Ascend Wellness is now trading on the OTCQX in the US

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Cannabis investors have a new target to put in their portfolio

One of the always major goals of a company’s stock is to be able to go public, and it looks like vertically integrated cannabis company Ascend Wellness Holdings, Inc. has already made its debut. According to an announcement, the New York-based company said that its Class A common stock would begin trading as of yesterday, and will be represented under the new symbol “AAWH.”

Listing on a stock exchange is identified in the market as a guarantee of solvency, transparency and prestige. The listing itself is a recognition of the company’s solvency since it must demonstrate its ability to generate profits in recent periods and it seems that so far, Ascend Wellness is doing wonderfully.

“We are very proud to announce the commencement of trading on the best OTCQX market,” said Abner Kurtin, CEO, and president of AWH. “We are excited to welcome a broader group of retail and institutional shareholders across the United States the opportunity to participate in our success, which has been driven by our high-quality, strategically located, vertically integrated operations and well-established flagship retail locations in high-traffic areas. We will continue to provide best-in-class disclosure as we are the first U.S.-domiciled MSO to complete an SEC-registered IPO on GAAP financials.”

May, for example, was an exceptional month for this company as it reported proceeds of $80 million through its previously announced initial public offering of some 10 million shares of Class A common stock at $8 per share. This has undoubtedly positioned the company in a good place.

According to the latest earnings report, the company has shown a sequential growth of 21.8%, as in the first quarter of this year, it posted a profit of $66.1 million. Its major expansion has led it to have a total of 14 dispensaries in certain strategic points of the country. Its retail revenues reached $45.5 million in the first three months of the fiscal year.