logo-loader
viewProactive Group

Ascent Industries' affected creditors approve new credit plan; Oregon review under way

It plans to focus efforts on setting up a hemp cannabidiol and cannabis product line and expanding its operations in Nevada

cannabis
Ascent's creditors approved a new plan at a meeting on December 12

Ascent Industries Corp (CSE:ASNT) (OTCMKTS:PGTMF) is reviewing its operations in Oregon based on the view that the level of investment required to operate successfully in the state may not be met by the funding available upon Ascent’s exit from the Companies’ Creditors Arrangement Act. 

Ascent is now looking to focus its efforts on setting up a hemp cannabidiol and cannabis product line and expanding its operations in Nevada. 

In Oregon, Ascent has cannabis and hemp handling licenses and a 7,000 square feet facility in Portland. 

READ: Ascent Industries focuses on the US, with an aim to take on edible and CBD products

Its revised plans are focused on selling a line of Ascent hemp CBD and cannabis products in dispensaries across the US.

In other news, Ascent announced Monday that its creditors approved its amended and restated plan of compromise, arrangement and organization at a meeting on December 12.

The plan was supported by 98% of the affected creditors. According to the plan's details, approval was required by a majority of the creditors.

The Vancouver company is looking to appear before the Supreme Court of British Columbia on December 19 to seek a sanction order related to the plan. The introduction of the plan is subject to the Court’s approval and sanctioning of the plan, as well as the fulfillment and waiver of certain conditions.

If all the appropriate steps are taken, it is likely that the plan will be effective on or before December 31.

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Admedus Ltd 'in good shape' with minimal disruption to supply chain as it...

Admedus Ltd's (ASX:AHZ) Wayne Paterson caught up with Proactive's Andrew Scott to discuss the steps and precautions the firm's taking in the wake of the recent virus outbreak. The company's just announced the hospital discharge of the first patient following its clinical surgical aortic valve...

15 hours, 45 minutes ago

2 min read