announces Share Purchase Made by Every Independent Director on the Board of Directors

AAWH Announces Share Purchase Made by Every Independent Director on the Board of Directors

Ticker on this board is wrong, should be AAWH. I see there's no moderator yet.

https://awholdings.com/investors/

I am showing stock has climbed out of grey sheets to OTC PINK.

SHARES OUTSTANDING
170.65M

AWH Announces Q1 2021 Financial Results

May 18, 2021 4:05 PM ET
Canada Newswire

Q1 2021 Revenue Increases 21.8% Sequentially to $66.1 Million

Adds Five New Dispensaries Since the Beginning of 2021, Including Boston Flagship Location

2021 Revenue Guidance Outlook Issued; Expects Full Year 2021 Revenue of $320-$340 Million

Appoints Joe Hinrichs, former President, Automotive, at Ford Motor Company, to the Board of Directors

NEW YORK, May 18, 2021 /CNW/ - Ascend Wellness Holdings, Inc. ("AWH" or the "Company") (CSE: AAWH.U), a vertically integrated multi-state operator focused on bettering lives through cannabis, today reported its financial results for the quarter ended March 31, 2021. The Company has applied to be quoted on the OTCQX, part of the OTC Markets Group (OTCM). Financial results are reported in accordance with U.S. generally accepted accounting principles ("GAAP") and all currency is in U.S. dollars.

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Q1 2021 Financial Highlights

Revenue: Total revenue of $66.1 million increased 21.8% sequentially and 192.7% year-over-year.

Adjusted EBITDA1: Adjusted EBITDA of $15.8 million represented a 57.8% increase sequentially. Adjusted EBITDA Margin of 23.9% represented a 550 basis point increase compared to the fourth quarter of 2020.

Net Loss: Net loss of $48.2 million during the first quarter of 2021 which included a $36.5 million one-time non-cash charge, as compared a net loss of $7.1 million in the prior year quarter.

Balance Sheet: As of March 31, 2021, cash and cash equivalents were $62.6 million. After the end of the quarter, AWH raised $86.4 million of net proceeds from the Company's initial public offering, including the over-allotment and after deducting underwriting discounts and commissions.

1 Adjusted Gross Profit, Adjusted Gross Margin and Adjusted EBITDA are a non-GAAP financial measures. Please see the "Supplemental Information (Unaudited) Regarding Non-GAAP Financial Measures" at the end of this press release for a reconciliation of non-GAAP to GAAP measures.

Management Commentary

"Our first quarter results demonstrate extraordinary sequential revenue and Adjusted EBITDA growth, which reflect the strong fundamentals of our business," said Abner Kurtin, Founder and CEO of AWH. "By allocating our investors' capital in emerging recreational markets with strong barriers to entry, we continue to position AWH for sustainable growth in the most attractive markets in the U.S."

Mr. Kurtin added, "We are also proud to announce that Joe Hinrichs will be joining our Board. Mr. Hinrichs worked at Ford Motor Company for 19 years before retiring in 2020, most recently as President, Automotive. Adding a distinguished leader of a Fortune 500 company to our Board represents a milestone for Ascend and the industry. Mr. Hinrichs' leadership, operational experience and ability to connect with employees at all levels of the organization will be invaluable to AWH and myself. Welcome aboard Joe!"

Mr. Hinrichs added, "AWH has delivered on its strategy to bring together flagship retail assets in coveted, high traffic regions with a curated assortment of high-quality products that previously did not exist in the market. I'm excited to be joining AWH during such a pivotal time in its growth and look forward to working with the leadership team and my fellow directors to provide specialized operational advice to drive long-term growth and profitability."

Addition of Joe Hinrichs to the Board of Directors

Mr. Hinrichs spent 19 years at Ford Motor Company, most recently as President of Automotive. Prior to serving in this capacity, he served as President, Global Operations; President, The Americas; President, Asia Pacific and Africa; Chairman & CEO, Ford China; and Group Vice President, Global Manufacturing and Labor Affairs, from 2007 to 2019. Prior to joining Ford, he was a partner and senior vice president of Ryan Enterprises Group, a private investment group in Chicago. Earlier in his career, he spent 10 years at General Motors in various positions in engineering and manufacturing, including plant manager. Mr. Hinrichs earned a bachelor's degree in electrical engineering magna cum laude from the University of Dayton (Ohio) in 1989, and a master's degree in business administration from the Harvard Business School in 1994 as a GM Fellow.

Recent Business Developments

Retail Business

During the first quarter of 2021, AWH opened two new dispensaries, in Fairview Heights, Illinois, and Grand Rapids, Michigan, which brought the Company's total to 14 open and operating dispensaries as of March 31, 2021. Subsequently, AWH opened its flagship location in Downtown Boston, Massachusetts on May 6, 2021 and its second Northern New Jersey location in Rochelle Park opened on May 15, 2021. The Company also opened the Ascend by Midway location in Chicago Ridge, Illinois and now has 17 operating dispensaries across Illinois, Michigan, New Jersey, and Massachusetts.

Total retail revenue increased to $45.5 million for the first quarter of 2021, representing an increase of 20.0% sequentially. Sequential revenue growth varied by state, but exceeded 17% in all states in which the Company operates. In particular, revenue growth at the Company's Montclair, New Jersey dispensary exceeded 40% sequentially.

Total transactions increased 27.9% sequentially to approximately 411,000. Average value per transaction declined by 6.2% to approximately $111 due to a mix shift towards recreational customers and markets like Chicago, Illinois and Michigan, which have lower average tickets.
Wholesale Business

Gross wholesale revenue increased to $30.3 million, representing an increase of 38.0% sequentially primarily driven by increased output at the Company's cultivation facility located in Barry, Illinois. Net wholesale revenue, after intercompany sales, increased to $20.6 million, representing an increase of 26.1% sequentially

Pound equivalents sold increased 16.6% sequentially and 316.2% year-over-year to approximately 8,600 pounds.

Gross revenue per pound equivalent was approximately $3,530, representing a 18.3% increase sequentially and a 9.2% decrease year-over-year. Revenue per pound equivalent in the prior year benefited from supply constraints in Illinois following the legalization of adult use sales beginning in January 2020.

On May 5, 2021 the Company closed on its acquisition of a cultivation license in Ohio.
Revenue Guidance

Based on the Company's existing operations, current regulations, and foreseeable growth, AWH Management currently estimate annual revenue for 2021 will be in the range of $320 million to $340 million.

(in millions)

2020

Actual


2021

Guidance

Revenue, net

$144


$320 - $340

First Quarter 2021 Financial Overview

Total revenue during the first quarter of 2021 was $66.1 million, which represents an increase of 192.7% from $22.6 million during the first quarter of 2020 and an increase of 21.8% from $54.3 million during the fourth quarter of 2020. Revenue growth was driven by new store openings, increased traffic at open stores, and increase cultivation and production activity. The Company continues to invest in the build-out of its cultivation and manufacturing capabilities in Illinois, New Jersey, Massachusetts, and Michigan.

Gross profit for the first quarter of 2021 was $29.7 million, or 44.9% of revenue, as compared to $7.5 million, or 33.2% of revenue, for the first quarter of 2020.

Total general and administrative expenses for the first quarter of 2021 were $25.1 million, or 38.0% of revenue, as compared to $9.6 million, or 42.7% of revenue, for the first quarter of 2020.

Total other expense was $7.3 million for the first quarter of 2021, consisting primarily of interest expense.

Net loss attributable to AWH for the first quarter of 2021 was $48.2 million, or $0.45 per basic and diluted historical common unit, as compared to a net loss of $7.5 million, or $0.08 per basic and diluted historical common unit, for the first quarter of 2020.

Balance Sheet and Liquidity

As of March 31, 2021, the Company had cash and cash equivalents of $62.6 million. Total debt outstanding was $252.4 million. The debt balance includes $125.0 million of convertible debt, which was converted to shares of AWH Class A common stock in May 2021 as part of the IPO. The IPO raised net proceeds of $75.2 million, after deducting underwriting discounts and commissions, through the issuance of 10.0 million shares of Class A common stock. On May 7, 2021, the underwriters exercised their over-allotment option to acquire an additional 1.5 million shares of Class A common stock in full, which resulted in additional net proceeds of $11.3 million to the Company.

The Company has applied to be quoted on the OTCQX, part of the OTC Markets Group.