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Q3 2021 Net Revenue Increased 13.2 % Quarter - over - Quarter to $ 94.4 million Q3 2021 Adjusted EBITDA Increased 15.9 % Quarter - over - Quarter to $ 23.5 million Company Ended Q3 with $ 204.5 million of Cash and Cash Equivalents Announces Plans to Expand NJ Canopy to 150,000 sq.ft by Year End 2023 NEW YORK , NY , November 11 , 2021 Ascend Wellness Holdings , Inc. ( " AWH " or the " Company " ) ( CSE : AAWH.U / OTCQX : AAWH ) , a vertically integrated multi - state cannabis operator focused on bettering lives through cannabis , today reported its financial results for Q3 2021 , which ended September 30 , 2021. Financial results are reported in accordance with U.S. generally accepted accounting principles ( " GAAP " ) and all currency is in U.S. dollars . Q3 2021 Financial Highlights ● 2 AWH AWH ANNOUNCES Q3 2021 FINANCIAL RESULTS ● ● Exhibit 99.1 Gross Revenue : Total revenue of $ 105.0 million increased 7.7 % quarter - over - quarter and 131.4 % year - over - year . Net Revenue : Net revenue , which excludes intercompany sale of wholesale products , increased 13.2 % quarter - over - quarter to $ 94.4 million . Net revenue for the first nine months of 2021 alone was $ 243.9 million , a 69.7 % increase over the Company's full year 2020 net revenue of $ 143.7 million . Balance Sheet : As of September 30 , 2021 , cash and cash equivalents were $ 204.5 million , and net debt2 was $ 51.1 million . Q3 2021 Business Highlights During Q3 , the Company signed a definitive agreement to acquire a dispensary in Coshocton , Ohio . Subsequent to the quarter close , the Company closed on the acquisition of a dispensary in Carroll , Ohio . Net Loss : Net loss of $ 13.0 million during the quarter , was primarily driven by elevated interest expense due to one - time prepayments of legacy loans and write - offs of unamortized deferred financing costs . Adjusted EBITDA¹ : Adjusted EBITDA of $ 23.5 million represented a 15.9 % increase quarter over - quarter . Adjusted EBITDA Margin of 24.9 % represented a 58 basis point increase compared to the prior quarter . 1 Adjusted Gross Profit , Adjusted Gross Margin , Adjusted EBITDA and Adjusted EBITDA Margin are a non - GAAP financial measures . Please see the " Supplemental Information ( Unaudited ) Regarding Non - GAAP Financial Measures " at the end of this press release for a reconciliation of non - GAAP to GAAP measures . Total debt less cash and cash equivalents less unamortized deferred financing costs . 1