Ascend Names Neville and Perullo as Interim Co-CEOs and Kurtin as Executive Chairman of the Board

Ascend Wellness Holdings Initiates Leadership Transition Plan

• Daniel Neville, CFO, and Frank Perullo, President, Named Interim Co-CEOs; Board Commences Search for CEO to Support Next Phase of Growth
• Abner Kurtin Becomes Executive Chairman of the Board

NEW YORK, Sept. 28, 2022 /PRNewswire/ – Ascend Wellness Holdings, Inc. (“AWH” or the “Company”) (CSE: AAWH.U) ( OTCQX: AAWH), a multi-state, vertically integrated cannabis operator focused on bettering lives through cannabis, today announced that Chief Financial Officer Daniel Neville and President & Co-founder Frank Perullo have been named Interim Co-CEOs, effective immediately. As Interim Co-CEOs, Mr. Neville and Mr. Perullo will provide ongoing leadership and oversight of the Company’s day-to-day operations while a search is conducted for a new CEO.

The Board of Directors has commenced the search process to identify the right CEO to support the Company’s next phase of growth. The Board has retained Russell Reynolds, a leading executive search firm, to support this effort.

In connection with this announcement, Chairman and Founder Abner Kurtin will transition to Executive Chairman of the Board.

The Board issued the following statement regarding the leadership transition:

AWH has an incredibly strong foundation in place and remains well positioned to advance the goal of breaking down traditional walls in the cannabis marketplace and redefining the industry from the ground up. As the Company prepares to enter the next phase of its growth story, the Board determined that now was the right time to initiate this transition. While the Board executes its search for the Company’s next CEO, AWH is fortunate to have Dan and Frank at the helm. They are both intimately familiar with AWH, and the Board is confident that they are well equipped to guide the Company forward and continue executing our strategic priorities during this period.

About Daniel Neville

Daniel Neville is Interim Co-CEO and CFO. Mr. Neville joined AWH as SVP of Finance in March 2019, and in August 2020, he was promoted to Chief Financial Officer. Before AWH, Mr. Neville worked at SLS Capital, a special situations hedge fund based in New York. He served as a Managing Director from January 2015 to March 2019 and as an Analyst from April 2010 to January 2015. Previously, he worked as an investment banker at Credit Suisse in the Technology Group, where he worked on mergers & acquisitions and IPO transactions. Mr. Neville earned his Bachelor of Science in Economics from Duke University.

About Frank Perullo

Frank Perullo is the Interim Co-CEO, President, & Co-Founder of AWH. Mr. Perullo’s leadership has been key to Ascend Wellness Holdings’ impressive growth trajectory and brand success. He spent his first three years as Chief Strategy Officer, during which time he spearheaded the company’s retail expansion strategy and built out AWH’s footprint. Previously, Mr. Perullo served as a strategic consultant for multi-national corporations. He was Founder of Novus Group and Sage Systems, one of the leading providers of web-based data management software, which he founded in 2002.

About AWH

AWH is a vertically integrated multistate cannabis operator with licenses and assets in Illinois, Michigan, Ohio, Massachusetts, New Jersey, and Pennsylvania. AWH owns and operates state-of-the-art cultivation facilities, growing award-winning strains and producing a curated selection of products for retail and wholesale customers. AWH produces and distributes its in-house Simply Herb, Ozone, and Ozone Reserve branded products. For more information, visit www.awholdings.com.

Original Press Release

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