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.
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."
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