Mr. Russel Reynolds reports

AWH ANNOUNCES LEADERSHIP TRANSITION; ANNOUNCES APPOINTMENT OF JOHN HARTMANN AS PERMANENT CEO EFFECTIVE MAY 15 TH; ANNOUNCES CHANGES TO BOARD OF DIRECTORS EFFECTIVE MAY 15 TH

Ascend Wellness Holdings Inc. has appointed John Hartmann as the new chief executive officer of the company effective May 15. This leadership transition comes as the company prepares to enter the next phase of its growth story. In conjunction with the appointment, the company made changes to the board of directors which will also become effective May 15.

After an exhaustive search, led by Russel Reynolds, the board has appointed Mr. Hartmann as the new CEO of the company. Mr. Hartmann brings with him a wealth of experience and expertise in leadership, strategy and operations. He has held several progressive leadership positions throughout his career, including serving as president of BuyBuy Baby and CEO of True Value company. Additionally, Mr. Hartmann has served on the boards of various public and private companies. Mr. Hartmann currently also serves as an independent director of the board for Boyd Group Services, Inc. (TSX: BYD) and HD Supply, Inc. (a wholly owned subsidiary of The Home Depot).

"Ascend is transitioning from a founder-led management team to a professional-led organization. We are thrilled to have John Hartmann join us as our CEO," said Abner Kurtin, the founder and executive chairman of Ascend Wellness Holdings. "John is a proven leader that has a history of leading larger companies to operational excellence in competitive environments. His experience and expertise will be instrumental in leading the company into its next phase of growth. We are confident that under his leadership, Ascend will continue to drive value for our shareholders, customers, and employees."

Hartmann added, "I am looking forward to joining the Ascend team and to leading the company into its next phase of growth. I believe that Ascend is uniquely positioned in the cannabis industry and has a tremendous opportunity to create value for all stakeholders. I look forward to working with the talented team at Ascend to drive the company's success and to bringing rigour and sophistication to our operations while leveraging my experiences spanning large-scale retail organizations." With Mr. Hartmann's appointment, Ascend Wellness Holdings believes it is poised to continue its impressive growth trajectory and establish itself as a leader in the rapidly evolving cannabis industry.

As part of an announcement, the company has made several changes to its board of directors. Mr. Hartmann has been appointed to the board, and Sam Brill has been appointed as an independent director. Mr. Brill will also serve as the lead independent director and chair of the compensation committee. The audit committee will now consist of Scott Swid (chair), Josh Gold, and Abner Kurtin. The compensation and governance committee will now consist of Mr. Brill (as chair), Mr. Gold and Mr. Kurtin. Dan Neville, who previously served as director, chief financial officer, and interim co-CEO, will return to his original position as chief financial officer and step down from the board, effective May 15. Frank Perullo, a co-founder who previously served as president and interim co-CEO, will continue to serve on the board, and will transition to a strategic adviser role for the company, focusing on regulatory issues and legalization efforts, effective May 15. In conjunction with this announcement, Chris Melillo, chief revenue officer, and the company have mutually decided to part ways. Mr. Melillo will remain in his position to help with the transition and will plan to depart in the third quarter.

"We look forward to welcoming Sam Brill, a leading cannabis debt investor, to the board of directors," said Mr. Kurtin. "I would also like to extend my gratitude to Dan and Frank for their service as interim co-CEOs. Furthermore, I would like to thank Frank for his role on the leadership team as he steps to a strategic adviser position. As co-founders, Frank and I will continue to add value and share our expertise from the board of directors, but we are pleased to have new leadership replacing us on the day-to-day management team as we transition away from a founder-led management team. I would also like to thank Chris for helping to build our retail business and for staying on to facilitate the transfer."

John Hartmann biography

Mr. Hartmann is an accomplished business leader with a record of success in a variety of industries. Mr. Hartmann served as president of BuyBuy Baby from May, 2020, to August, 2022. He also served as president and CEO of True Value Company from May, 2013, to May, 2020. During his tenure at True Value Company, he successfully led the company's transformation and growth strategy, resulting in significant value creation for shareholders. Mr. Hartmann currently serves as an independent director of the board for Boyd Group Services and HD Supply.

Mr. Hartmann has also served as an independent director on the board of AmeriGas from March, 2016, to September, 2019. AmeriGas was acquired by UGI Corp. during his tenure. He was a member of the board of directors' audit and special conflict committee.

Earlier in his career, Mr. Hartmann held leadership positions at HD Supply, The Home Depot and Cardinal Health. He has a wealth of experience in mergers and acquisitions, operations, integration and long-range strategic planning.

Mr. Hartmann received his doctor of jurisprudence from Syracuse University College of Law in 1988 and completed an accelerated leadership program at Emory University's Goizueta Business School in 2004. He also holds a bachelor of science from Rochester Institute of Technology.

Sam Brill biography

Samuel Brill has more than 25 years of experience in capital markets, corporate finance, investment banking and business operations. He has served as the president and chief investment officer of Seventh Avenue Investments (SAI) since August, 2017. SAI is the private equity arm of a single-family office in New York with a multibillion-dollar asset portfolio. At SAI, Mr. Brill is focused on direct investing in special situations through debt and equity securities in a wide range of private companies. In many of SAI's investments, he has played a critical role in helping management with strategic decisions, including mergers, acquisitions, corporate reorganization and financial planning. Mr. Brill has served on numerous public and private boards and committees and is currently on the investment committee of NewLake Capital Partners.

Before joining SAI, Mr. Brill was the chief investment officer and portfolio manager of Weismann Capital, a single-family office in Stamford, Conn. Prior to joining Weismann in November, 2003, Mr. Brill was the chief operating officer and a director of Amedia Networks (formerly TTR Technologies), a publicly traded technology company. Prior to joining Amedia, Mr. Brill was a senior financial analyst at JDS Capital Management.

About Ascend Wellness Holdings Inc.

Ascend Wellness is a vertically integrated operator with assets in Illinois, Michigan, Ohio, Massachusetts, New Jersey, Pennsylvania and Maryland. Ascend owns and operates state-of-the-art cultivation facilities, growing award-winning strains and producing a curated selection of products. Ascend produces and distributes its in-house Ozone, Ozone Reserve and Simply Herb branded products.

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