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.
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]