Ascent Industries? More Like Descent Industries; Why This Company Is Down 54% This Morning

It’s been a brutal 24 hours for cannabis company Ascent Industries (ASNT) as their stock has lost 54% of its value over the last 24 hours as the company was caught selling product under an old MMAR license.

According to press release put out by the company today the company has had its licensed suspended for not following proper protocol. (Agrima refers to their subsidiary company based out of Maple Ridge, BC)

“Health Canada has advised the responses were not satisfactory to lift the suspension and has issued a letter to Ascent that it intends to revoke Agrima’s licences. In turn, the Company intends to exercise its right to be heard under the Cannabis Act and Cannabis Regulations in order to maintain its licences. Should the Company not be successful in this hearing process, the licences could be revoked.”

This wasn’t the first corporate hiccup from Agrima, in September the company had a record keeping issue, leading to a temporary suspension of their license.

Management has since been disbanded as of today, the Board of Directors has accepted the resignations of Philip CampbellReid Parr and James Poelzer, as officers and directors of Ascent, who were the persons directing Ascent.

The company still has international operations that may not be affected too harshly by this recent update, but as of right now the stock has since fallen off of a cliff.

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