Ascent Industries Corporation is scheduled to supply the OCS (Ontario Cannabis Store) with Cannabis-based Products
Ascent Industries has signed a deal with the Ontario government to supply its online sales. Initially, the corporation will be providing for the OCS online store, but will later supply the Ontario private retailers, once the province approves.
In Canada, Ascent is a Licensed Producer under the Access to Cannabis for Medical Purposes Regulations of Health Canada. The company has acquired licenses to cultivate cannabis and produce cannabis extracts. These are some of the products that will be sold at the OCS.
Most of the cultivation takes place at Agrima Botanicals. This company is a wholly-owned subsidiary of Ascent Industries Corporation. Ascent is set to meet the demand of the OCS as the harvesting of weekly cannabis plants is now in progress.
The company initially began a small-scale agreement with the British Columbia Liquor Distribution Branch.
Chief executive of Ascent, Philip Campbell stated that the company is proud to have been chosen as the province’s distribution company.
“As legalization approaches in Canada, Ascent is pleased to have been chosen as a supplier to the provincial distribution bodies in two of Canada’s largest markets.”
“We look forward to introducing consumers to our adult-use products and continuing to expand our relationships with these two important purchasers.”
The company is currently in negotiation with other provincial liquor boards and new private retail operators.
In May, Ascent requested a sales license inspection from Health Canada for Agrima Botanicals with the expectation that the process would be completed by this month.
Phillip Cambell’s operation is poised to meet the massive demands that October’s legalization will place on Ascent. Another subsidiary of Ascent, Agrima Labs, has a 20,000 square foot production and manufacturing campus located in Pitt Meadows, British Columbia. The building construction has been completed and is awaiting the installation of the level 10 vault.
These previous construction projects represented phase 1, however, the cannabis company continues to set its sights on expansion. Phase 2, is scheduled to begin at the beginning of 2019 and consists of a 20,000 square foot expansion.
In addition, a 600,000 square foot greenhouse, which is the home of Ascent’s Agrima Meadows campus is being reviewed by HC Construction.
The renovations of the facility began on September 1st and are expected to be completed by October 1st.
These changes have had a positive effect on Ascent Industries stock prices, as the company’s shares rose 10.71$ on Monday, it is now $0.62 CAD per share.