Ascent Industries Wholly-Owned Subsidiary Receives Notification of Potential Suspension, Revocation or Non-renewal of Business License
VANCOUVER, Feb. 15, 2019 /CNW/ – Ascent Industries Corp. (CSE: ASNT) (“Ascent” or the “Company”) wishes to advise that Sweet Cannabis (“SC”), the Company’s wholly-owned subsidiary operating in Las Vegas, Nevada has received notice from Clark County’s Department of Business License (the “Department”), of the potential suspension, revocation or non-renewal of SC’s Master Marijuana License (the “License”) in Clark County, Nevada.
The Department advised that through an investigation, SC was found to have been operating outside the scope of the License. The Department noted three specific violations:
- An SC hosted cannabis consumption event in the H-1 Zone Resort Corridor in Las Vegas
- Record keeping and inventory errors
- Parent company license suspension by Health Canada
SC has been advised that it must appear before a Hearing Officer on February 28, 2019 to show cause why the License shall not be permanently suspended, revoked or non-renewed. Should the Department not be satisfied with SC’s responses, it may suspend, revoke or not renew the License. SC has a right of appeal of such a decision and may also file a petition for a judicial review conducted by the District Court. Ascent is fully committed to addressing the Department’s concerns, and will appear and provide appropriate information to the Department at the February 28, 2019 hearing. The Company notes that the consumption event appears to have taken place on November 15, 2018 under the former management team of Ascent, who resigned on November 21, 2018, and is reviewing the matter.
Ascent will provide further updates as they become available.
About Ascent Industries Corp.
The Company’s operations currently include facilities in British Columbia, Canada; and in Oregon and Nevada in the United States. In Canada, Ascent (through its wholly-owned subsidiary, Agrima) is a licensed producer (currently suspended) under the Cannabis Act and Regulations, with licences to cultivate cannabis and produce cannabis extracts. In addition, the Company is a licensed dealer (currently suspended) under the Cannabis Act and Cannabis Regulations, with the ability to produce, package, sell, send, transport and distribute medically focused cannabis products in Canada to other licensed 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.
