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

A cannabis facility
December 02 2018
The Vancouver-based medicinal cannabis grower’s Queensland facility will be the world's largest greenhouse cannabis operation, covering a 99-acre site
1540909388_Marijuana-stethoscope.jpg
October 30 2018
The firm wants to become the first publicly listed, globally focused, pure cannabis company
1541165310_canadian-flag-1.jpg
November 02 2018
Back Home Medical Cannabis Corp has agreed on a 24,000-kilogram three-year production and supply agreement
Copyright © Proactiveinvestors.com, 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