Proactive Investors - Run By Investors For Investors

Ascent Industries adds general counsel Karim Lalani to board

The Canadian cannabis company is making moves following suspension of producer and dealer licenses issued to subsidiary Agrima Botanicals
cannabis cultivation facility
The company's operations include facilities in British Columbia as well as the US

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 [email protected]

Join Proactive’s Crypto, Blockchain and Cannabis Telegram group here
View full ASNT profile View Profile

Ascent Industries Corp. Timeline

Related Articles

cannabis plant
May 05 2019
The cannabis company invests in income-producing property and provides financing solutions and capital investment to service the blossoming cannabis industry
Sydney Harbour Bridge
January 22 2019
A phase I study in Australia is evaluating a cannabis spray therapeutic in cancer patients.
Cannabis leaf
November 19 2018
With the legalisation of recreational cannabis in Canada in October, and the US expected to follow suit, the company has its sights set on building up the very best in the industry
Copyright ©, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use