Ms. Danielle Drummond reports

ASCEND REVELS EVOLUTION OF SOCIAL EQUITY PROGRAMS WITH LAUNCH OF ASCEND 'CO-LAB FOR SOCIAL EQUITY'

Ascend Wellness Holdings Inc. has begun the next evolution of its social equity program with the launch of Ascend Co-Lab for Social Equity. This move emphasizes the company's dedication to fostering a stronger and more equitable cannabis industry and cultivating relationships within the social equity community.

To celebrate this, Ascend will unveil the Ascend Co-Lab for Social Equity takeover at its stores throughout the month of February, featuring limited-edition merchandise and the launch of its Round-Up program. One hundred per cent of the proceeds from the exclusive merchandise will directly contribute to supporting the initiatives of the Ascend Co-Lab for Social Equity. Further, through the Round-Up program, customers can choose to round up their receipts to contribute to the Co-Lab.

The mission of the Ascend Co-Lab for Social Equity is to foster a stronger, more equitable cannabis industry by collaborating and addressing the social disparities from the war on drugs in order to spark change. The Co-Lab commitment is rooted in the vision of an inclusive and sustainable industry, recognizing the importance of diversity, equity and restorative justice. The Co-Lab advocates for the rights and participation of all, especially those historically affected, aiming to rectify past injustices through actions like expungement and decriminalization. The Ascend Co-Lab is a testament to the company's unwavering belief in a shared future, marked by collective growth, healing and prosperity. Key initiatives include:

• Mentorship programs: In 2023, Ascend Social Equity, now Ascend Co-Lab, directly mentored 35 social equity licensees and an additional 65 social equity candidates through partnerships with the Minority Cannabis Academy, totalling 100 mentees. The focus in mentorship is on guiding current and potential social equity license holders in all aspects of running a successful cannabis business.
• Cultivation education tours: Ascend provided 24 cultivation tours in 2023 for social equity licence holders, offering in-depth knowledge of cultivation facility operations.
• Expungement and resource clinics: In collaboration with partners, Ascend hosted 19 expungement clinics and resource fairs in 2023, serving over 1,200 individuals by providing legal support and essential resources such as mental health, food, housing and employment services.
• Donation: In 2023, Ascend donated more than $300,000 to dozens of grassroots organizations and minority communities disproportionately impacted by the war on drugs. In addition to these donations, in 2023, Ascend's consumers donated over $350,000 to the Last Prisoner Project (LPP), representing a total of $2.3-million in contributions to LPP together with Ascend's customers since program inception in 2021. Funds collected through the Round-Up program, launched during the takeover, will support initiatives like these and contribute to donations for grassroots organizations, supporting communities impacted by unjust laws.

"We believe justice is a joint effort and that those closest to the pain are closest to the solutions," said Danielle Drummond, vice-president of social equity. Ms. Drummond continued: "That's why we partner directly within the black and brown communities most disproportionately impacted to come up with solutions. We have cultivated authentic relationships fostering seamless collaboration within the communities we serve. Together we can create solutions that better communities, our company and the industry at large. I am excited to continue to transform our program and embark on the next step in our work to pave the way for a more equitable future, one interaction at a time."

Ascend's commitment is rooted in the vision of an inclusive and sustainable industry, advocating for diversity, equity and restorative justice. The Ascend Co-Lab is a testament to the unwavering belief in a shared future marked by collective growth, healing and prosperity.

About Ascend Wellness Holdings Inc.

Ascend is a vertically integrated operator with assets in Illinois, Maryland, Massachusetts, Michigan, Ohio, New Jersey and Pennsylvania. 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 Common Goods, Simply Herb, Ozone, Ozone Reserve, Tunnel Vision and Royale branded products.

We seek Safe Harbor.