Ascent celebrates the federal legalization of cannabis in Canada

VANCOUVER, Oct. 17, 2018 /CNW/ - Ascent Industries Corp. (CSE: ASNT) ("Ascent" or the "Company") would like to acknowledge the achievement of an important milestone in Canadian history today, the legalization of cannabis for adult use purposes.  Building on a legacy of judicial and legislative decisions which have unfolded since 2000, laying the groundwork for legalization, Canada is the first G7 country to legalize the adult use of cannabis nationally and the only country with a legalized regime for both the medical and adult use of cannabis.  

Philip Campbell, CEO of Ascent, comments "On this historic occasion, we stand at the beginning of a global shift in terms of how governments and societies deal with cannabis, a plant criminalized for more than ninety years in Canada, but with a historical legacy of safe medical and adult usage dating back thousands of years.  Ascent is proud to be a participant in this nascent global industry, and proud that Canada and the Canadian government have set the standard globally for cannabis legalization.  The Ascent team is confident that Canada will remain a leader in the global cannabis sector, and that citizens not only in Canada, but around the world, will benefit from the increasing pace of research exploring the many potential beneficial medical products which can be derived from cannabis.  Likewise, we applaud the removal of the threat of a potential criminal record from millions of responsible Canadians."   

The Company would also like to acknowledge the support of all the stakeholders who have helped Ascent reach this important day, including our shareholders and financial partners, and the various regulatory regimes including Health Canada and financial regulators, as well as our industry partners and distribution partners in British Columbia and Ontario.  We would also like to acknowledge our research partners at Simon Fraser University led by Dr. Zamir Punja and Dr. Peter Ruben.  Being firmly anchored in science, Ascent's experienced team is focused on developing sophisticated cannabis products tailored for specific outcomes while being continuously guided by our vision of a better quality of life.

Today we are focused on emerging as a leader in the Canadian market and globally in legal jurisdictions.  Please click on the video link of Ascent's CEO Philip Campbell speaking with Proactive Investors Steve Darling on the Canadian legalization of cannabis: https://bit.ly/2J1qqxq

About Ascent Industries Corp.

In Canada, Ascent (through its wholly-owned subsidiary, Agrima Botanicals) 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, including in the area of unique cannabinoid formulations that produce targeted physiological outcomes.

The CSE has neither approved nor disapproved the contents of this press release.

NEITHER THE CSE OR ITS MARKET REGULATOR (AS THAT TERM IS DEFINED IN THE POLICIES OF THE CSE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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 Ascent's expectations on the reinstatement of its licenses and awarding of its sales license. 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. There can be no assurance that forward-looking 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 assume 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

please contact: Philip Campbell, Chair, Chief Executive Officer, Telephone: [phone], Email: [email protected]