Ascend Wellness Holdings (CSE: AAWH-U.CN / OTCQX: AAWH) has become the latest US multi-state cannabis operator to target an uplisting to a major exchange, following the landmark entrance of Trulieve (TRLV) onto the New York Stock Exchange (NYSE) last month.
The New York based MSO has called a special stakeholder meeting on August 28, inviting its shareholders to vote on a reverse stock split, hoping to inflate its share price to meet the minimum listing requirement for an uplisting to a major US exchange.
It marks the second concrete step towards an uplisting in as many weeks, having filed for DEA registration for its state-licensed medical cannabis operations on June 30.
AWH filed applications with the DEA under the expedited registration pathway established by the April rescheduling order, covering dispensary operations supporting medical cannabis patients across its core markets. The company operates 51 retail locations across seven states and 260,000 square feet of canopy across six cultivation, processing, and manufacturing facilities, posting US$500.6m in revenue in 2025 at an adjusted EBITDA margin of 23.4%.
“This is an important first step for medical cannabis patients and the medical community, while laying the groundwork for broader normalisation across the industry,” said Sam Brill, Chief Executive and Director of AWH.
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“We remain optimistic about what could come next as the DEA hearing on adult-use cannabis rescheduling gets underway. Further reform will help establish a more level playing field for cannabis operators and could align the industry with more economic opportunities and regulatory frameworks available to traditional businesses.”
The reverse stock split filing followed on 13 July. AWH proposed a split ratio of between 1-for-10 and 1-for-50, with the Board retaining discretion over the exact ratio in connection with a formal exchange application, with the company’s current share price of US$0.44.
The 28 August vote, scheduled for six weeks after the ALJ hearing on adult-use rescheduling is scheduled to conclude on 15 July, giving the Board the opportunity to calibrate the final ratio with the hearing’s outcome already known.
As Business of Cannabis reported in June, Trulieve became the first US plant-touching cannabis company to list on the NYSE when its shares began trading on 10 June under the ticker TRLV, having deconsolidated its adult-use retail operations into a separate subsidiary ahead of the listing.
Glass House Brands followed on 30 June under the symbol GLAS, executing a near-identical structure. Curaleaf and Verano completed reverse stock splits in early June, at ratios of 1-for-3 and 1-for-5 respectively, and are also preparing to pursue uplistings.
However, both are awaiting the ALJ hearing outcome before committing to full application, giving them the opportunity to list without being forced to bifurcate their medical and adult-use operations.
Approval of AWH’s reverse stock split requires a majority of outstanding Class A common shares; proxies must be received by 26 August.
