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.
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.