Ascend Wellness Holdings (AWH) is reflecting on a “pivotal year” for its business, as the multi-state cannabis retailer continues to pursue rapid expansion of its store network amid falling revenues and growing losses.
In the 2025 financial year, AWH recorded $500.6 million in revenue, a fall from $561.6 million in the prior year. These numbers led to losses of $118.2 million, an increase from $85 million.
But AWH is maintaining a positive outlook for the future, citing cost savings and progress in its retail network.
“Last year was a pivotal year for our business, marked by strong progress across our strategic pillars of densification, profitability, and sustainability,” Sam Brill, CEO and director at AWH, said.
“Our retail footprint expanded with eight new locations, bringing the total to 48 to date and keeping us on track for our 60-store target by the end of 2026.
Brill said the company surpassed its $30 million cost-savings target for the year.
“Enhancements to product quality have enabled us to compete effectively at compelling price points in a dynamic market, driving profitability across our finished goods portfolio,” he added.
AWH said it is “cautiously optimistic” that its higher-margin products, new store openings, and increase in direct-to-consumer sales will alleviate financial pressures in the future.
