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VANCOUVER, June 19, 2018 /CNW/ - Ascent Industries Corp. ("Ascent" or the "Company") is pleased to announce that its wholly owned subsidiary, Agrima Botanicals Corp. ("Agrima"), has received a Licence for Controlled Drugs and Substances (the "Dealer's Licence") 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."
About Ascent Industries Corp.
In Canada, Ascent (through its wholly-owned subsidiaries) 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 and the University of Kentucky, including in the area of unique cannabinoid formulations that produce targeted physiological outcomes.
This press release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION:
This news release contains "forward-looking information" and "forward-looking statements" (collectively, "forward-looking statements") within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to the Company's plans for the distribution of its products. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; and the delay or failure to receive board, shareholder or regulatory approvals. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, Ascent assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
SOURCE Ascent Industries
For further information: regarding the Company, please contact: Jon Bey, Investor Relations, Ascent Industries Corp.,Telephone: (604) 375-4488, Email: [email protected]