Agrima Botanicals Corp. addresses record keeping issues with Health Canada
VANCOUVER, Sept. 27, 2018 /CNW/ – Ascent Industries Corp. (CSE: ASNT) (“Ascent” or the “Company”) wishes to advise that Health Canada has informed the Company’s wholly-owned subsidiary, Agrima Botanicals Corp. (“Agrima”), on September 26th that it did not meet all of its record keeping and other compliance requirements during a Health Canada inspection conducted between August 28th and August 30th. As a result, Agrima’s licenses have been partially suspended by Health Canada. Agrima has commenced the process of addressing the identified issues and has initiated discussions with Health Canada for the reinstatement of the licenses.
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.
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