Operations currently include facilities in Oregon and Nevada Focusing efforts on edible and CBD products in the US New CEO Paul Dillman appointed in April What Ascent Industries does:
Ascent Industries Corp (CSE:ASNT) (OTCMKTS:PGTMF) holds cannabis processing and distributions licences in Oregon and cultivation, production, processing and wholesale distribution of cannabis in Nevada in the US. In Europe, the group has a wholly-owned subsidiary, Danish company Agrima ApS.
The firm’s focus is on its US licenses, facilities and operations and it is currently building its team and partnerships with a variety of new vendors.
In Canada, Ascent is currently involved in proceedings under the Companies Creditors Arrangement Act (CCAA) having agreed the sale of substantially all of the assets and the assumption of certain liabilities of its business in the country.
How is it doing:
Ascent has spent the last few months focusing its efforts on the US, where it aims to have a varied portfolio of edible and CBD products.
In March, the previous management of Ascent completed the sale of substantially all of the assets and the assumption of certain liabilities of its Canadian business to BZAM Management Ltd in a transaction valued at around C$41.5 million.
In April, Paul Dillman took over the post of CEO at Ascent. Dillman previously served as the executive vice-president of marketing, sales and operations at Emerald Health Therapeutics Inc. He has over three decades of global multi-national company experience, having served in senior positions at Philip Morris, AB InBev, and Coca-Cola.
In a letter to shareholders in August, Dillman said the firm has been working hard to get the company’s financial house in order, conclude outstanding regulatory issues and refocus efforts toward the expanding US marketplace.
“The Nevada and Oregon operations are a particular strength and will be key to our future