Mr. John Hartmann reports

AWH ANNOUNCES INTENT TO COMPLETE PRIVATE PLACEMENT WITH LARGE EXISTING DEBT AND EQUITY INVESTOR, RAISING $7 MILLION IN ADDITIONAL EQUITY

Ascend Wellness Holdings Inc. intends to complete a private placement offering, which will raise an aggregate of $7-million in equity financing. Under the terms of the private placement, the company intends to sell an aggregate of 9,859,155 shares of Class A common stock to a large existing debt and equity investor at a price of 71 cents per share. The company intends to use the proceeds from the private placement to pursue potential acquisitions of debt or equity in, or the assets of, certain companies in the cannabis industry consistent with the company's current business strategy.

"We are seeing a lot of attractive acquisition opportunities that Ascend believes could be significantly accretive," said John Hartmann, the chief executive officer of Ascend Wellness. "We are pleased to raise this equity from an existing debt and equity investor and appreciate their continued support of Ascend and our acquisition strategy. The private placement strongly positions Ascend to act strategically and our decision to issue equity at these prices reflects our existing investor's utmost confidence in Ascend and our potential acquisition strategy."

The shares will be offered and sold in a private placement pursuant to the exemption from registration provided by Rule 506(b) of Regulation D under the Securities Act of 1933, as amended.

About Ascend Wellness Holdings Inc.

Ascend 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 for retail and wholesale customers. Ascend produces and distributes its in-house Simply Herb, Ozone and Ozone Reserve branded products.

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