Ascend Wellness rallies on Q2 results, Garden State expansion
Ascend Wellness Holdings Inc. shares jumped 8% on Tuesday after the cannabis company beat revenue targets while posting a wider-than-expected loss. Ascend Wellness said its second-quarter loss narrowed to $21.17 million, or 11 cents a share, from a loss of $44.9 million, or 30 cents a share, in the year-ago quarter. Revenue climbed to $97.5 million from $83.4 million on strength in sales at its Rochelle Park, N.J. dispensary. Wall Street analysts expected Ascend Wellness to lose 5 cents a share on revenue of $90.9 million. Ascend CEO Abner Kurtin told MarketWatch the company plans to continue growth in New Jersey in 2022 with medical sales in its Fort Lee store and the launch of adult use sales in Montclair. The Fort Lee store may also start selling to adult use customers later this year, he said. The company launched adult-use sales at its Rochelle Park dispensary on April 21 and sales climbed as high as $1.25 million in a single week.
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