Ascend Wellness Files DEA Registration, Advances Nasdaq Uplist Plan

DEA Registration Marks Formal Compliance Step

Ascend submitted its DEA Form 225 application for bulk manufacturing of Schedule III cannabis on July 11, according to a company filing with the SEC. The registration is required under the DEA's final rescheduling rule, which took effect June 1, 2026. Ascend operates 13 cultivation facilities across eight states. All will require individual DEA registrations under the new framework.

The company's application covers manufacturing operations in Illinois, Massachusetts, Michigan, New Jersey, and Ohio. Processing timelines for bulk manufacturer registrations have averaged 45-60 days since the DEA opened the application window in May.

Reverse Stock Split Targets $4 Minimum Bid Price

Ascend's board approved a 1-for-10 reverse stock split, pending shareholder vote at an August 15 special meeting. The split is designed to lift the company's share price above Nasdaq's $4 minimum bid-price threshold. Ascend's subordinate voting shares closed at $0.87 on the CSE on July 11.

The company has applied for a Nasdaq listing under the ticker symbol AAWH. Approval is contingent on meeting all quantitative and qualitative listing standards, including the $4 minimum bid price maintained for 20 consecutive trading days.

Timing Aligns With Broader MSO Uplisting Push

At least seven MSOs have filed DEA registrations and exchange applications since rescheduling took effect. Curaleaf, Trulieve, and Green Thumb Industries submitted Nasdaq applications in June. Verano Holdings and Cresco Labs filed NYSE applications in early July. All face the same bid-price and market-cap hurdles.

For background on the broader uplisting trend, see the CannIntel topic hub on MSO uplisting to major exchanges.

Illinois Anchor Market Drives Revenue Base

Ascend generated $553 million in revenue for the twelve months ending March 31, 2026, with Illinois accounting for 41% of sales. The company operates 28 dispensaries and holds cultivation licenses in eight states. Its market capitalization stood at approximately $310 million as of July 11, above Nasdaq's $50 million minimum but below the $75 million threshold for certain listing tiers.

The company hasn't disclosed expected uplisting costs, but peer filings suggest legal, accounting, and compliance expenses of $2-4 million for the transition.

What Comes Next

Ascend's shareholder vote on the reverse split is scheduled for August 15. If approved, the split would take effect within 10 days. Based on current processing timelines, the company expects DEA registration approval by late August. Nasdaq hasn't published a target decision date for the listing application.

The next milestone: whether Ascend's post-split share price holds above $4 for the required 20-day window. Peer companies that completed reverse splits in June have seen mixed results. Some traded below their pre-split equivalent within weeks.