Ascent Industries Corp. said it received approval from the Supreme Court of British Columbia to sell all the assets under its Canadian business to BZAM Management Inc.

The Canadian cannabis company, which is seeking creditor protection and exploring strategic alternatives, said the aggregate value of the deal is about C$41.5 million.

The transaction comprised C$29 million in cash and about C$12.5 million for assuming certain liabilities including Ascent's obligations to buy a greenhouse in Pitt Meadows, British Columbia.

The transactions are expected to close on or before April 3.