Ascent Industries Corp (CSE:ASNT) (OTCMKTS:PGTMF) announced that it has changed its name to LUFF Enterprises Ltd (CSE:LUFF) and appointed Philip Campbell as the CEO to streamline business operations for the Vancouver-based cannabis company.
The newly christened company said it expects to resume trading under LUFF Enterprises Ltd and its new ticker symbol later on Monday.
In a statement on Friday, the cannabis company said that CEO Campbell would focus on the “reactivation” of the company’s US operations. The company currently holds licenses in Oregon for processing and distribution of cannabis, and in Nevada for cultivation and production, processing and wholesale distribution of cannabis. It also has licenses for the production of hemp-based cannabinoid wellness products.
The company 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-foot facility in Portland. The firm has plans to develop and convert the existing facility to a hemp-derived CBD extraction facility.
In Nevada, the firm owns a 37,000 square-foot facility in Las Vegas.
With Cambell now in the driver’s seat, Mark Lotz has stepped down as interim CEO and will continue to serve as CFO and a director until the company’s annual general meeting.
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