VANCOUVER, Sept. 28, 2018 /CNW/ - Ascent Industries Corp.
(CSE: ASNT) ("Ascent" or the "Company") would like to provide an update regarding the press release issued
by the Company on September 27th relating to the partial suspension of the Health Canada licenses
issued to its wholly owned subsidiary, Agrima Botanicals Corp. The Company is committed to providing shareholders timely
updates regarding the process and timeline for full reinstatement of our licenses once determined.
In advance of being able to provide shareholders with full information regarding the process and timeline of full
reinstatement of our licenses, the Company has taken the following actions:
- Enhanced our Quality Assurance & Regulatory Compliance team with the addition of three experienced staff, headed by an
individual with extensive Quality Assurance and Quality Control experience in Pharmaceutical and other highly regulated
industries.
- In addition, the Company has conducted an audit of its record keeping controls and procedures, identifying areas for
enhancement, and commenced implementation of operational improvements.
- Further, the Company has or will be relieving certain managerial staff of their positions with the Company.
Ascent is committed to ensuring that applicable subsidiaries comply fully with Health Canada requirements applicable to
operations.
About Ascent Industries Corp.
In Canada, Ascent (through its wholly-owned subsidiary, Agrima Botanicals) is a Licenced
Producer under the Access to Cannabis for Medical Purposes Regulations of Health Canada, with licences to
cultivate cannabis and produce cannabis extracts. In addition, the Company is a Licenced Dealer under the Controlled
Drugs and Substances Act (Canada), with the ability to produce, package, sell, send,
transport and distribute medically focused cannabis products in Canada to other licenced
entities and internationally in jurisdictions where medical cannabis is legal. In the United
States, the Company holds licences in Oregon (for processing and for distribution of
cannabis to any licenced entity in the state) and in Nevada (for cultivation and for production,
processing and wholesale distribution of cannabis). In Europe, Agrima ApS, a Danish company and
wholly-owned subsidiary of Ascent, has submitted licence applications for a Wholesaler Dealers Licence and Controlled Drug
Licence in Denmark, and applications for the approval of eight products to the Danish Medical
Cannabis Pilot Program.
The Company's operations currently include licenced facilities in British Columbia, Canada,
and in Oregon and Nevada in the
United States. The Company is increasing its cultivation and production capacity from 50,000 square feet to 710,000 square
feet in 2018, from which it expects to produce significantly higher amounts of cannabis and cannabis oil to support its expanding
operations.
The Company offers a product suite of more than 40 unique products under several consumer-focused brands, including gel
capsules, tinctures, medicinal oils, concentrates, vaporizer pens, pre-rolled joints, various edibles and raw flower. Through
careful development of its sophisticated cannabis brands, Ascent is positioned to be a leader in branded, commercialized products
in both medical and adult-use markets across North America and internationally.
In addition, the Company conducts cannabis-based research with Simon Fraser University, including
in the area of unique cannabinoid formulations that produce targeted physiological outcomes.
The CSE has neither approved nor disapproved the contents of this press release.
NEITHER THE CSE OR ITS MARKET REGULATOR (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CSE) ACCEPTS RESPONSIBILITY FOR THE
ADEQUACY OR ACCURACY OF THIS RELEASE.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking
statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of
historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this
news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not
expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates",
"believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or
"could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be
forward-looking statements. In this news release, forward-looking statements relate, among other things, to: Ascent's
expectations concerning its Health Canada licences. Forward-looking statements are necessarily based upon a number of estimates
and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which
may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking
statements. Such factors include, but are not limited to: general business, economic, competitive, political and social
uncertainties. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on
the forward-looking statements and information contained in this news release. Except as required by law, Ascent assume no
obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change,
except as required by law.
SOURCE Ascent Industries
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