Ascend Wellness Holdings, Inc. (AAWH) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good afternoon, ladies and gentlemen, and welcome to the Ascend Wellness Holdings, Inc. second quarter 2025 earnings conference call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question and answer session. If at any time during this call you require immediate assistance, please press star zero for the operator. This call is being recorded on Thursday, August 7th, 2025. I would now like to turn the conference over to Sam Brill, Director and Chief Executive Officer. Please go ahead. Thank you, operator. Good afternoon, everyone, and thank you for joining our second quarter 2025 earnings call. I'll start off today with a high-level update on the industry, our strategic priorities, and key developments during the quarter. Over the past few months, cannabis has reemerged in public discourse with renewed industry activity, primarily driven by high-profile lobbying efforts. However, ongoing regulatory uncertainty, political gridlock, and a lack of progressive reform continues to stall the industry's momentum. Recent data from Alliance Global Partners shows that in 2024, the U.S. legal cannabis industry outpaced traditional CPG categories, such as tobacco and alcohol, in sales volume growth, even while facing significant pricing pressures. This reflects a broader consumer shift as more individuals across age groups and lifestyles embrace alcohol-free and cannabis-based alternatives. While strong demand and evolving market dynamics are positioning the cannabis industry competitively versus other established CPG categories, the absence of a federal regulatory framework remains a key barrier to meaningful expansion and long-term stability. We remain cautiously optimistic about positive policy changes under the current administ...