Ascent Industries Completes Sale of Canadian Business

Published: April 9, 2019

Ascent Industries Completes Sale of Canadian Business

Ascent Industries Corp. advises that on April 5, 2019, Ascent, together with its subsidiaries, Agrima Botanicals Corp., Bloom Holdings Ltd., Bloom Meadows Corp., Pinecone Products Ltd., and Agrima Scientific Corp. completed the sale of substantially all of the assets and the assumption of certain liabilities comprising the Canadian business of the Vendors to BZAM Management Ltd. On April 8, 2019, Ascent and the Purchaser completed the previously announced assignment of the Vendors’ obligations to purchase a greenhouse located in Pitt Meadows, British Columbia. The aggregate value of these transactions is approximately $41.5 million, comprised of $29 million of cash consideration and the assumption of liabilities of approximately $12.5 million.

Following completion of these transactions, Ascent through its subsidiaries, continues to hold the assets related to Ascent’s cannabis cultivation, production, distribution, research and product development business outside of Canada in Oregon, Nevada, California and Denmark.

The Company’s operations currently include facilities in Oregon and Nevada in the United States, as well as a development site in California. 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.

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