Newspaper article The Canadian Press

Pot Producer Ascent Granted Creditor Protection after Licenses Suspended

Newspaper article The Canadian Press

Pot Producer Ascent Granted Creditor Protection after Licenses Suspended

Article excerpt

Ascent granted CCAA after licenses suspended

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VANCOUVER - Cannabis producer Ascent Industries Corp. says an order granting the company creditor protection has been issued by the Supreme Court of British Columbia.

The B.C.-based company says it filed for CCAA to address near-term liquidity issues which were in "large part" caused by Health Canada's suspension of its licences under its subsidiary Agrima Botanicals Corp.

Ascent has said that Health Canada asserts that "unauthorized activities" with cannabis took place during a period of time that it was privately held, and has suspended its producer and dealer's licence under the former Access to Cannabis for Medical Purposes Regulations regime.

Last month, Ascent said that Health Canada indicated that the company did not demonstrate that the suspension was not warranted and the government health agency still intends to revoke their licences, but it had until Feb. …

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