Very EntertainingIt's quite entertaining how everyone is forgetting what go the company here in the first place.
Health Canada letters were released to the public showing that Ascent was continuously warned of infractions from the first month of receiving their cultivation licence. This is a very key piece of information because the executives went ahead on the public listing without informing potential investorts, their underwriters or the securities exchange of their issues with Health Canada.
This action is a direct violation to the securities exchange and the investors who were duped on false pretenses.
If you read those letters, further to those warnings in December 2017 they continued to lie to Health Canada and eventually were investigated finding hard evidence of unregulated sales pertaining to one of their companies, which was also an applicant for a cannabis licence.
Then they stepped down and gave the keys to Blaire Jordan.
It is noted in public files that Blaire attempted to reinstate the licence with Health Canada and was met with resistance. The rational reason for the resistance is simply because the executive board remains in a large controlling amount of shares and therefore can continue to influence the daily operations of the company and have displayed deliberate attempts to divert products to the illicit markets.
In fact if you read press releases into October you'll note a wave of employees directly coming from one of their illegally owned websites and incorporating them into the firm, during the time of potential suspension.
And then when it became apparent that Blaire was unsuccessful to reinstate the license from a series of smoke and mirrors the shareholders all award their shares to owners of an illegal website to further take down the company.....
Of course Health Canada won't touch this firm.
Now I'm not defending Blaire and the accusations of him deliberately selling the firm to a friend isn't totally impossible. There is quite possibly the potential for some issues here, we will learn in time I suppose.
But we wouldn't be here in the first place, crying about Blaire and whatever he is doing if the origional founders were actually transparent, above board executives who were going to use their black market experience to enter the regulated market. If you actually read those publically released Health Canada letters it is quite obvious that the executives were trying to run both an illicit empire and a legal empire at the same time......
So be mad at Blaire all you want. It didn't start with him, it finished with him. The corruption is on all sides here.
Absolutely poorly run Cannabis firm and taught me a good lesson in watching my investments more closely. Do more homework on the executive team and just because they have black market roots doesn't mean they know how to run a company, they may understand the consumer better but they suck at running a firm and being transparent.