Proactiveinvestors USA & Canada Ascent Industries Corp. https://ca.proactiveinvestors.com Proactiveinvestors USA & Canada Ascent Industries Corp. RSS feed en Tue, 26 Mar 2019 20:09:52 -0400 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Ascent Industries seals approval to sell Canadian cannabis business ]]> https://ca.proactiveinvestors.com/companies/news/217268/ascent-industries-seals-approval-to-sell-canadian-cannabis-business-217268.html Ascent Industries Corp (CSE:ASNT) (OTCMKTS:PGTMF) announced Tuesday that it has received approval to sell its Canadian business, in a transaction valued at C$41.5 million.

Together with subsidiaries Agrima Botanicals Corp, Bloom Holdings Ltd, Bloom Meadows Corp, Pinecone Products Ltd, and Agrima Scientific Corp, Ascent has been granted an approval and vesting order by the Supreme Court of British Columbia. This means Ascent can sell "substantially all of the assets comprising the Canadian business," to BZAM Management Ltd, an affiliate of Gulf Bridge Ltd. 

BZAM has agreed to assume certain liabilities, including an obligation to purchase a greenhouse, located in Pitt Meadows, BC. 

READ: Ascent Industries inks agreement to sell Canadian cannabis business

The company said the transaction is valued at approximately $41.5 million, comprising $29 million of cash, and the assumption of liabilities, which is valued at approximately C$12.5 million. The company said the transaction is expected to close on or before April 3, 2019. 

Ascent, through its subsidiaries, will continue to own the assets related to Ascent's cannabis cultivation, production, distribution, research and product development business outside of Canada in Oregon, Nevada and Denmark.

Shares of Ascent were halted on March 18.

Contact Katie Lewis at katie@proactiveinvestors.com

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Tue, 26 Mar 2019 12:44:00 -0400 https://ca.proactiveinvestors.com/companies/news/217268/ascent-industries-seals-approval-to-sell-canadian-cannabis-business-217268.html
<![CDATA[News - Ascent Industries inks agreement to sell Canadian cannabis business ]]> https://ca.proactiveinvestors.com/companies/news/216675/ascent-industries-inks-agreement-to-sell-canadian-cannabis-business-216675.html Ascent Industries Corp (CSE:ASNT) (OTCMKTS:PGTMF) announced Monday that it had signed a deal to sell its Canadian business. 

Together with subsidiaries Agrima Botanicals Corp, Bloom Holdings Ltd, Bloom Meadows Corp, Pinecone Products Ltd, and Agrima Scientific Corp, Ascent entered into an asset purchase agreement with BZAM Management Ltd, an affiliate of Gulf Bridge Ltd.

Ascent has agreed to sell "substantially all of the assets comprising the Canadian business" for cash, according to a statement released by the company. 

Shares of Ascent were halted Monday morning. 

READ: Ascent Industries says cannabis company pursuing strategic alternatives

BZAM Management has also agreed to assume Ascent's obligations to purchase a greenhouse, located in Pitt Meadows, British Columbia.

According to a job advert posted online, BZAM Management, headquartered in Vancouver, is aiming to "build a premium cannabis brand alongside a growing portfolio of subsidiary LPs," as an integrated cannabis cultivation, processing and marketing business. 

Outside of Canada, Ascent will continue to own its cannabis cultivation, distribution, research and product development business in Oregon, Nevada and Denmark. 

Deal details

According to the company, the transaction is subject to a number of conditions and is subject to Ascent receiving an approval and vesting Order of the Supreme Court of British Columbia issued in connection with the proceedings under the Companies' Creditors Arrangement Act. 

The company said it intends to apply to the court to receive the approval and vesting order at a hearing, which will take place on or before March 22, 2019. 

The transaction is expected to close before April 15, 2019.

Contact Katie Lewis at katie@proactiveinvestors.com

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Mon, 18 Mar 2019 11:47:00 -0400 https://ca.proactiveinvestors.com/companies/news/216675/ascent-industries-inks-agreement-to-sell-canadian-cannabis-business-216675.html
<![CDATA[News - Ascent Industries says cannabis company pursuing strategic alternatives ]]> https://ca.proactiveinvestors.com/companies/news/215736/ascent-industries-says-cannabis-company-pursuing-strategic-alternatives-215736.html Ascent Industries Corp (CSE:ASNT) said Monday it is pursuing strategic alternatives after the Supreme Court of British Columbia issued an order granting its application for creditor protection under the Companies' Creditors Arrangement Act.

The Vancouver-based company said in a statement that it has received a commitment for as much as C$2 million in interim financing, subject to certain terms and conditions, to support its continued operations.

The court-approved interim financing is expected to provide sufficient liquidity to support the company's business through the conclusion of the strategic alternatives process. The company expects the financing will be provided by Gulf Bridge Ltd, a secured creditor.

READ: Ascent Industries sets date for special meeting requested by group of shareholders

The order extends protection to Agrima Botanicals Corp, Bloom Holdings Ltd, Bloom Meadows Corp, Pinecone Products Ltd, Agrima Scientific Corp and West Fork Holdings NV Inc. The proceedings don’t affect the operations and activities of Ascent's other subsidiaries, including operations in Oregon, Nevada and Denmark.

Investor Drew Malcolm said last month that shareholders controlling 44.8% of the outstanding common shares are seeking the removal of three incumbent directors and the election of seven new independent directors who would constitute the entire board.

Last week, the company said it has scheduled for June 6, a special meeting requested by shareholders, as well as its annual meeting.

Health Canada submissions

Ascent added last week that it has made further submissions to Health Canada to address the suspension and proposed revocation of producer's and dealer's licenses issued to its Agrima subsidiary.

In addition, the company said a hearing with the Department of Business License in Clark County, Nevada, slated for February 28 had been moved to March 28. Ascent added that it intends to appear and supply information on why its license in Nevada should not be permanently suspended or revoked.

Shares of Ascent traded at C$0.12 in Monday’s Canadian trading.

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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Mon, 04 Mar 2019 09:53:00 -0500 https://ca.proactiveinvestors.com/companies/news/215736/ascent-industries-says-cannabis-company-pursuing-strategic-alternatives-215736.html
<![CDATA[News - Ascent Industries sets date for special meeting requested by group of shareholders ]]> https://ca.proactiveinvestors.com/companies/news/215446/ascent-industries-sets-date-for-special-meeting-requested-by-group-of-shareholders-215446.html Ascent Industries Corp (CSE:ASNT) said Wednesday that it has scheduled for June 6 a special meeting requested by shareholders as well as its annual meeting.

The cannabis company said in a statement that holding both meetings at the same time will spare shareholders the additional costs of two separate meetings in succession. The British Colombia-based company said shareholders are not required to take any action at this time.

Vancouver-based Ascent added that it’s preparing a management information circular that will contain a full response to statements made by the Malcolm Group of shareholders. The circular, according to Ascent, will include a full history of actions taken by current and former members of management as well as by the group of shareholders.

READ: Ascent Industries says it's 'fully committed' to addressing Clark County's concerns over marijuana license

The company said it intends to file its circular well in advance of the June 6 meeting.

The investor Drew Malcolm said in a statement earlier this month that shareholders controlling 44.8% of the outstanding common shares are seeking the removal of three incumbent directors and the election of seven new independent directors who would constitute the entire board.

Ascent added Wednesday that it has made further submissions to Health Canada to address the suspension and proposed revocation of producer's and dealer's licenses issued to its Agrima Botanicals Corp subsidiary. Health Canada, according to Ascent, has acknowledged receipt of the submission, and the company said it’s awaiting Health Canada's response.

In addition, the company said a hearing with the Department of Business License in Clark County, Nevada, slated for February 28 has been moved to March 28. Ascent added that it intends to appear and supply information on why its license in Nevada should not be permanently suspended or revoked.

Shares of Ascent traded at C$0.12 in Wednesday’s Canadian trading.

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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Wed, 27 Feb 2019 11:26:00 -0500 https://ca.proactiveinvestors.com/companies/news/215446/ascent-industries-sets-date-for-special-meeting-requested-by-group-of-shareholders-215446.html
<![CDATA[News - Ascent Industries says it's 'fully committed' to addressing Clark County's concerns over marijuana licence ]]> https://ca.proactiveinvestors.com/companies/news/214749/ascent-industries-says-it-s--fully-committed--to-addressing-clark-county-s-concerns-over-marijuana-licence-214749.html Ascent Industries Corp (CSE:ASNT) said it is fully committed to addressing concerns raised after its wholly owned subsidiary, Sweet Cannabis (SC), received notice from Clark County's department of business licence that its master marijuana licence may be suspended or not renewed.

“SC has been advised that it must appear before a hearing officer on February 28, 2019 to show cause why the license shall not be permanently suspended, revoked or non-renewed,” said Ascent Industries in a statement. "Ascent is fully committed to addressing the department's concerns, and will appear and provide appropriate information to the department at the February 28, 2019 hearing."

READ: Ascent Industries says it’s committed to ‘constructive dialogue’ with shareholders

The department noted three specific violations: a cannabis consumption event in the H-1 zone resort corridor in Las Vegas, record keeping and inventory errors and parent company license suspension by Health Canada.

Sweet Cannabis has a right of appeal has a right of appeal of such a decision and may also file a petition for a judicial review conducted by the District Court. 

The company said the consumption event appears to have taken place on November 15, 2018, under the former management team of Ascent, who resigned on November 21, 2018.

A company representative declined to provide further comment.

Separately, Ascent announced the resignation of Mark Brown from the board of directors effective immediately. The company did not provide any further details.

Shares of Ascent slipped C$0.03 to C$0.13 in Monday’s Canadian trading.

Contact Katie Lewis at katie@proactiveinvestors.com

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Fri, 15 Feb 2019 12:37:00 -0500 https://ca.proactiveinvestors.com/companies/news/214749/ascent-industries-says-it-s--fully-committed--to-addressing-clark-county-s-concerns-over-marijuana-licence-214749.html
<![CDATA[News - Ascent Industries says it’s committed to ‘constructive dialogue’ with shareholders ]]> https://ca.proactiveinvestors.com/companies/news/214378/ascent-industries-says-its-committed-to-constructive-dialogue-with-shareholders-214378.html Ascent Industries Corp (CSE:ASNT) said Monday the company is “committed to constructive dialogue and engagement” after receiving a request from investor Drew Malcolm to hold a shareholder meeting regarding the makeup of its board.

The cannabis company said in a statement that it’s focused on the highest standards of corporate governance and making decisions for the benefit of all shareholders.

READ: Ascent Industries has until February 20 to make additional submissions to Health Canada

Malcolm said in a statement over the weekend that shareholders controlling 44.8% of the outstanding common shares are seeking the removal of three incumbent directors and the election of seven new independent directors who would constitute the entire board.

“Ascent's current management and board of directors are committed to constructive dialogue and engagement with both the Malcolm Group as well as independent shareholders,” Ascent said.

The company declined to provide further comment.

Last week, Ascent said Health Canada had advised the company that the agency still intends to revoke a subsidiary’s licenses and has given Ascent until February 20 to make any additional submissions.

Shares of Ascent slipped C$0.01 to C$0.14 in Monday’s Canadian trading.

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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Mon, 11 Feb 2019 10:04:00 -0500 https://ca.proactiveinvestors.com/companies/news/214378/ascent-industries-says-its-committed-to-constructive-dialogue-with-shareholders-214378.html
<![CDATA[News - Ascent Industries has until February 20 to make additional submissions to Health Canada ]]> https://ca.proactiveinvestors.com/companies/news/214199/ascent-industries-has-until-february-20-to-make-additional-submissions-to-health-canada-214199.html Ascent Industries Corp reiterated Thursday that a strategic review is underway after Health Canada repeated its view that the cannabis company failed to demonstrate that the suspension and proposed revocation of a subsidiary’s licenses is unfounded.

The goal of the review, Ascent said in a statement, is stabilizing the Vancouver-based company’s financial position and maximizing value.

Health Canada, according to Ascent, has advised the company that it still intends to revoke the licenses and has given Ascent until February 20 to make any additional submissions.

READ: Ascent Industries hires financial firm to explore options

Ascent said in the statement that the agency has repeated its concern that unauthorized activities with cannabis occurred after producer's and dealer's licenses were granted to the subsidiary, Agrima Botanicals Corp.

A representative of Ascent declined to provide further comment.

The agency cited violations of Access to Cannabis for Medical Purposes Regulations and the Controlled Drugs and Substances Act.

Shares of Ascent dropped C$0.07 to C$0.14 in Thursday's Canadian trading. 

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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Thu, 07 Feb 2019 09:43:00 -0500 https://ca.proactiveinvestors.com/companies/news/214199/ascent-industries-has-until-february-20-to-make-additional-submissions-to-health-canada-214199.html
<![CDATA[News - Ascent shareholder Drew Malcolm acquires more than 116M shares ]]> https://ca.proactiveinvestors.com/companies/news/213927/ascent-shareholder-drew-malcolm-acquires-more-than-116m-shares-213927.html Ascent Industries Corp (CSE:ASNT) (OTCMKTS:PGTMF) shareholder Drew Malcolm issued an update, saying he had acquired control of 116 million shares and now controls more than 140 million shares of the company or  44.8% of the capital.

Previously, Malcolm beneficially owned or controlled nearly 7.7% of the issued and outstanding shares. He has now been appointed as a voting trustee.

READ: Ascent Industries announces debt re-financing and working-capital loan

On Friday, February 1, concerned shareholders Terry Booth, Donald Campbell, Hope Rudl, Mark Parr, James Fitzpatrick, Reid Parr, Philip Campbell, James Poelzer, Quintet Ventures Inc and Lola Ventures Inc each entered into separate voting trust agreements with Malcolm, allowing him to acquire their shares.

Malcolm acquired voting control over the shares to more effectively exercise the rights of the concerned shareholders with a view of obtaining more fulsome disclosure regarding the issuer's future business plans.

In December last year, Ascent announced it had hired financial firm Clarus Securities to explore a range of strategic alternatives to strengthen the company's balance sheet and maximize value.

Health Canada suspended producer and dealer licenses issued to the group's subsidiary Agrima Botanicals.

Refinancing of debt facilities

Earlier this month, the group re-financed two senior secured debt facilities and obtained working capital through a private international lender.

The company said it has replaced the C$1.7 million first mortgage attached to its Maple Ridge property in Canada and the C$4 million convertible note in respect of the company's Las Vegas, Nevada property, with a single loan secured against both properties that include working capital of around C$1 million.

The re-financing consolidates a mortgage and convertible note into one secured loan for Ascent. The company said the working capital portion totals C$7 million, with an interest rate of 10% per annum, due on July 15, 2019, or a later date as agreed.

Shares were down 7.3% to $0.19 Tuesday on the Canadian Securities Exchange.

-- Proactive incorrectly stated the source of the comments; the article has since been modified. --

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Mon, 04 Feb 2019 13:25:00 -0500 https://ca.proactiveinvestors.com/companies/news/213927/ascent-shareholder-drew-malcolm-acquires-more-than-116m-shares-213927.html
<![CDATA[News - Ascent Industries announces debt re-financing and working-capital loan ]]> https://ca.proactiveinvestors.com/companies/news/212189/ascent-industries-announces-debt-re-financing-and-working-capital-loan-212189.html Ascent Industries Corp (CSE:ASNT) (OTCMKTS:PGTMF) announced Tuesday that it has re-financed two senior secured debt facilities and has obtained working capital through a private international lender.

The company said it has replaced the C$1.7 million first mortgage attached to its Maple Ridge property in Canada and the C$4 million convertible note in respect of the company's Las Vegas, Nevada property, with a single loan secured against both properties that includes working capital of around C$1 million.

READ: Ascent Industries adds general counsel Karim Lalani to board

The re-financing consolidates a mortgage and convertible note into one secured loan for Ascent. The company said the working capital portion totals C$7 million, with an interest rate of 10% per annum, due on July 15, 2019, or a later date as agreed upon.

In connection with the re-financing, the company said it had issued 150,000 warrants to one of the holders of the convertible note, with each warrant allowing the holder to purchase one common share of Ascent at a price of $0.30 per share, until January 4, 2021.

Shares of Ascent were flat at C$0.24 on Tuesday.

 

Contact Katie Lewis at katie@proactiveinvestors.com
Follow her on Twitter: @kelewis ]]>
Tue, 08 Jan 2019 18:20:00 -0500 https://ca.proactiveinvestors.com/companies/news/212189/ascent-industries-announces-debt-re-financing-and-working-capital-loan-212189.html
<![CDATA[News - Ascent Industries adds general counsel Karim Lalani to board ]]> https://ca.proactiveinvestors.com/companies/news/211409/ascent-industries-adds-general-counsel-karim-lalani-to-board-211409.html Ascent Industries (CNSX:ASNT) (OTCMKTS:PGTMF) has announced that its general counsel Karim Lalani has been appointed to its board and will replace Amy Margolis who is stepping down as director for personal reasons.

The board changes at the Canadian cannabis company come close after the suspension of producer and dealer licenses issued to its subsidiary Agrima Botanicals by Health Canada.

READ: Ascent Industries hires financial firm to explore options

Ascent made a submission this week to the regulator to address its proposed revocation of the licenses issued to Agrima. Ascent’s cannabis operations currently include facilities in British Columbia as well as in Oregon and Nevada.

Ascent also said it has laid off 30 Canadian staff, which represents 36% of its workforce to protect its financial position. In a statement, the company said it hoped to enter a period of re-hiring if the licenses are restored.

“The company regrets having to take this action and its timing and hopes employment can be restored in the near-term, pending resolution of the suspension,” Ascent said in a release.

The shares held steady to finish Monday at C$0.18 in Canadian trading.

Contact Ellen Kelleher at ellen@proactiveinvestors.com

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Tue, 18 Dec 2018 07:55:00 -0500 https://ca.proactiveinvestors.com/companies/news/211409/ascent-industries-adds-general-counsel-karim-lalani-to-board-211409.html
<![CDATA[News - Ascent Industries hires financial firm to explore options ]]> https://ca.proactiveinvestors.com/companies/news/211085/ascent-industries-hires-financial-firm-to-explore-options-211085.html Ascent Industries Corp (CSE:ASNT) (OTCMKTS:PGTMF) announced that it has hired financial firm Clarus Securities to explore a range of strategic alternatives to strengthen the company's balance sheet and maximize its value.

"While the company is focused first and foremost on remedying the situation with Health Canada, management believes that a review of strategic alternatives will allow it to make informed decisions about the company in the interests of all stakeholders," said Blair Jordan, interim chief executive officer.

READ: Ascent Industries interim CEO Blair Jordan joins board of directors

Health Canada recently granted Ascent's subsidiary Agrima an extension until Dec. 17 after suspending and proposing to revoke its producer and dealer licenses.

The company said there was no defined timeline for the strategic review, and it could result in a number of outcomes (or none). There is "no assurance that the company will pursue or execute any specific action or transaction," the company said in a release, adding it does not intend to make any further comments on the matter unless required by law. 

Shares of Ascent were at C$0.19 on Wednesday. 

 

Contact Katie Lewis at katie@proactiveinvestors.com

Follow her on Twitter: @kelewis

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Wed, 12 Dec 2018 11:20:00 -0500 https://ca.proactiveinvestors.com/companies/news/211085/ascent-industries-hires-financial-firm-to-explore-options-211085.html
<![CDATA[News - Ascent Industries interim CEO Blair Jordan joins board of directors ]]> https://ca.proactiveinvestors.com/companies/news/210335/ascent-industries-interim-ceo-blair-jordan-joins-board-of-directors-210335.html Cannabis company Ascent Industries Corp (CNSX:ASNT) (OTCMKTS: PGTMF) said Friday that Blair Jordan, its interim CEO, has joined the board of directors.

The Vancouver-based company said in a press release that Dr. Perry Kendall has resigned from the board to pursue an interest in public health.

READ: Ascent Industries receives extension from Health Canada; shares perk up

The company’s stock rallied earlier this week after Ascent said Health Canada granted its wholly owned subsidiary Agrima Botanicals Corp an extension after suspending and proposing to revoke its producer and dealer licenses.

Earlier in November, the company named Jordan, the chief financial officer, as interim CEO. He replaced founder Philip Campbell.

Shares of Ascent traded at C$0.23 in Thursday’s Canadian trading. They slipped US$0.01 to US$0.18 on the OTC market.

Ascent operates in British Columbia, Oregon and Nevada. It employs 139 people, including 89 in British Columbia.

 

Contact Dennis Fitzgerald at dennis@proactiveinvestors.com

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Fri, 30 Nov 2018 13:39:00 -0500 https://ca.proactiveinvestors.com/companies/news/210335/ascent-industries-interim-ceo-blair-jordan-joins-board-of-directors-210335.html
<![CDATA[News - Ascent Industries receives extension from Health Canada; shares perk up ]]> https://ca.proactiveinvestors.com/companies/news/209964/ascent-industries-receives-extension-from-health-canada-shares-perk-up-209964.html Shares of Ascent Industries Corp (CSE:ASNT) soared Monday after the company reported that Health Canada granted its wholly owned subsidiary Agrima Botanicals Corp an extension after it suspended and proposed to revoke the Canadian producer's licence and dealer's licence.

Shares of Ascent were up 13.2% at C$0.22 on Monday.

READ: Ascent Industries names new interim CEO

Ascent said that Agrima now has until December 17, 2018, to provide Health Canada with reasons as to why the revocation is unfounded and is working to make sure all concerns are covered off.

"Ascent welcomes the additional time from Health Canada," says Blair Jordan, interim CEO. "We are working diligently to ensure all of Health Canada's concerns and questions are addressed. Ascent's goal is to absolutely comply with all applicable Health Canada rules."

 

Contact Katie Lewis at katie@proactiveinvestors.com

Find her on Twitter @kelewis

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Mon, 26 Nov 2018 12:19:00 -0500 https://ca.proactiveinvestors.com/companies/news/209964/ascent-industries-receives-extension-from-health-canada-shares-perk-up-209964.html
<![CDATA[News - Ascent Industries names new interim CEO ]]> https://ca.proactiveinvestors.com/companies/news/209787/ascent-industries-names-new-interim-ceo-209787.html Ascent Industries Corp (CSE:ASNT) said on Wednesday that it has appointed Blair Jordan, the current chief financial officer, as the interim chief executive officer.

Before joining Ascent in January, 2018, as vice-president, corporate development, and assuming Ascent's chief financial officer role in August 2018, Jordan was managing director of investment banking at Echelon Wealth Partners Inc. He was previously with Credit Suisse in London, New York and Tokyo and was a securities lawyer with Bennett Jones LLP in Calgary.

On Wednesday, Health Canada said it completed its review of the information submitted by the company in response to the suspension of the Canadian producer licence and dealer licence issued by the agency to Agrima Botanicals Corp, a wholly owned subsidiary of the company.

Health Canada said it completed a review of the information submitted by the company.

READ: Ascent Industries hails progress in cannabis research collaboration

Health Canada has advised the responses were not satisfactory to lift the suspension and issued a letter to Ascent that it intends to revoke Agrima's licences.

The company said it intends to exercise its right to be heard under the Cannabis Act and Cannabis Regulations in order to maintain its licences.

"We are fully committed to remedying this situation with Health Canada and ensuring that Ascent operates at the highest level of the industry's best practices," said Jordan, interim chief executive officer.

"The independent committee of the board and I are giving this issue our full attention in order to get Ascent back to its strong growth path to build more capacity, grow our employment numbers and expand our partnerships in the local community as soon as we can."

The company said it has formed a committee of independent directors, led by Mark Brown, to undertake a review of the concerns raised by Health Canada, which is underway, and to lead the hearing process with Health Canada.

The company said it has also appointed Fasken Martineau DuMoulin LLP as its independent external legal counsel to advise on the hearing process.

Shares of Ascent were at C$0.18 on Thursday. 

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Thu, 22 Nov 2018 11:39:00 -0500 https://ca.proactiveinvestors.com/companies/news/209787/ascent-industries-names-new-interim-ceo-209787.html
<![CDATA[News - Ascent Industries shares bloom as it outlines plans to exploit rapidly expanding hemp market ]]> https://ca.proactiveinvestors.com/companies/news/209127/ascent-industries-shares-bloom-as-it-outlines-plans-to-exploit-rapidly-expanding-hemp-market-209127.html Shares in Ascent Industries Corp.(CSE:ASNT) advanced in Toronto on Tuesday as it outlined plans to exploit the growing hemp and cannabidiol (CBD) market in the USA.

It says when the US Hemp Farming Act of 2018 is enacted, hemp is expected to be fully de-scheduled as a controlled substance, making it a normal agricultural commodity.

Ascent, via subsidiary Thirty Eight Hemp Corp,  will exploit the hemp market via its strategic relationship with Kentucky based AgTech Scientific, in which it expects to soon have a 10% stake.

AgTech has added more farmers for its 2019 supply chain and plans to plant 4 million plants over 1,000 acres and a 1.8 million sq ft greenhouse.

It is expected to produce upwards of 5 million pounds of high-quality, cannabinoid-rich, hemp-flower material from its outdoor operations and up to 200,000 pounds of pharma-grade, cannabinoid-rich, hemp-flower material from the greenhouse.

Under a previous supply agreement between Thirty-Eight Hemp and AgTech, Thirty-Eight can obtain up to 25% of AgTech's hemp biomass production containing greater than 10% CBD, providing a source of high-quality material for its CBD-products.

AgTech holds both a processor/handler license and a grower license in Kentucky and intends to scale their partnership with the state's farmers for large-scale hemp production.

AgTech and Thirty Eight Hemp plan to enter a deal, whereby AgTech will assist Thirty Eight Hemp to distribute various CBD and other hemp derived products in approved jurisdictions in the USA, while Ascent will provide certain expertise and IP (intellectual property) to help AgTech with building its hemp processing facility in Kentucky.

"The are many reasons for this strategic relationship, but the main reason is that compared to their competitors, AgTech has true vertical integration," said Ascent's COO Reid Parr.

"They have world-class genetics, large-scale farming including outdoor and indoor high-tech greenhouses as well as large-scale, GMP compliant, state of the art extraction and product manufacturing."

Ascent Industries shares added 9.5% to $0.52 in Toronto Tuesday afternoon.

Contact Giles Gwinnett at giles@proactiveinvestors.com

Follow Giles on Twitter @Gile74

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Tue, 13 Nov 2018 13:32:00 -0500 https://ca.proactiveinvestors.com/companies/news/209127/ascent-industries-shares-bloom-as-it-outlines-plans-to-exploit-rapidly-expanding-hemp-market-209127.html
<![CDATA[Media files - Ascent Industries has a plan to be a major player in the Hemp market ]]> https://ca.proactiveinvestors.com/companies/stocktube/11130/ascent-industries-has-a-plan-to-be-a-major-player-in-the-hemp-market-11130.html Tue, 13 Nov 2018 07:37:00 -0500 https://ca.proactiveinvestors.com/companies/stocktube/11130/ascent-industries-has-a-plan-to-be-a-major-player-in-the-hemp-market-11130.html <![CDATA[News - Ascent Industries hails progress in cannabis research collaboration ]]> https://ca.proactiveinvestors.com/companies/news/208873/ascent-industries-hails-progress-in-cannabis-research-collaboration-208873.html Ascent Industries Corp.(CSE:ASNT) updated on its cannabis research with the Simon Fraser University, saying a number of exciting discoveries have been made.

The work is being undertaken by subsidiary Agrima Botanicals Corp and the university's plant biologist Dr Zamir K. Punja.

READ: Ascent Industries poised to sell Pax's premium vape pen

Among the highlighted achievements is the identification of pathogens and molds affecting cannabis plants and DNA fingerprinting approaches for the identification of cannabis strains used in production.

Tissue culture methods have been developed that provide Ascent and its partners access to disease-free starting material from meristems and axillary buds in commercial scale volumes.

A DNA-based testing kit to distinguish male plants from female plants that were an outcome from this collaborative research is also currently on the market.

"In addition to strengthening our Intellectual Property (IP) portfolio, this project allows Ascent to develop and implement scientifically driven strategies to reduce crop loss risk and ensure batches of the highest quality by mitigating the impact of unwanted and deleterious cannabis pathogens," said Philip Campbell, CEO of Ascent Industries.

"In turn, this will help to ensure that we are able to produce exceptional products for use in our medical and consumer packaged goods.

"These results have wide-reaching applications to ours and our partner operations in Canada and abroad" concluded Campbell.

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Thu, 08 Nov 2018 15:15:00 -0500 https://ca.proactiveinvestors.com/companies/news/208873/ascent-industries-hails-progress-in-cannabis-research-collaboration-208873.html
<![CDATA[News - Ascent Industries poised to sell Pax's premium vape pen ]]> https://ca.proactiveinvestors.com/companies/news/208758/ascent-industries-poised-to-sell-pax-s-premium-vape-pen-208758.html Ascent Industries Corp (CSE: ASNT), the global cannabis firm,  said it had partnered with PAX Labs Inc to combine its TOKO oil with the former's premium cannabis vaporizer to sell on Oregon.

San-Francisco based PAX specialises in the design and development of premium cannabis vaping devices and over  a million of its devices have been sold for vaporizing pot in flower form.

Ascent will now be licensed to sell and distribute the PAX Era vaporizer platform and compatible pod through all 535 of Oregon's dispensaries with effect  from November 1 this year.

No financial details were given.

"This agreement with PAX comes at a time when the popularity of vaping is driving product innovation to meet consumer demand for ease of use, portability and improved flavour," said James Poelzer, Ascent's Chief Business Development Officer comments,

"PAX's award winning Era vaporizer product is a premium pen and pod system, and perfectly matches the high quality of TOKO oil. 

"The Oregon distribution agreement pairs the leading vape pen brand in the world and our popular TOKO oil products. 

"The premiere positioning of the PAX Era will help to further entrench TOKO as one of Oregon's leading cannabis oils."

Ascent's operations currently include licenced facilities in British Columbia, Canada, and in Oregon and Nevada in the United States.

The company is increasing its cultivation and production capacity from 50,000 square feet to 710,000 square feet in 2018, from which it expects to produce significantly higher amounts of cannabis and cannabis oil to support its expanding operations.

Shares eased 3.51% in Toronto to $0.55.

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Wed, 07 Nov 2018 10:47:00 -0500 https://ca.proactiveinvestors.com/companies/news/208758/ascent-industries-poised-to-sell-pax-s-premium-vape-pen-208758.html
<![CDATA[Media files - Ascent Industries makes major move into California cannabis market ]]> https://ca.proactiveinvestors.com/companies/stocktube/10936/ascent-industries-makes-major-move-into-california-cannabis-market-10936.html Thu, 25 Oct 2018 12:00:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/10936/ascent-industries-makes-major-move-into-california-cannabis-market-10936.html <![CDATA[News - Ascent Industries boosts US footprint, launches California location ]]> https://ca.proactiveinvestors.com/companies/news/207595/ascent-industries-boosts-us-footprint-launches-california-location-207595.html The California calling is strong, as Ascent Industries Corp (CSE: ASNT) announced bright news Monday that it is establishing its third location in the United States in Oakland, California.

As one of the most important cannabis markets in the world, nearly 40 million people and a sophisticated cannabis culture, the company said California presents a "compelling opportunity" for Ascent.

Last week, Ascent signed a 10-year lease for approximately 67,750 square feet of space within a building, the Oakland Tinnery, located in Oakland, California, which is owned and managed by Ascent's strategic partner, Green Sage, LLC.

WATCH: Ascent Industries preparing to market their products on a global scale

"Ascent is very excited to be entering the California market, particularly in such a capital efficient way through our Green Sage relationship. The ability to expand in a key market, without diluting existing shareholders, allows us to expend our resources on our core strengths – producing high quality extracts and sophisticated branded products that resonate with consumers," said Philip Campbell, CEO of Ascent.

"This is only the first move with our partner Green Sage – we look forward to further expansion in California and other areas of North America as the right opportunities arise."

The company said Green Sage will be applying its cannabis facility construction expertise in building out the California facility to Ascent's specifications.

Green Sage will also assist Ascent in obtaining the permits and licences required for its expansion into California. Construction plans are expected to be finalized over the next 40 days. 

The Tinnery is ideally located in the City of Oakland's established Green Zone, which permits cannabis cultivation and manufacturing. 

WATCH: Ascent Industries readies for legalization in Canada as they continue global growth

Ascent said it believes Oakland is an ideal location to commence operations in California, providing the ability to scale across an entire value chain to achieve revenues quickly.

The company says it intends to create a fully integrated value chain at the California facility: producing disease and pesticide free starting material via plant tissue culture, cultivating high-quality cannabis indoors, extracting and manufacturing branded products, and distributing branded products through an on-premises dispensary and by local delivery via an e-commerce platform.

"Launching a vertically integrated cannabis operation in Oakland will not only showcase Ascent's extraction expertise, but also supply San Francisco Bay Area consumers with the high-quality indoor cannabis that will always be in demand," said James Poelzer, Ascent's chief business development officer.

Ascent management believes the opportunity available in California is currently unparalleled elsewhere in the world.

On the medical front, California has a 20-year legacy of medical cannabis sales and is estimated to have over one million cannabis patients in addition to the millions of adult-use customers.

Estimates on the value of this market vary, but BDS Analytics and Arcview Group indicated in The State of Legal Cannabis Markets – 6th Edition, published in June 2018, that California could be a US$5.1 billion market in 2019.

"We are excited to be working with our partner Ascent in Oakland, and very pleased that they have taken what was the last available space in the Tinnery," said Ken Greer, managing director of Green Sage.

"We believe that Ascent's sophisticated brands will find a ready market in California, starting in the San Francisco Bay Area. We look forward to continuing to grow with Ascent, both in California and throughout North America."

Shares of Ascent Industries were down at C$0.58 on Monday. 

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Mon, 22 Oct 2018 11:39:00 -0400 https://ca.proactiveinvestors.com/companies/news/207595/ascent-industries-boosts-us-footprint-launches-california-location-207595.html
<![CDATA[Media files - Ascent Industries preparing to market their products on a global scale ]]> https://ca.proactiveinvestors.com/companies/stocktube/10917/ascent-industries-preparing-to-market-their-products-on-a-global-scale-10917.html Thu, 18 Oct 2018 16:20:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/10917/ascent-industries-preparing-to-market-their-products-on-a-global-scale-10917.html <![CDATA[News - Ascent Industries updates on Health Canada licences; bolsters quality assurance team ]]> https://ca.proactiveinvestors.com/companies/news/207419/ascent-industries-updates-on-health-canada-licences-bolsters-quality-assurance-team-207419.html Ascent Industries Corp (CSE:ASNT) updated on previous news that subsidiary Agrima Botanicals had its licences partially suspended by Health Canada.

In Canada, Ascent, via Agrima is a licenced producer with licences to cultivate cannabis and produce cannabis extracts, as well as being a licensed dealer.

READ: Ascent Industries and Harvest One Cannabis hail Canada's regulatory milestone as recreational pot becomes legal

Today (Thursday) Ascent said: "The company has made formal submissions to Health Canada for the reinstatement of the Agrima licences and has been informed by Health Canada that the Company's submissions are under review.

"However, Health Canada has not indicated when the review will be completed."

Health Canada had said that Agrima had not met all of its record keeping and other compliance requirements during a Health Canada inspection conducted between August 28 and August 30.

Ascent said it had been working diligently to enhance its record-keeping controls and procedures and other compliance activities at the Agrima facility.

In particular, it has added three highly experienced managers to its quality assurance and regulatory compliance team, it said.

They are John Sweeney - vice president of operations at Ascent, John Catliff - operations manager at - Agrima Botanicals and Kamaljit Singh, the quality assurance manager at Agrima Botanicals.

Ascent shares added 1.56% to $0.65 on the day.

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Thu, 18 Oct 2018 14:44:00 -0400 https://ca.proactiveinvestors.com/companies/news/207419/ascent-industries-updates-on-health-canada-licences-bolsters-quality-assurance-team-207419.html
<![CDATA[News - Ascent Industries and Harvest One Cannabis hail Canada's regulatory milestone as recreational pot becomes legal ]]> https://ca.proactiveinvestors.com/companies/news/207294/ascent-industries-and-harvest-one-cannabis-hail-canada-s-regulatory-milestone-as-recreational-pot-becomes-legal-207294.html Cannabis groups in Canada have today welcomed the huge milestone in the country's history - the legalization of the plant for adult use.

Canada has become (on October 17) the first G7 country to legalize the recreational use of cannabis nationally and the only country with a legalized regime for both medical and adult use.

"On this historic occasion, we stand at the beginning of a global shift in terms of how governments and societies deal with cannabis...," said Philip Campbell, CEO of Ascent Industries Corp (CSE:ASNT).

"Ascent is proud to be a participant in this nascent global industry, and proud that Canada and the Canadian government have set the standard globally for cannabis legalization," he added.

"The Ascent team is confident that Canada will remain a leader in the global cannabis sector, and that citizens not only in Canada, but around the world, will benefit from the increasing pace of research exploring the many potential beneficial medical products which can be derived from cannabis."

A licensed producer and dealer, Ascent operations currently include licenced facilities in British Columbia and in Oregon and Nevada in the USA.

Meanwhile, Harvest One Cannabis Inc (CVE:HVT), a cannabis-focused lifestyle and wellness product firm,  congratulated the federal and provincial governments, and the industry as a whole on the achievement.

Under supply deals, the firm's wholly-owned subsidiary, United Greeneries, has delivered its , craft cannabis to British Columbia, Ontario, Manitoba and Saskatchewan, it said.

"This is an amazing day for our country in terms of progressive thought," said Grant Froese, CEO of Harvest One.

"We have shown the world that Canada is not afraid to make innovative and bold choices. I'm proud to be part of Harvest One and the Canadian cannabis industry as a whole. Have fun. Be safe. Stay happy."

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Wed, 17 Oct 2018 09:00:00 -0400 https://ca.proactiveinvestors.com/companies/news/207294/ascent-industries-and-harvest-one-cannabis-hail-canada-s-regulatory-milestone-as-recreational-pot-becomes-legal-207294.html
<![CDATA[Media files - Ascent Industries readies for legalization in Canada as they continue global growth ]]> https://ca.proactiveinvestors.com/companies/stocktube/10877/ascent-industries-readies-for-legalization-in-canada-as-they-continue-global-growth-10877.html Tue, 16 Oct 2018 22:49:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/10877/ascent-industries-readies-for-legalization-in-canada-as-they-continue-global-growth-10877.html <![CDATA[Media files - Ascent Industries poised to become the technology leader in cannabis production ]]> https://ca.proactiveinvestors.com/companies/stocktube/10869/ascent-industries-poised-to-become-the-technology-leader-in-cannabis-production-10869.html Tue, 16 Oct 2018 13:18:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/10869/ascent-industries-poised-to-become-the-technology-leader-in-cannabis-production-10869.html <![CDATA[News - Ascent Industries partners with AgTech Scientific to create new company: Thirty Eight Hemp Corp ]]> https://ca.proactiveinvestors.com/companies/news/207131/ascent-industries-partners-with-agtech-scientific-to-create-new-company-thirty-eight-hemp-corp-207131.html Ascent Industries Corp (CSE:ASNT) announced Monday that it has teamed up with AgTech Scientific Inc to create new company aimed at launching the company's global hemp strategy.

Meet Thirty Eight Hemp Corp.

Thirty Eight Hemp said it has signed a hemp supply agreement with AgTech Scientific Inc. of Paris, Kentucky, a licensed cultivator, processor and distributor of high-cannabidiol content hemp and hemp-based biomass.

"Thirty Eight Hemp's investment into and partnership with AgTech will expand the company's access to the high-quality, low-cost input material for our hemp-based products in North America once the Hemp Farming Act is passed," said Reid Parr, chief operating officer of Ascent Industries.

READ: Ascent Industries inks strategic alliance with real estate investment firm

"We look forward to future collaboration to meet anticipated market demand for hemp-based CBD products across several market channels."

The company said the regulatory regime in the United States relating to cannabidiol (CBD) is undergoing a significant transformation and movement toward the removal of hemp (cannabis with less than 0.3% tetrahydrocannabinol content) from Schedule I of the United States Controlled Substances Act is gaining momentum.

Thirty Eight Hemp plans to produce and distribute CBD and other hemp-derived products throughout the United States and abroad, which will significantly expand the company's hemp distribution.

Under the agreement, AgTech will supply up to 25% of its hemp biomass production containing greater than 10% CBD to Thirty Eight Hemp, either in the form of biomass or extracted CBD, with no minimum amounts required to purchase. In addition, the company will increase its ownership interest in AgTech to approximately 10%, subject to appropriate approvals being received, by investing US$500,000 in AgTech.

The company said AgTech will assist Thirty Eight Hemp with the distribution of various CBD and other hemp-derived products in approved jurisdictions in the United States, while Ascent will provide certain expertise and intellectual property to help AgTech with building its next hemp processing facility in Kentucky.

"The success of our business model is built on rich partnerships: The State of Kentucky, the University of Kentucky, the farmers of Kentucky and now our partnership with Thirty Eight Hemp Co," said Dr. Brian C. King, chief science officer of AgTech.

"We look forward to being a leading supplier of industrial hemp to Thirty Eight Hemp Co. and benefiting from their expertise in research, development and production of CBD and CBD-based products."

Contact Katie Lewis at katie@proactiveinvestors.com

Follow her on Twitter: @kelewis

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Mon, 15 Oct 2018 21:44:00 -0400 https://ca.proactiveinvestors.com/companies/news/207131/ascent-industries-partners-with-agtech-scientific-to-create-new-company-thirty-eight-hemp-corp-207131.html
<![CDATA[Media files - Ascent Industries teams with AgTech Scientific to create new company 38 HempCo ]]> https://ca.proactiveinvestors.com/companies/stocktube/10843/ascent-industries-teams-with-agtech-scientific-to-create-new-company-38-hempco-10843.html Sat, 13 Oct 2018 00:53:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/10843/ascent-industries-teams-with-agtech-scientific-to-create-new-company-38-hempco-10843.html <![CDATA[News - Ascent Industries inks strategic alliance with real estate investment firm ]]> https://ca.proactiveinvestors.com/companies/news/206818/ascent-industries-inks-strategic-alliance-with-real-estate-investment-firm-206818.html Ascent Industries Corp (CSE:ASNT) announced Wednesday that it was accelerating its business expansion plans with a strategic alliance with Green Sage LLC, a Colorado- and California-based real estate investment firm that has specialized knowledge and resources in cannabis real estate development. 

Green Sage is focused on acquiring, developing and managing real estate infrastructure in cannabis-legal jurisdictions throughout North America and Europe.

Under the agreement, Ascent will offer Green Sage the first right to acquire and capitalize real estate properties that Ascent owns, or proposes to acquire or lease for its businesses. Green Sage will provide Ascent with the first right to lease space available at any of the commercial properties owned or to be acquired by Green Sage.

WATCH: Ascent Industries COO gives crash course on what you need to know in Cannabis

"The relationship with Green Sage accelerates our ability to finance our capital projects throughout North America at select premier locations. The combination of alternative financing, real estate expertise and cannabis-specific knowledge that Green Sage provides supports our business strategy in expanding our global footprint through a multi-location rollout," said chief financial officer of Ascent, Blair Jordan. 

"Going forward, we will be working with Green Sage on capital projects currently under development and projects in our pipeline."

Ascent noted that the deal with Green Sage will help accelerate the company's growth, as well as reduce its cost of capital.

Ascent and Green Sage will announce the locations of new facilities as they are identified throughout 2018 and 2019 in legal jurisdictions across Canada, the US and Europe.

"As strategic real estate specialists for the legal cannabis industry, we are pleased to work with a company with the calibre of management and global footprint of Ascent," said Ken Greer, managing director of Green Sage.

"The company is a premium client given their existing cannabis cultivation, production and product development expertise." 

Contact Katie Lewis at katie@proactiveinvestors.com
Follow her on Twitter: @kelewis

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Wed, 10 Oct 2018 11:28:00 -0400 https://ca.proactiveinvestors.com/companies/news/206818/ascent-industries-inks-strategic-alliance-with-real-estate-investment-firm-206818.html
<![CDATA[News - Ascent Industries shares up as it outlines what Health Canada has authorised at Agrima ]]> https://ca.proactiveinvestors.com/companies/news/206327/ascent-industries-shares-up-as-it-outlines-what-health-canada-has-authorised-at-agrima-206327.html Shares in Ascent Industries Corp.(CSE:ASNT) advanced as it updated on the partial suspension by Health Canada of its licences issued to a subsidiary, Agrima Botanicals Corp.

As reported previously, Agrima had not met all of its record keeping and other compliance requirements during a Health Canada inspection conducted between August 28 and August 30, according to Health Canada.

Now, Health Canada has authorized the following activities in connection with Agrima's cannabis plants -  cultivation, trimming, curing, sanitation, harvesting and maintenance.

"Taken together, these permitted activities allow Agrima to maintain the quality of its cannabis plants during the period that Agrima is determining the process and timeline for full reinstatement of its licences," Ascent said in a brief stock market statement.

Shares in Ascent added 5.88% to $0.72.

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Wed, 03 Oct 2018 12:44:00 -0400 https://ca.proactiveinvestors.com/companies/news/206327/ascent-industries-shares-up-as-it-outlines-what-health-canada-has-authorised-at-agrima-206327.html
<![CDATA[News - Ascent Industries updates on Health Canada licences and actions ]]> https://ca.proactiveinvestors.com/companies/news/205998/ascent-industries-updates-on-health-canada-licences-and-actions-205998.html Ascent Industries Corp (CSE:ASNT) updated Friday on news that subsidiary Agrima Botanicals had its licences partially suspended by Health Canada

In Canada, Ascent, via Agrima is a licenced producer with licences to cultivate cannabis and produce cannabis extracts, as well as being a licensed dealer.

Agrima had not met all of its record keeping and other compliance requirements during a Health Canada inspection conducted between August 28 and August 30, according to Health Canada.

In a stock market statement today, ascent said it was "committed to providing shareholders timely updates regarding the process and timeline for full reinstatement of our licenses once determined".

It outlined the following actions it has taken:

Enhanced our Quality Assurance an Regulatory Compliance team with the addition of three experienced staff, headed by an individual with extensive Quality Assurance and Quality Control experience in Pharmaceutical and other highly regulated industries. In addition, the company has conducted an audit of its record-keeping controls and procedures, identifying areas for enhancement, and commenced implementation of operational improvements. Further, the company has or will be relieving certain managerial staff of their positions with the company. ]]>
Fri, 28 Sep 2018 09:52:00 -0400 https://ca.proactiveinvestors.com/companies/news/205998/ascent-industries-updates-on-health-canada-licences-and-actions-205998.html
<![CDATA[News - Shares of Ascent Industries pop on CBD news ]]> https://ca.proactiveinvestors.com/companies/news/205371/shares-of-ascent-industries-pop-on-cbd-news-205371.html Ascent Industries Corp's (CSE:ASNT) wholly owned subsidiary, Agrima Botanicals Corp, announced Thursday it has developed a proprietary methodology for producing a variety of discrete, water-soluble cannabinoids, both in powder and liquid form. 

Cannabinoids in their natural state are oil-based and non-water soluble. 

"With this significant development, Ascent continues to be at the forefront of cannabis extraction and formulation technology for new product formats. We are well-positioned to be a leader in providing our water-soluble and other bulk formulates to product manufacturers around the world including pharmaceutical, edibles and beverage makers," said Philip Campbell, chief executive officer of Ascent.

WATCH: Ascent Industries COO gives crash course on what you need to know in Cannabis

When the company's large-scale production facility, Agrima Labs, is fully licensed and operational, the company expects it will be able to provide large quantities of water-soluble formulate to beverage and edibles manufacturers as an input ingredient.

The company expects to provide a variety of discrete cannabinoids, including tetrahydrocannabinol (THC), cannabidiol (CBD), cannabinol (CBN) and cannabigerol (CBG) distillates, isolates and water-soluble formulates, to medical and adult-use product manufacturers globally. The company is in the process of adding this intellectual property to its patent portfolio.

Shares of Ascent were up 10.00% at C$0.77.

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Thu, 20 Sep 2018 12:11:00 -0400 https://ca.proactiveinvestors.com/companies/news/205371/shares-of-ascent-industries-pop-on-cbd-news-205371.html
<![CDATA[Media files - Ascent Industries COO gives crash course on what you need to know in Cannabis ]]> https://ca.proactiveinvestors.com/companies/stocktube/10515/ascent-industries-coo-gives-crash-course-on-what-you-need-to-know-in-cannabis-10515.html Tue, 18 Sep 2018 12:20:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/10515/ascent-industries-coo-gives-crash-course-on-what-you-need-to-know-in-cannabis-10515.html <![CDATA[News - Ascent Industries Corp. set to supply Ontario Cannabis Store ]]> https://ca.proactiveinvestors.com/companies/news/204537/ascent-industries-corp-set-to-supply-ontario-cannabis-store-204537.html Cannabis-focused group Ascent Industries Corp. (CSE:ASNT) has reported further progress - striking a deal to supply the Ontario Cannabis Retail Corp, operating as the Ontario Cannabis Store (OCS).

The company will initially supply cannabis products for the OCS's online but will later supply Ontario's private retailers, once the province implements an approved framework.

"As legalisation approaches in Canada, Ascent is pleased to have been chosen as a supplier to the provincial distribution bodies in two of Canada's largest markets," said Philip Campbell, chief executive.

READ: Ascent Industries Corp reports on good progress at Canadian operations

"We look forward to introducing consumers to our adult-use products and continuing to expand our relationships with these two important purchasers."

Ascent also revealed that it had inked an initial small-scale supply agreement with the British Columbia Liquor Distribution Branch.

It is also in "advanced discussions" with other provincial liquor boards and emerging private retail operators.

In Canada, the firm is a licensed producer under the 'Access to Cannabis for Medical Purposes Regulations of Health Canada', with licences to grow cannabis.

At one of its cannabis operations,  Flagship site - Agrima Botanicals, it is now harvesting weekly cannabis crops, it told investors last month.

WATCH: Ascent Industries poised to become a dominant global cannabis company

Ascent requested a sales licence inspection from Health Canada (HC) for Agrima Botanicals in May and expects the inspection to be carried out in September this year.

Elsewhere, at the Agrima Labs campus, a 20,000 sq ft, production and manufacturing campus in Pitt Meadows, British Columbia,  base-building construction is complete with the last remaining item to be installed,  the level 10 vault, awaiting delivery.

Construction of phase 1 is expected to be fully completed by the end of the fourth quarter of 2018. Construction of phase 2, a further 20,000 sq ft, is anticipated to begin in the first quarter of 2019.

Meanwhile, Ascent's Agrima Meadows campus is a 600,000 sq ft greenhouse also located in Pitt Meadows, B.C.

The campus is in active review with HC. Construction and retrofitting will begin September 1 and is expected to be completed by the end of October, the company had said.

Shares on Monday rose 10.71% % at C$0.62.

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Mon, 10 Sep 2018 08:14:00 -0400 https://ca.proactiveinvestors.com/companies/news/204537/ascent-industries-corp-set-to-supply-ontario-cannabis-store-204537.html
<![CDATA[Media files - Ascent Industries poised to become a dominant global cannabis company ]]> https://ca.proactiveinvestors.com/companies/stocktube/10263/ascent-industries-poised-to-become-a-dominant-global-cannabis-company-10263.html Tue, 28 Aug 2018 16:37:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/10263/ascent-industries-poised-to-become-a-dominant-global-cannabis-company-10263.html <![CDATA[News - Ascent Industries Corp reports on good progress at Canadian operations ]]> https://ca.proactiveinvestors.com/companies/news/203408/ascent-industries-corp-reports-on-good-progress-at-canadian-operations-203408.html Ascent Industries Corp. (CSE:ASNT) reported on progress at its Canada operations, one of which is harvesting weekly cannabis crops.

Flagship site - Agrima Botanicals - is now at full capacity and initial harvests have been extremely productive, the company said, averaging almost 1.5kg per 1,000-watt light, it told investors.

READ: Ascent Industries to apply for OTCQX listing in US

Ascent requested a sales licence inspection from Health Canada (HC) for Agrima Botanicals in May and expects the inspection to be carried out in September this year.

Elsewhere, at the Agrima Labs campus, a 20,000 sq ft, production and manufacturing campus in Pitt Meadows, British Columbia,  base-building construction is complete with the last remaining item to be installed,  the level 10 vault, awaiting delivery.

Construction of phase 1 is expected to be fully completed by the end of the fourth quarter of 2018. Construction of phase 2, a further 20,000 sq ft, is anticipated to begin in the first quarter of 2019.

Meanwhile, Ascent's Agrima Meadows campus is a 600,000 sq ft greenhouse also located in Pitt Meadows, B.C.

The campus is in active review with HC. Construction and retrofitting will begin September 1 and is expected to be completed by the end of October.

"We are all very excited that our Canadian projects are progressing well," said Philip Campbell, chief executive of Ascent.

"Once we have our sales licence for Agrima Botanicals, and the Agrima Labs and Agrima Meadows campuses are licensed and operational, we expect to be prominent leaders in the sector. This will allow us to maintain high margins as the Canadian cannabis market matures in the years ahead."

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Wed, 22 Aug 2018 09:42:00 -0400 https://ca.proactiveinvestors.com/companies/news/203408/ascent-industries-corp-reports-on-good-progress-at-canadian-operations-203408.html
<![CDATA[News - Ascent Industries to apply for OTCQX listing in U.S ]]> https://ca.proactiveinvestors.com/companies/news/203230/ascent-industries-to-apply-for-otcqx-listing-in-us-203230.html Ascent Industries Corp (CSE:ASNT) says it has applied to trade on the OTCQX market in the USA, including seeking DTC (Depository Trust Company) eligibility for its shares.

Shares eligible to be electronically cleared and settled through the DTC are considered DTC eligible, which accelerates the receipt of stock and cash, and thus the process for investors and greatly reduces transactional costs.

Ascent  told in a brief statement that it expects the process to complete in September this year.

Ascent also told investors it was in talks to potentially expand its business to California this year - the largest cannabis market by population in the US.

"We are excited to apply to cross-trade on the OTCQX market, as this will allow Ascent greater visibility to reach a broader range of investors in the U.S. and access different pools of capital," Philip Campbell, chief executive of Ascent Industries, said.

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Sat, 18 Aug 2018 08:32:00 -0400 https://ca.proactiveinvestors.com/companies/news/203230/ascent-industries-to-apply-for-otcqx-listing-in-us-203230.html
<![CDATA[Media files - Ascent Industries looks to list in US, expand presence into California ]]> https://ca.proactiveinvestors.com/companies/stocktube/10140/ascent-industries-looks-to-list-in-us-expand-presence-into-california-10140.html Wed, 15 Aug 2018 13:01:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/10140/ascent-industries-looks-to-list-in-us-expand-presence-into-california-10140.html <![CDATA[Media files - AIC Health looks to change the landscape of medical clinics across Canada ]]> https://ca.proactiveinvestors.com/companies/stocktube/10126/aic-health-looks-to-change-the-landscape-of-medical-clinics-across-canada-10126.html Tue, 14 Aug 2018 20:21:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/10126/aic-health-looks-to-change-the-landscape-of-medical-clinics-across-canada-10126.html <![CDATA[News - Ascent Industries forms new health and medical services division; shares perk up ]]> https://ca.proactiveinvestors.com/companies/news/202783/ascent-industries-forms-new-health-and-medical-services-division-shares-perk-up-202783.html Ascent Industries Corp. (CSE:ASNT) announced Monday that it has formed a health and medical services division under its wholly-owned subsidiary, AIC Health Services Corp.

AIC Health will provide multidisciplinary, patient-centric, full-service healthcare to patients in Canada.

Shares perked up 7.1% on Monday. 

AIC Health's mandate is to develop a network of medical clinics accessible across Canada that provide general and specialized health care services using a variety of methods to treat patients, including pharmaceutical, homeopathic or natural medicines produced from the cannabis plant, combined with a plan for developing better health tailored to each patient as needed.

"We have been working with patients and other medical stakeholders in Canada and the US for several years and we are excited to be able to launch this unique initiative into the Canadian medical services market. We look forward to growing the reach and service offering of AIC Health's platform as we progress towards further acceptance and understanding of cannabis as a viable medical therapy, both domestically and abroad," said chief executive officer Philip Campbell.

WATCH: Ascent Industries poised for success as they get ready to go public

AIC Health's first medical clinic and pharmacy is based in Winnipeg, Manitoba. Future expansion plans include acquiring or developing clinics across Canada, beginning in Calgary, Vancouver and Toronto. 

As part of this initiative, Ascent also welcomed Matt Toews to the team as the Managing Director of AIC Health. 

"I firmly believe that cannabis will play a significant role in our healthcare system going forward and we are excited to be able to join forces with Ascent's established team of industry leading professionals to help execute our plan. With our mutual focus on the advancement of cannabis as part of a plan to treat patients holistically and provide access to information and resources for their benefit, we believe we are well positioned to provide high-quality health and medical services to patients across Canada for years to come," said Toews. 

Matt has two decades of entrepreneurial experience, including owning and operating numerous medical clinics and pharmacies across Canada. Furthermore, he has developed several healthcare technology companies and brings a diverse background relating to finance, corporate structuring and technology. 

The company said that a large portion of the cannabis medical clinic market in Canada is currently focused on cannabis specific models that do not promote proper education, continuity of care, or patient retention.

AIC Health's model, it said, is to use multidisciplinary care that provides patients with a high touch experience to ensuring their treatment meets the goals of the medical therapy using a variety of treatments as best suited for patients.

Shares of Ascent were up 7.1% on Monday, at C$0.53. 

 

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Mon, 13 Aug 2018 11:56:00 -0400 https://ca.proactiveinvestors.com/companies/news/202783/ascent-industries-forms-new-health-and-medical-services-division-shares-perk-up-202783.html
<![CDATA[News - Ascent Industries begins trading on the CSE ]]> https://ca.proactiveinvestors.com/companies/news/202621/ascent-industries-begins-trading-on-the-cse-202621.html Trading in the shares of Ascent Industries Corp (CNSX:ASNT) officially started today on the Canadian Securities Exchange.

The company was formed by the amalgamation of Ascent and Paget Minerals.

READ Ascent Industries says shareholders have approved a proposed amalgamation of Ascent and Paget Minerals Corp

In Canada, Ascent is a licensed producer under the Access to Cannabis for Medical Purposes Regulations of Health Canada, with licences to cultivate cannabis and produce cannabis extracts.

In the United States, the company holds licences in Oregon (for processing and for distribution of cannabis to any licensed entity in the state) and in Nevada (for cultivation and for production, processing and wholesale distribution of cannabis).

In Europe, Agrima ApS, a Danish company and wholly-owned subsidiary of Ascent, has submitted licence applications for a wholesaler/dealer's licence and controlled drug licence in Denmark, and applications for the approval of eight products to the Danish Medical Cannabis Pilot Program.

The company's operations currently include licensed facilities in British Columbia, Canada, and in Oregon and Nevada in the United States.

“This is a very exciting day for our team at Ascent,” said Philip Campbell, the chief executive officer of Ascent.

“We have been working towards this milestone for years and we are grateful to all our shareholders for their long-term support for the company. We would also like to express our appreciation to all of our various partners who have helped us reach this day – capital providers, industry partners, advisors, and especially employees. We look forward to building value for all stakeholders as a public company," he added.

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Thu, 09 Aug 2018 15:29:00 -0400 https://ca.proactiveinvestors.com/companies/news/202621/ascent-industries-begins-trading-on-the-cse-202621.html
<![CDATA[Media files - Ascent Industries poised for success as they get ready to go public ]]> https://ca.proactiveinvestors.com/companies/stocktube/10073/ascent-industries-poised-for-success-as-they-get-ready-to-go-public-10073.html Wed, 08 Aug 2018 17:46:00 -0400 https://ca.proactiveinvestors.com/companies/stocktube/10073/ascent-industries-poised-for-success-as-they-get-ready-to-go-public-10073.html <![CDATA[News - Ascent Industries says shareholders have approved a proposed amalgamation of Ascent and Paget Minerals Corp ]]> https://ca.proactiveinvestors.com/companies/news/202408/ascent-industries-says-shareholders-have-approved-a-proposed-amalgamation-of-ascent-and-paget-minerals-corp-202408.html Ascent Industries Corp. released news on Tuesday that shareholders have voted overwhelmingly to approve an amalgamation of Ascent and Paget Minerals Corp, in connection with a proposed public listing of the amalgamated company, Amalco, on the Canadian Securities Exchange (CSE). 

"We at Ascent are extremely excited to begin the next phase of our growth, becoming a publicly traded company with the resulting liquidity for our shareholders, and expanded access to capital as we continue to grow," said Philip Campbell, Ascent's CEO.

"We plan to continue to meet challenges head-on as we steadily build out our business under the leadership of what we believe is a world class management team in the cannabis industry."

Ascent will begin trading this week

On August 3, 2018, Ascent received written notification from the CSE that Amalco has been conditionally approved for listing on the CSE. The company has gained access to the funds raised by the company in the previously completed subscription receipt offering for gross proceeds of approximately C$19.2mln.

Additionally, the company said that upon completion of the amalgamation, proceeds from the private placement totaling approximately C$2.4mln recently completed by Paget will also become available.

The CSE has confirmed that Amalco will begin trading on August 9, 2018, under the symbol ASNT.

Management update

Ascent also announced that Blair Jordan, previously vice president corporate development for Ascent, has assumed the role of chief financial officer of Ascent.

Jordan was instrumental in arranging and structuring the amalgamation, and the concurrent financing of approximately C$19 million. He has capital markets experience, having been managing director at Echelon Wealth Partners Inc. in Canada for five years prior to joining Ascent, as well as holding a variety of international roles with Credit Suisse Group for the previous nine years.

Ascent offers more than 40 products

In Canada, Ascent (through its wholly-owned subsidiaries) is a licenced producer under the Access to Cannabis for Medical Purposes Regulations of Health Canada, with licences to cultivate cannabis and produce cannabis extracts.

In the United States, the Company holds licences in Oregon (for processing and for distribution of cannabis to any licenced entity in the state) and in Nevada (for cultivation and for production, processing and wholesale distribution of cannabis).

In Europe, Agrima ApS, a Danish company and wholly-owned subsidiary of Ascent, has submitted licence applications for a Wholesaler Dealers Licence and Controlled Drug Licence in Denmark, and applications for the approval of eight products to the Danish Medical Cannabis Pilot Program.

The company's operations currently include licenced facilities in British Columbia, Canada, and in Oregon and Nevada in the United States. 

The company is aiming to boost its cultivation and production capacity from 50,000 sq/ft to 710,000 sq/ft in 2018, from which it expects to produce significantly higher amounts of cannabis and cannabis oil to support its expanding operations.

Ascent offers more than 40 products under several consumer-focused brands, including gel capsules, tinctures, medicinal oils, concentrates, vaporizer pens, pre-rolled joints, various edibles and raw flower.

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Tue, 07 Aug 2018 13:39:00 -0400 https://ca.proactiveinvestors.com/companies/news/202408/ascent-industries-says-shareholders-have-approved-a-proposed-amalgamation-of-ascent-and-paget-minerals-corp-202408.html