Ascent Industries Corp. Announces Approval and Receipt of Dealer's Licence

Published: June 19, 2018

Ascent Industries Corp. Announces Approval and Receipt of Dealer's Licence

Ascent Industries Corp. announced that its wholly owned subsidiary, Agrima Botanicals Corp., has received a Licence for Controlled Drugs and Substances from Health Canada pursuant to the Narcotics Control Regulations of the Controlled Drugs and Substances Act (Canada).

The Dealer’s Licence is aligned with a key area of expertise of the Company, being the manufacturing of cannabis oil-based products, such as gel-caps and tinctures. The Dealer’s Licence permits the possession, production, packaging, sale, sending, transportation and delivery of these products. Furthermore, the Dealer’s Licence enables Agrima to conduct research, clinical trials and provide a variety of analytical testing for the Company and other licenced producers and licenced dealers.

Under the Dealer’s Licence, Agrima intends to produce medically focused products such as gel-caps, tinctures and other similar products and sell them to other licenced entities in Canada, as well as internationally into jurisdictions which have legally approved medical cannabis regimes. In connection with international sales, Ascent intends to focus on near term European opportunities for medically focused products, leveraging Agrima’s extensive pharmaceutical relationships developed through Ascent’s European office in Copenhagen, Denmark.

“I am delighted that we have received our Dealer’s Licence, a critical step in our continued development as a global company, and a key business execution milestone,” said Philip Campbell, CEO of Ascent. “This will allow the Ascent team to move quickly to capitalize on a number of potential opportunities for high margin revenues in Europe. It also provides a significant amount of operational flexibility to Ascent, providing us with the ability to potentially accelerate revenue growth, and develop commercial relationships with other licenced entities in Canada and abroad.”