Benzinga | Jul 14, 2021 02:23PM EDT

Ascend Wellness Holdings Cannabis Commences Trading On OTCQX In The US

Vertically integrated cannabis company Ascend Wellness Holdings, Inc. (CSE:AAWH) (OTCQX:AAWH) has debuted on the OTCQX Best Market.

The New York-based company disclosed that its shares of Class A common stock would begin trading the OTCQX Best Market on Wednesday, under the new symbol "AAWH."

"We are extremely proud to announce the commencement of trading on the OTCQX Best Market," Abner Kurtin, CEO and chairman of AWH, said Tuesday. "We are excited to welcome a wider pool of retail and institutional shareholders throughout the United States the opportunity to participate in our success, which has been driven by our high-quality, strategically located vertically integrated operations and well-established flagship retail locations in high-traffic areas. We will continue to provide best-in-class disclosure, as we are the first US-domiciled MSO to complete an SEC-registered IPO with GAAP financials."

In May, Ascend Wellness raised $80 million through its previously announced initial public offering of some 10 million shares of its Class A common stock at $8 per share. That was followed by a debut on the Canadian Securities Exchange, under the ticker symbol "AAWH.U."

In its latest earnings report, the company reported having earned some $66.1 million in the first quarter of 2021, representing a 21.8% sequential growth.

With 14 operating dispensaries, including shops in Fairview Heights, Illinois and Grand Rapids, Michigan - launched during the first quarter - and a recently opened 16,000-square foot pot supermarket in downtown Boston, Massachusetts, Ascend Wellness' retail revenue hit $45.5 million in the first three months of the fiscal year.

Photo by Kym MacKinnon on Unsplash