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Ascent Industries selling Canadian assets to BZAM Management

Ascent Industries Corp. and certain of its units will sell their Canadian assets to BZAM Management for cash.

The company will retain all cannabis-related assets outside of Canada in Oregon, Nevada and Denmark through its subsidiaries.

As part of the acquisition, BZAM Management will also take on the Canada-based cannabis company's obligations to purchase a greenhouse in Pitt Meadows, British Columbia. The transaction is expected to close before April 15, Ascent Industries said in a March 18 press release.

The asset purchase agreement follows a strategic alternatives process to address near-term liquidity issues after Health Canada revoked Ascent Industries' cannabis license.

Ascent Industries had also laid off 30 of its Canadian staff, or 36% of its total workers in the country, in December 2018.