Two key executives are out at Ascend Wellness Holdings as the New York-based marijuana multistate operator struggles with declining revenue and increased losses.
Samuel Brill, the lead independent director on the company’s board, will replace John Hartmann as the vertically integrated company’s CEO, according to a Tuesday news release.
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No reason was given for Hartmann’s ouster, but he was appointed CEO in May 2023 in a similar leadership shake-up.
Ascend said in its second-quarter earnings report earlier this month that net loss had grown to $21.8 million compared with net income of $841,000.
The company reported adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) of $28.3 million.
That was a 33% bump year-over-year but a decrease of 12.7% from the previous quarter.
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