logo-loader
viewAscent Industries Corp.

Ascent Industries achieves a settlement with its largest creditor Green Sage LLC

The company said they have agreed to support a plan of arrangement to be presented shortly to the company’s creditors

Ascent Industries Corp. - Ascent Industries achieves a settlement with its largest creditor Green Sage LLC
Ascent is mainly focused on the US, where it aims to have a varied portfolio of edible and CBD products

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.

READ: Ascent Industries focuses on the US, with an aim to take on edible and CBD products

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.

Contact Uttara Choudhury at [email protected]

Follow her on Twitter: @UttaraProactive 

Quick facts: Ascent Industries Corp.

Price: 0.1 CAD

CSE:ASNT
Market: CSE
Market Cap: $31.65 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Ascent Industries Corp. named herein, including the promotion by the Company of Ascent Industries Corp. in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Ascent Industries has a plan to be a major player in the Hemp market

Ascent Industries (CSE:ASNT) COO Reid Parr joined Steve Darling from Proactive Investors in the Vancouver Studio to talk about Ascent's strategy for capturing a big piece of the large world wide Hemp market. Reid talked about partnering with AgTech out of Kentucky and how that partnership...

on 13/11/18

2 min read