Mr. John Hartmann reports

AWH EXECUTES DEFINITIVE AGREEMENT TO ACQUIRE ITS SECOND CULTIVATION LICENSE IN MASSACHUSETTS

Ascend Wellness Holdings Inc. has executed a definitive agreement to acquire its second cultivation licence and associated operations in Massachusetts. The targeted acquisition, situated in Amesbury, is currently pending regulatory approval, which is expected to be granted in the first half of 2024. In the intervening period, Ascend will operate the facility under an interim consulting agreement.

The Amesbury facility boasts a spacious 54,000-square-foot area, with plans for a targeted investment to encompass 15,000 square feet of canopy and a state-of-the-art kitchen. When combined with Ascend's existing cultivation and production facility in Athol, Mass., this move will elevate the company's total cultivation space in the state to an impressive 70,000 square feet of canopy.

The expansion is a response to the increasing demand for Ascend's products in Massachusetts, underscored by the resounding success of the Simply Herb brand, which Ascend introduced in the state less than two years ago. Simply Herb has swiftly ascended to the top spot, capturing a meaningful sales lead over the second highest-ranked brand in the entire state.

John Hartmann, chief executive officer of Ascend, expressed enthusiasm about the acquisition, stating: "We are thrilled to strengthen our commitment to Massachusetts and substantially increase our cultivation and production footprint in the state. Densifying our key markets is a stated strategy for our business and this reinforces that focus."

"Our wholesale and retail markets have experienced significant growth, fuelled by expanded third party relationships and consumer demand across our three Massachusetts stores -- in Boston, Newton and New Bedford. The demand for additional supply is a direct result of our team's hard work and remarkable success in the Massachusetts market."

About Ascend Wellness Holdings Inc.

Ascend is a vertically integrated operator with assets in Illinois, Maryland, Massachusetts, Michigan, Ohio, New Jersey and Pennsylvania.

We seek Safe Harbor.