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.