Ascent Industries Corp (CSE:ASNT) (OTCMKTS:PGTMF) said Thursday that it has reached a settlement with its largest creditor Green Sage LLC and its affiliates.
In a statement, the company said the Green Sage claim has been resolved and they have agreed to support a plan of arrangement to be presented shortly to the company’s creditors.
“Once finalized and filed with the court, a creditor meeting will be scheduled to approve this plan,” Ascent Industries said.
After a positive vote at the creditor meeting, court approval will be required to allow the cannabis company - which has operations in Oregon and Nevada in the United States - to exit under the Companies Creditors Arrangement Act (CCAA).
As earlier reported, Ascent is currently involved in CCAA proceedings in Canada having agreed to the sale of substantially all of the assets and the assumption of certain liabilities of its business in the country.
On a separate note, the company said that it would like to thank Mahony Cai, who resigned as a director in the company on October 8.
Ascent is mainly focused on the US, where it aims to have a varied portfolio of edible and CBD products. In Oregon, Ascent has cannabis and hemp handling licenses and a 7,000 square feet facility in Portland. The firm has plans to develop and convert the existing facility to a hemp-derived CBD extraction facility, with an aim to be GMP certified by July 2020.
In Nevada, the firm owns a 37,000 square feet facility in Las Vegas and has a strategic partnership for a line of edibles and chocolates.
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