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CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 67,000 $ 85,676
Accounts receivable, net 26,261 27,024
Inventory 82,265 84,707
Notes receivable 0 349
Other current assets 11,341 11,193
Total current assets 186,867 208,949
Property and equipment, net 381,560 382,402
Operating lease right-of-use assets 46,568 47,063
Intangible assets, net 195,956 196,072
Goodwill 65,368 58,453
Other non-current assets 12,003 14,990
TOTAL ASSETS 888,322 907,929
Current liabilities    
Accounts payable and accrued liabilities 69,922 84,793
Current portion of debt, net 25,309 10,368
Operating lease liabilities, current 3,144 2,771
Finance lease and other lease liabilities, current 3,424 2,924
Income taxes payable 1,083 1,083
Other current liabilities 9,761 7,070
Total current liabilities 112,643 109,009
Long-term debt, net 293,516 291,104
Operating lease liabilities, non-current 59,942 60,546
Finance lease and other lease financing liabilities, non-current 269,944 261,913
Deferred tax liabilities, net 17,794 21,515
Other non-current liabilities 219,571 210,459
Total liabilities 973,410 954,546
Commitments and contingencies (Note 15)
Stockholders' Deficit    
Preferred stock, $0.001 par value per share; 10,000 shares authorized, none issued and outstanding at June 30, 2026 and December 31, 2025 0 0
Additional paid-in capital 471,734 470,907
Accumulated deficit (557,848) (518,549)
Deficit of Ascend Wellness Holdings, Inc. common stockholders (85,911) (47,440)
Non-controlling interests 823 823
Total stockholders' deficit (85,088) (46,617)
TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIT 888,322 907,929
Class A common stock    
Stockholders' Deficit    
Class A and Class B common stock 203 202
Class B common stock    
Stockholders' Deficit    
Class A and Class B common stock $ 0 $ 0