Ascend Wellness : March 2024 factsheet

INVESTOR FACT SHEET | Q4 2023

Stock Symbol: CSE: AAWH.U; OTCQX: AAWH	Investor	Rebecca Koar	[phone] ext. 90102
Diluted Shares Outstanding: 223M* Stock Price: $0.97* Market Cap: $216M*	Contact	EVP, Investor Relations	[e-mail]

* Fully Diluted Shares Outstanding and Stock Price as of 12/31/23

BUSINESS OVERVIEW

AWH is a vertically integrated operator with assets in Illinois, Maryland, Massachusetts, Michigan, Ohio, New Jersey, and Pennsylvania. AWH owns and operates state- of-the-art cultivation facilities, grows award-winning strains, and produces a curated selection of products. AWH produces and distributes its Common Good, Simply Herb, Ozone, Ozone Reserve, and Royale branded products.

For more information, visit www.awholdings.com.

SELECT FLAGSHIP LOCATIONS:

RECENT ANNOUNCEMENTS:

• Expands Cultivation in Massachusetts
• Launches Ascend Co-Lab
• Opens 5th Dispensary in Ohio
• Celebrates Opening of 4th Store in Ohio
• Expands Reach in Ohio
• Celebrates Opening of 10th Dispensary in Illinois
• Announces Q3 2023 Results
• Announces Preliminary Q3 2023 Results

S T . L O U I S	C H I C A G O	C I N C I N N A T I	B O S T O N	P A R A M U S	F O R T L E E	1
A R E A

COLLINSVILLE	RIVER	CINCINNATI	BOSTON
	NORTH		GARDEN /
			FANEUIL HALL
S t r a t e g i c a l l y	L o c a t e d j u s t	L o c a t e d n e a r	D o w n t o w n
l o c a t e d i n t h e	o u t s i d e	t h e H a r d R o c k	B o s t o n l o c a t e d
r e t a i l c o r r i d o r	C h i c a g o	C a s i n o a n d	b e t w e e n T D
n e a r S t . L o u i s	L o o p , t h e	t h e K e n t u c k y	G a r d e n a n d
	c e n t r a l	b o a r d e r	F a n e u i l H a l l
	s h o p p i n g a n d
	b u s i n e s s
	d i s t r i c t

7 states, 35 operating dispensaries

ILLINOIS	NEW JERSEY	MICHIGAN
10 retail	3 retail	8 retail
1 partner retail planned1	1 partner retail planned1	1 cultivation / processing
1 cultivation / processing	1 cultivation / processing

MASSACHUSETTS	OHIO	PENNSYLVANIA
3 retail	5 medical2	2 retail
2 cultivation / processing4	1 cultivation / processing	4 planned medical retail1
MARYLAND		1 cultivation / processing
4 retail

1. Includes partnership transactions in Illinois and New Jersey, which are not yet closed and subject to regulatory approval.

2. Includes pending acquisition of Ohio Patient Access LLC.

3. License is owned by AWH, but the site is not yet operational and/or under construction. Includes 4 Pennsylvania dispensaries.

4. Includes the expected build out of the second cultivation facility in Massachusetts. Company is under definitive agreement to acquire this facility.

Note: Timeline illustrative; does not necessarily reflect scale. Canopy includes total canopy (vegetation, flower, and propagation).

ROCHELLE	FORT LEE
PARK
O n R t . 1 7 a n d	M i n u t e s t o t h e
a m i l e f r o m	G e o r g e
G a r d e n S t a t e	W a s h i n g t o n
P l a z a i n	B r i d g e , N J
N o r t h e r n N J	T u r n p i k e , a n d
	N J R t . 4 6

IL		MA
		NJ
MI		MD
	OH	PA

Current Operations

2020 YE

12 Dispensaries

74,000 ft2 Canopy

2021 YE	CURRENT	PIPELINE
20 Dispensaries	35 Operating Dispensaries(2)	39 Operating Dispensaries(2,3)
175,000 ft2 Canopy	4 Additional Owned Dispensary	+ 2 Partner Dispensaries(1)
	Licenses(3)
	245,000 ft2 Canopy

FINANCIAL HIGHLIGHTS

$ in U.S. millions, unless otherwise noted

Net Quarterly Revenue		Adjusted EBITDA	$32.4
		$28.2	$29.5
$141	$140

$112.0

							Adj.
				25.1%	20.9%	23.1%	EBITDA
				Margin
				4Q22	3Q23	4Q23
4Q22	3Q23	4Q23

Full Year Revenue	$519	4Q23 Net Revenue Split
	Wholesale, net	Retail
		31
$406
		69
2022	2023

MANAGEMENT TEAM	BOARD OF DIRECTORS
John Hartmann, Chief Executive Officer	Melissa Feck, Chief People Officer	Abner Kurtin, Executive Chairman & Co-Founder
Mark Cassebaum, Chief Financial Officer	Denise Pedulla, Chief Legal Officer	Frank Perullo, Director & Co-Founder
David Gacom, Chief Commercial Officer	Frank Perullo, Co-Founder, EVP Corporate	Scott Swid, Independent Director
Chris Holzer, Chief of Operations	Affairs	Josh Gold, Independent Director
Rick Wilkins, Chief of Stores	Rebecca Koar, EVP IR and Strategy	Sam Brill, Independent Director
Brian Miesieski, Chief Marketing Officer		John Hartmann, CEO and Director

INVESTMENT HIGHLIGHTS

F O C U S : A C H I E V E S C A L E I N S E L E C T L I M I T E D L I C E N S E M A R K E T S

K E Y F L A G S H I P L O C A T I O N S W I T H H I G H B A R R I E R S T O E N T R Y

D I S C I P L I N E D C A P I T A L A L L O C A T I O N ; S U C C E S S F U L E X E C U T I O N O F M & A

M A N A G E M E N T T E A M W I T H P R O V E N T R A C K R E C O R D O F E X E C U T I O N A N D D I V E R S E S K I L L - S E T

S T R O N G F I N A N C I A L S A N D R E V E N U E G R O W T H

The information contained in this presentation has been prepared by Ascend Wellness Holdings Inc. ("AWH" or the "Company") and contains information pertaining to the business, operations and assets of AWH and its subsidiaries. The information contained in this presentation (a) is provided as at the date hereof and is subject to change without notice, (b) does not purport to contain all the information that may be necessary or desirable to fully and accurately evaluate an investment in the Company, and (c) is not to be considered as a recommendation by AWH that any person make an investment in the Company. The Company is not liable for the accuracy and completeness of the information provided in this presentation. Liability claims against the Company relating to damage of any kind caused by the use or non-use of the information provided or by the use of incorrect or incomplete information are excluded, unless there is evidence of willful intent or gross negligence on the part of the Company.

This publication includes forward looking statements. Please see forward looking statement disclaimer as part of our latest earnings release on our website or inquire with [e-mail]