Ascend Wellness Shareholders Approve Reverse Stock Split as Company Pursues Major U.S. Exchange Listing

Shareholders of Ascend Wellness Holdings have approved a reverse stock split designed to help the multistate marijuana operator pursue a listing on a major U.S. stock exchange.

The proposal was approved Friday during a special meeting of shareholders, giving Ascend’s board of directors authority to implement a reverse split of the company’s Class A common shares at a ratio ranging from 1-for-10 to 1-for-50. The board will determine the exact ratio and when, or whether, to implement the split.

Ascend has said the reverse split is a necessary step toward meeting the minimum share-price requirements associated with a potential listing on either the NYSE American or Nasdaq. The company currently trades on the Canadian Securities Exchange under AAWH-U and on the OTCQX market under AAWH.

“A reverse stock split is a necessary step on our path to a listing on a major U.S. exchange,” Ascend CEO Sam Brill said when the vote was announced in July. Brill said an uplisting could increase the company’s access to capital, broaden its investor base and create opportunities that have historically been unavailable to U.S. marijuana companies.

A reverse stock split reduces the number of shares outstanding while proportionally increasing the value represented by each share. Ascend had approximately 203 million Class A shares outstanding as of July 7. Under a 1-for-10 split, that would fall to roughly 20.3 million shares, while a 1-for-50 split would reduce the total to about 4.1 million. Fractional shares would be rounded up to the nearest whole share.

Shareholder approval does not guarantee Ascend will ultimately list on a major U.S. exchange. The company acknowledged in its proxy materials that federal marijuana prohibition and existing exchange policies remain potential obstacles, noting that national exchanges have historically declined to list companies directly engaged in the U.S. recreational marijuana industry.

The authorization remains effective until Ascend’s Class A shares are listed on a national securities exchange or one year from Friday’s meeting, whichever comes first. The board may also choose not to proceed with the reverse split if it determines doing so would no longer be in the company’s best interests.

Ascend operates in Illinois, Maryland, Massachusetts, Michigan, New Jersey, Ohio and Pennsylvania. The company reported $126.1 million in net revenue during the second quarter of 2026 and had expanded its retail footprint to 55 locations by the end of June.