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.
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.