Ascend, which completed its initial public offering (IPO) in May, has operations in Massachusetts, New Jersey, Michigan, Ohio, and Illinois including its flagship retail locations. A pending investment in New York will give Ascend access to that market — one of the hottest new markets to approve cannabis for recreational use. The company looks to grow into other limited license recreational or near-recreational markets. Examples of such markets include Pennsylvania, Connecticut, Maryland, Virginia and Arizona.
In addition to the recently acquired Ohio cultivation operations, Ascend has grow operations in Illinois, Michigan, Massachusetts and New Jersey, for a total of 90,700 square feet of canopy. The company expects to have 285,000 square feet of cultivation facilities in operation by the end of next year.
Growing Like a Weed
The Company has strong cash positioning and recently closed on a $210 million term loan with Seaport Global Securities LLC as lead manager. The company plans to use the proceeds to repay debt, finance its pending investment in MedMen NY Inc. and support its future growth and acquisition initiatives.