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Ascent Industries Corp Receives Approval For Sale Of Canadian Cannabis Operations

Ascent Industries Corp Receives Approval For Sale Of Canadian Cannabis Operations

Ascent Industries Corp (OTC: PGTMF) announced the Supreme Court of British Columbia has granted it and its subsidiaries an approval and vesting order for the sale of Canadian assets to BZAM Management.

Under the terms of the asset purchase agreement, Ascent agreed to sell all of its cannabis operations in Canada to BZAM. The buyer also agreed to assume certain liabilities of Ascent, including its obligation to purchase a greenhouse in Pitt Meadows, British Columbia.

The total value of the transaction is C$41.5 million ($30.91 million USD). It includes C$29 million paid in cash and the assumption of liabilities worth around C$12.5 million.

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Ascent expects the transactions to close on or before April 3.

Why This Is Important

After the transaction is closed, Ascent Industries will continue to operate in the United States. It has facilities in Oregon, where it has licenses to process and distribute cannabis to any licensed entity and Nevada, where it holds cultivation, production, processing and wholesale distribution licenses.

Ascent also has operations in Denmark through its wholly-owned subsidiary, Agrima ApS, which is waiting for the approval of Wholesaler Dealers License and Controlled Drug License and licenses for eight products for the Danish Medical Cannabis Pilot Program.

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Posted-In: Ascent Industries Corp BZAM Management CanadaCannabis M&A News Markets Best of Benzinga


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