Earnings call transcript Q2 2023

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Operator

Good evening and thank you for standing by. I will now turn the call over to Ascend Wellness Holdings' first speaker today, Dan Neville.

Dan Neville

Welcome to AWH's Second Quarter 2023 Earnings Call. The presentation that accompanies this call can be found on the company's website, www.awholdings.com/investors.

Before we proceed, I would like to remind you that there are several risk factors and other cautionary statements contained in our SEC and SEDAR filings, including our annual report on Form 10-K for the year ended December 31, 2022.

those and review on cautionary not call. this will risk other factors statements We

you them to encourage we However, read carefully.

additional or no information. during Various information view make remarks prospects outlook, as forward-looking information or statements risks or or and from that and to statements to or may or predictions, statements in expectations, law. obligation subject to cause We except such statements update and and all only. information. or financial These future, forward-looking required subject actual uncertainties on limitations are qualifications this References statements constitute anticipated the current call forward-looking results. the revise as reflect concerning financial forward-looking future-oriented which information -- or to may management's this same to are undertake forward-looking applicable of differ factors, by assumptions, results plans be historical made statements call Any risk

While best prepared we of may believe that amount reasonable vary material. financial such may from and discussed the be the estimates basis, results company variation the been actual a on and judgments, herein such estimates have reflecting

we to such adjusted margin, earnings non-GAAP comparable as materials non-GAAP be to profit, of presentation. by be today's appendix as the as profit will other defined adjusted These titles not used adjusted measures, adjusted reconciled measures gross EBITDA measures companies. and in may our During gross EBITDA by margin, call, and referencing with defined similar in AWH, the

the assurances or third-party sources, information. there sources information during completeness call, industry by of estimates may accuracy can as and such is and that mentioned obtained public Certain to this be be no information including including

data management verified has to from not believed the independently Although sources. third-party of be any reliable,

Founder; Chief Officer. John On we Officer; and Daniel Neville, Executive Financial have Abner Executive Chief and Hartmann, today's Chairman call, Kurtin,

conference Founder, over first on Slide hand to speaker and Chairman to X. starting Abner Kurtin, I'd Executive now your like the today,

Abner Kurtin

achieving aspects among the business. X% we thank sales meaningful was expectations Thanks in representing and our XX% quarter Adjusted saw to all work team, Ascend second in challenges XXXX quarter, you for revenue, including joining Jersey. of record everyone, almost QX. million earnings yet Good call. cultivation make hard continue sequential another the dedication to Thanks. at year-over-year evening, growth. of growth line our had EBITDA our We progress We million, $XXX net in previously disclosed $XX.X New with and and

adjusted we on run of update annualized realizing In impact a improvements core in have million $XXX been EBITDA the $XX.X illustrating million, John these challenges, moment, EBITDA will our are an the capability you on would Jersey. Absent New basis. of generation rate a

represents in I'm generating flow to million row second This most share for operations. operations a from We for remain XXXX cash free from flow flow that our cash $X ability year position confident cash we positive. free a to free being moving cash strong our approaching are excited in and operations from quarter the the in company to see XXXX. cash generate full and generated

and are milestones proud critical self-financing both a becoming the of as towards Ascend for these company, I'm These for achievements. delivering work we team incredibly

dollar so we never to to working on company that run an raising our We have to rely are the objectives. outside growth support

segments of are we the are business base, momentarily. of detail although with our see $XXX areas revenue we on strength existing and outlet with Dan asset days. adjusted the nearing million John the to business, core increasingly our estimates, and our early more in $XXX will still EBITDA million provide of business leading among the way. Based all with XXXX comfortable on continue We retail growth model

from Valuations illegality and of most investors industry the institutional entering federal issues custody restricting with operators for cannabis the remain hindered space.

that relevant, optimism were could with are of The still see hurdles we list. in call the on valuations possible mentioned improving down potentially that last the shoots these starting of catalyst the knock controlled substance However, future. potential for in green rescheduling the cannabis for

no and reintroduced there of of this of there in the is conclusion for the commentary definitive the a generate suggests Act on the the timeline Services Department Banking continues of year. of Human review, Senate. the traction by out possibility is Further, the While review this to that conclusion Health the end SAFE

Controlled we see the garner state-regulated the tax a possibility, the code. businesses, we for we path of the bipartisan under of government against of as Further, the Act cannabis While the of Section much which XXXE legislative IRS collect view to support sponsorship. a continue taxes constitutionality enforcement a forward lawsuit are invalidate authority to Substances longer-term pleased challenges to that would

it had capital judicial system, the has industry the we and the successful, This pathways shots-on-goal me more and these impact would access of eventually. of work If that government. of to a By than catalyst multipronged XXXE each and gives end challenging federal is and approach markets gain the pathways system. banking the branch in one optimism illegality in will to past in a the have

one of stock Lastly, the market and for transaction of uplifting our the price cognizant our for the bar impact is very We we the high. and recently and peers low to are investors TSX. saw testing

fast to uplifting watch they to to path to prepared experience achieve pursuing they are capital. be if in a increased benefits the followers We and continue access

Maryland. wanted I adult-use in highlight of our to start successful

excited Ohio to enough ballot on will flip the on the beginning to cannabis our now the believe adult-use states, potential We -- received X the to November, near-term. recreational and our put the coming We the dispensaries on be two seven that in and put customers the state sell to shortly. at We recreational adult-use in to signatures sell this certified five of in Pennsylvania, remaining and are pleased July for X. ballot Ohio are to about states

at polls. monitoring are this the optimistic remain its closely about We development and success

revenue portfolios generation cash assets the across asset in forward We focused most Midwest, growth Mid-Atlantic strongest, to and regions. Northeast these upcoming the of quarters. in one is and Ascend the driving look

John I discuss his turn his CEO to business John Chief to take us the brought review pleased from Executive on our first more the to as continued the improvements, we Officer, that, With to help XX operational call level. emphasizes and days the company observations him to development focus the to will business operational We in Hartmann, am new lead over and detail. our next This on to to excellence. look

John Hartmann

last said a has in be dedication company to inception has lead the years. the with grateful I'm the Executive join you, deal new team in many what the times you and been few for Officer, Abner, I've months, today humbled for am all this and five in the opportunity your Chief pleased to the I as great over Thank past leading thank to and since of organization. achieved XXXX. proud you

me such As organizations. over honor Ascend talented I professionals. and work large, years we transition XX with alongside it's from dedicated come of a for to an complex founder-led team, to leading experience

and to I those leadership at past similar retailers growth I threads national teams. outcomes several Prior experiences leveraging to Common improving building forward and and international held achieve high-performing Ascend. experiences joining, and customer look wholesalers. roles to driving and experiences profitability, at are

facilities two took our road, I over and of quarter, employees. XX got my our months to into spent on each our the through customers, business. and hundreds During I across six of the processes into traveling corporate deep to our our our with entire weeds a dedicated dispensaries the learn the met our business growers, our teams. and network patients, budtenders, understand lens I cultivation first of dive and

through truly was laying entire registers gave experience journey our our at operations and store foundation. remarkable, employees privilege The the I both into meaningful customer the a eyes me level. insights customers. and behind valued the had of of unique Working seeing strong the our

our I crafting learning in had products our process. our cultivation Additionally, and hands-on involvement facilities,

patients engage for However, the was This revealing to needs opportunity gaining while priorities. to the our most with areas and valuable experience into improvement. and strengths aspect vital me directly their also witness both promising opportunities and insights rewarding numerous allowed customers

organizational strength of team initial observations the all My highlighted at dedication and levels. our

plant, showcase Our capabilities. also but for exude impressive associates only not the passion

crystal in generate attention license position. The is adult-use states the highest ability current with in near-term excellent site limited in best of What a nation's to of per industry. selection has great to our set some clear to within to store an markets with acute an focus on or assets, strategic us revenue places our is me presence the which contributed the

assets cash emphasis this drive we as growth near-term our on while simultaneously revenue phase, diligently turning and important enhancements in I objectives, the will immediate recognized From As improvements my has consider the its company, prioritized focus significant growth. next substantial drive for And flow. company on in placing a inception, stronger opportunities into which remains across growth. I turn margins several into

customers a A weeks approaches career, focus I our X,XXX our associates wholesale by our to coming an focus. our maintaining and believe some company prioritize and Throughout that their building to In critical I and succeeded engaging customer-first I've reengineering retail months, remarkable this XXX emphasizing returns my customers. experience. empower that nearly valued with deeply the is our mindset, passionately can investors. of the to we our goal unwavering encountered more and associates and of mine by deliver envision further position businesses to on

Commercial pivotal Gacom, brings our ourselves CPG presents recently I set support in plan crucial established who new our a spanning once We and immediate executive of transition will been realign role Chief be for role, team a better cannabis David staffed. has from Officer, tremendous by David which to to filled this role will experience COO to us that and which term, role Lastly, complete apart. the to serve the opportunity leadership and customers.

merchandising, streamlining Commercial our as products Officer aspects aim our both efficiency. we Moreover, customers increase superior allocation and retail this business, will to deliver and Chief holistically support these vital of on and demand our wholesale such endeavors of to and will role business, planning focused assortment be by our pricing. aspects and curation, The

optimizing Concurrently, we extensive and concentrate Chief chain. supply Operations are production of conducting exclusively will for on cultivation, the an a who search

for our presents ongoing, elevate efficiencies focus improve products, the the While quality, across we here our us standards current and board. is an additional to produce this how capture of resource opportunity

States addition, Rick most critical role. Navy organizations. revenue. with we In Rick United this where Gap in search appointed stores roles the Wilkins and the and and he was for have & of Bath the Western to for with to Target, he Previously, concluded Beyond, leadership Starbucks Bed have billion Stores Chief recently $X.X helped from comes XXX already store and responsible us Old

teams He's progressed to for managing of responsible career successful highly hundreds leadership from individual through store stores. a

construction opportunity to his been of have and from Rick team he incredibly While for impressed the the network. directly to Rick the has past, leadership achieved. the and me in style oversee I by building never results operations worked observe store seamless everything had will our culture retail

complemented team. and Financial functions incumbent supported key People our Marketing Chief will effective These and Officer a be Officer, leadership by and Chief cohesive Officer, ensuring Chief

We continue these and the thus team, the but are refine initial to evolutionary evolve changes far. will made

retail proceed With quarter. let's that X in into to to updates mind, from the delve the Slide latest

approximately the transactions above $X record was of which quarter in achieved our revenue. a third up our business, making strong retail million. revenue represented Our XX% board, generating $XX QX with across million net row

to We a strive our providing continue of balance quarter we offering We still come product that our retail retail of while have XX% revenues production produce. XX% being to ended this maximizing of a represents from diverse our self-sourced. customers. revenues with to margins This products

customers' deliver needs market to new expand to offerings continues our penetration. meet team and The our

quarter, of these our products, exceptional and new summer traction During Berry with and customers. Red gummies. Herb the edition have vapes limited launched of White Simply products gained including Both we several

store, top-performing with has of Bedford provided The revenue. upside which opened in new outlet our in retail of model customers. stores. to the resonate Similarly, Grand the Michigan one Rapids end of also at which our middle our continues The QX opened outlet, QX, become

stores. Importantly, meaningfully, even Michigan improved these Massachusetts of two and full retail benefits quarter absent new

substantially offset During QX, prices. area providing in adult-use. quarter first The opened Southern this low located with Chicago we our customers the Park, growth Missouri from helped impact unbeatable Illinois, Illinois in everyday in stores Tinley outlet in to store

QX. the pressure stores, has in mild our on Illinois on we Further, XXth open Southern business remains Illinois stabilized. store remain track there to Although the in

the acquisition the four During in we Maryland. closed of dispensaries quarter, on

at, executing playbook. Our example Maryland AWH textbook very excels business what essence embodies of the a of a

the run we transaction entering purchased We strategically market distressed accretive. transaction to sector, we four and expect then a we adult-use. reflagged the On the within months, set all and navigated of July commenced Within on medical late-stage performance, a X, adult-use stores for be dispensaries. based swiftly assets rate sales renovated, the of at And process. integrated, these highly

to for I'm adult-use ready the team while time launch in continuing extremely the state. medical proud for the patients on of our these assets focus getting in

move and QX, revenue and revenue to In while Gross X net X% both year-over-year Let's in wholesale third-party million. revenue to million, saw business. on discuss wholesale quarter-on-quarter growth year-on-year wholesale wholesale. XX% quarter-on-quarter sequential and Slide to we year-on-year the grew $XX to XX% gross wholesale grew X% $XX

This every in now of was meaningful the one Illinois, quarter, nearly our except with wholesale we supplying equity we In opened a slightly. which growth products XX newly of market. social penetration XX% are XX down saw from in total Illinois, markets, licenses

become As diligently work will we licenses operational, relationships. to to additional these continue cultivate

Massachusetts despite was strength Another wholesale environment. the quarter in positive competitive this business the

new service intercompany and third-party growth strong quarter, also This had XX% sales, to to were we customers. in able production increase additional we

Herb, Simply market continues capture value brand, quality Our to share. and

sales We third-party representing Jersey. client deliver also meaningful in sales penetration. the We to to XXX% XX accounts, ended New with growth continued market quarter

able of wholesale pleased that grow we are We in have Jersey. business to New been our book

Separately, quarter, corrective last as address and yields our we which reported were impacting production. quality considerably began of measures cost challenges, to implementing

our quarter first Jersey, full these margins New working. and quarter lower are of modifications was This the impacting

we range is these the previously improvements positive will line New as disclosed, of full It margins extremely cultivation the quarter operational we business top effect. opportunities. remain normal the third the As Jersey addressing expect continue we take that grow while to below flow-through into

Dan Slide financials detail, that, it With to XX. will the I over on turn beginning discuss to in

Dan Neville

and QX track revenue growth of to in its the We solid generation. generated was of success $X for everyone. inclusive from inflow a ERT cash related to generate million quarter John. credit cash evening, from accruals. of cash remain and full the year, Good Ascend Thanks, excluding terms tax on operations operations, the for

million. sales sequentially wholesale by was sequential driven both X% revenue, increased by businesses. the $XXX products, in growth wholesale increased of year-over-year quarter-over-quarter $XXX revenue This while system intercompany and revenue million, X.X% growth which XX.X% net Total to excludes to and retail primarily

of Maryland. $XX.X as Total quarter by which Illinois was our Mass and million, our new X% as quarter X represents retail prior of our revenue third the opening acquisition and in driven Grand the a full quarter benefit dispensaries dispensary our Bedford, compared Rapids, Tinley dispensary to Park, the well second of was increase the in Michigan and

sequentially net Gross sequential sales a Jersey $XX.X by million, revenue in $XX.X to million, wholesale wholesale -- revenue XX X% New increases driven was and and increase increased X% Massachusetts.

Our getting this margins driven were largely cultivation lower shift quarter, portfolio. the mix stores we as with Franklin in, our by challenges retail recently outlet combined the dialed to revenue in three temporary added

in to in significant continue to in margins QX more issues New expect as Jersey with improve the entered QX We moderately improvement a rearview. our

million decreased profit points profit and margin gross from to $XX.X X% Adjusted decreased XX.X%. adjusted XX.X% to XXX gross basis

but was increase X% EBITDA adjusted year-over-year, QX a X% represents decrease. Our $XX.X a sequential which million,

and above sequential and by decrease. a margin, gross actions. declines point by driven represents decrease the year-over-year were Our impact was which basis offset partially XXX-basis to XXX optimization The adjusted XX.X%, continued cost EBITDA workforce for QX margin a other point

and our gross Absent facing higher we the would the $X challenges each EBITDA during temporary in production Jersey, adjusted are quarter. been adjusted New approximately have million profit

Let's and to on the We $XX million Slide move ended the on sheet cash quarter equivalents. discuss of with XX. balance

debt have and maturities. We near-term net million of no $XXX

achieving and cash long-term self-efficiency on focused additional are generating on relying We funding. external without

of -- a million on full row, QX, we generated and investments partially cash XXXX. to notes we payments $X in to used the transaction, cash facility. cultivation positive related operations dispensaries four separate by approximately our for the million, by operations second from $XX in quarter the for a For X and our for generate of in quarter from In investing, from acquisition we proceeds leaseback receivable Maryland of sale in cash track offset the positive driven of of remain year PA

Lastly, cash proceeds we from million $X generated of financing. net

debt who us strong in one capital we position, M&A significant strategy. raised $X to strategy. equity private liquidity June, have in We appreciate and are to a continue our support acquisition In their their confidence is a continued with enabling a shareholder. disciplined largest a pleased holders, in pursue We of allocation also placement to million our and

reticent to we acquisition are transactions. pursuing opportunities valuations, are as deleveraging view issue at we the accretive and While equity these we

sale of many There assets are an increasing public for number to as distressed capital private operators markets struggle and environment. the difficult navigate

we We and are information more in as of to are share several pursuit opportunities of these hope able.

of proud I'm the industry-leading long-term I the confident our in Ascend, of growth team's and objectives. to am capabilities conclusion, deliver In

questions. to to like up we'd it that, With open

Operator

question now of [Operator Securities. line Thank you. first session. from Your from the Instructions] gentlemen, Haywood question-and-answer Ladies and comes the Gilmer we'll Neal conduct

Your now open. is line

Neal Gilmer

everyone. Yeah, to thank little just Good New clarity evening, you margins the Jersey. impact bit get a Maybe much. gross the more and very wanted on to

on this in notable Taking carry Jersey at was margin historically gross into you've and where mid-XX% in rearview of towards QX of QX. comment still New are is looking revert the ranges. expect got I Your sort in to a that and before opportunities some XXXX? mirror, can we there you're for QX more other once a Is that And subpart of improvement? impact that guess improvement at in these you're that question a sort issues, look

Dan Neville

the but Yeah, was decline Thanks, to stores, of impact profit opening of our based with gross of performance shift the about margins, overall the the which XXX margin to the very related New to mix this bps related so some dollars. gross overall to another dilutive in There is was outlet the bps Neal. Jersey on stores our accretive quarter. of XXX

to issue expect exit we So as that we once fully this can of New Jersey a kind QX. in see give for enter what you we

our near-term the back move margin moving see eminently Jersey. in mid-XX%s say, in through as probably lower doable, issues range we in and XX% But is you'll move to something projections. a I think would is not us there gross I New the

Neal Gilmer

that. for Thanks Great.

you follow-up, on in that going the So my on you other strategy you Maybe for how could then opening touched we planning provide Are there. more if forward? unfolding states? since more maybe your perspective outlets a should see little there. bit on And

John Hartmann

John. stores, additional been are will the with sense, our where that competitive model. place early I makes very will we considering focused in and where intensely outlet from of and that We're the think thoughtfully several for new Illinois, on pleased thanks use and -- results we've markets it question. Yeah, Massachusetts, we considering outlets Michigan, It's the we test Look, future.

Neal Gilmer

taking for my Thanks Great. question.

Operator

Your next Frederico question from Capital. comes from Gomes of line the ATB

line now is Your open.

Frederico Gomes

Good evening. Thanks question. for taking my

Just on your still on seeing comment you week sort then bump first and you increasing? Thank are on seeing What availability pricing Maryland, could you the product? sales like and had also sales of retail are of you. a you there? And stabilize? Or

John Hartmann

pleased We've a Maryland. the thanks constraint been question I'll Frederico, We've with We've able your We've first. to parts very days -- very product. you menu product no of seen been been had our seen a full issues couple there. the early offer question. -- We've customers. for of your with in take to to

Sales started week. over -- have sales to and week continue been grow strongly

we've So the medical X.X the with running currently in times range. been are where sales at pleased very sales

Frederico Gomes

see cash of impacted and notably Thank from any color. and that that how much And I working ops do decoupling just benefit in taxes? Yeah, on from thanks believe by we XXXE is don't flow being Jersey? the you. yet. have And you quarter, But then for capital breakdown New Illinois the then this your

Dan Neville

Yeah, sure.

So the first. decoupling I'll take

of high quite states Illinois we are they're relatively profit, and jurisdictions. both bit also Jersey generate New tax gross a and where

at rate certain in has and a Jersey Illinois New above it's income X.X%. thresholds state tax XX.X%

those to benefit on QX quarter. of that the the state was year quarter. to We a the between and positive of actually side cash in a flow for not will both states. obviously, tune things for paid of us it $XX estimates million a the in decoupling QX of driver forward, EBITDA this But $X going be million not So really

ex credit In a through the $XX we source with the from terms in that of of cash to flowing $X quarter, operations. was $X operations was we Q the generated the flow -- -- inclusive ERT tax is cash million million of quarter. that and bit of that, it cash from messy this would $X flow us $X within capital made about as flow be little million from That nice But in operations. that is number of see which tomorrow quarter, million for you'll million working payments additive was a

Frederico Gomes

color. hop much very you Thank for I'll the back Thanks. queue. in the

Operator

comes Semple Capital question of next Echelon from Your Markets. from the Andrew line

Your is open. line now

Andrew Semple

the results. on Congrats QX evening. Good

an it here a is is demonstrated concept, on suppliers with outlet just you quite working question interest clearly or from working concept guys that that now you moving third-party product First through I Have seen well. are you with think, states? store in in more the given the you've, your in higher pricing stores that volumes? third-party to and you pretty partnering and moving, improved suppliers begin more out volumes roll as are the from model any you levels And increase receiving

John Hartmann

Andrew, team thanks tag this Look, I for and maybe question. one. will Dan on the

the our think turn, their outlet parties stores. perspective, enjoy a terrific we from help stores relationships supply in -- I variety help of with store and wide we supply third that an

grow. important those and continue to to they So us, are relationships

Dan Neville

world. generally, say, in I'd is in other retail as the rest holds of same in the cannabis the concept Look, Yeah. the holds it

tend You buy you're making. more buys bit better the on a to discount stuff, get that you

component to is buys those The market. different by

our the and don't example, and outlet own been in you partners, have we it's MSO for relying bit Massachusetts volumes customers. as If third-party we our a use until a can the to to sourcing still to the primarily our pricing more that a independents leverage at we state buying single-state plan state And have products our have assortment to customers look third-party the we've operators. although in full in to line and there or capture less, of is some side on both like as Illinois, a grow, sight where of one large-scale cultivation little pass well product nice providing don't we things Pennsylvania able operation model of seen adult-use, and to partnering continue we've to as with on success our

Andrew Semple

Great, back helpful. QX New quantified you impact half this expected for back in quick here of going figure a that just follow-up Jersey year. the results. that's know for And be to would the the I

previously You an $X maybe of of actually provide I've I'm it that were impact so this expecting a for you expected. less $X got if around the that If out little of came can like granularity half looked to than year. wondering million, and million. right, that same level back

Dan Neville

Yeah.

I look, We're a still So to fully unfortunately through similar in pretty the we're think impact going QX. see not issues.

we're front to and the in terms of flow issues the the seeing financial takes bit of But curve. have that we John work that it the metrics As statement. through getting still through on the we're a said, to better part for month-on-month

have sales a QX AU So We do work look be benefit is we and of Maryland, we through the Jersey a certainly going New more issues. that of the QX. quarter in positive as to to will as be transitional and additive

But the net-net, the and Jersey benefit a improving of we'll be of QX modest see going it's in in QX. kind bulk benefit New to of

Andrew Semple

helpful. taking for my Thanks that's and questions. Understood

Operator

the from from comes question line of Beacon. next Stanley Russell Your

Your open. line is now

Russell Stanley

thanks taking my for Hello. And questions.

yields that the -- bring on in just to Jersey back take to you the I do you all taken modifications So do or the New perhaps, dead bring first, now whether understand and if yields steps modifications all is but up wait of clarify, cycle wanted to to can you've need point guess, Just matter of we I rectify to believe it's horse that you done a just, believe Or trying made. standard made you've and and beat order patients. through? a crops early results? you to need for now this to everything be still need just there's based to to on you've do

John Hartmann

quite spanning and John. has Look, in seen and and the remarkable. with Thanks obvious facilities last half quality the made and I transition May. months it's production shortly question. one And I substantial joined of facility first has is visible. each was the this of been after three I of the the visited in that the I've it the change There's for Russ, your my that eyes, been the own two in to improvement the stage that -- change in grow. actually plant just absolutely The believe

palatable in the I the importantly, there's And leadership some made building were changes there. think, a in as change

of clearly have a remediated a quantitative very in we've I facility also square by were high on consecutive that issues producing. QX, that's grams is foot that measured So improvement level per we confidence the the that the and in month-over-month facing basis

like in the been the the will So work we has benefit hard feel and remediation effective of very coming team now put we the all the garner has months. over

Russell Stanley

if And That's on Thanks. can question color. store great I another move outlet to around the model.

you traditional that at model evaluated noted perhaps especially competitive. markets considering in I'm at markets, have considering you -- outlet all this just or point? existing Given have and more given perhaps relocating, this reopening as stores you're in something are more is a models, model store as wondering you competitive used that become Is you've them taking

John Hartmann

question. the and as we're thanks earlier, it's been I pleased again, the with effectiveness its very we Look, outlet deployed. fully model where -- said for Russ, where

into We to are in taking detail think the the a locations. this we'll far new And to test I want as it deploy we'll probably model call and value the test sense. where in continue the go makes right place we competitive on we to the approach very have today, that's and thoughtful this the of continue and it it and to tested right recognize environment, in model but

Russell Stanley

queue. in color. get I'll for Thanks the back

Operator

at questions no continue. There Please time. this are further

John Hartmann

see you good Thank We'll a and you, joining everybody, evening. for the have call soon.

Operator

participation. today's conference Ladies and call. gentlemen, this Thank your for concludes you

disconnect. You now may

Ascend Wellness (AAWH) 8 Aug 232023 Q2 Earnings call transcript