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Ascent Industries lays off 30 Canadian workers; director steps down

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Ascent Industries lays off 30 Canadian workers; director steps down

Ascent Industries Corp. laid off 30 of its Canadian staff, or about 36% of its total workers in the country.

The Canada-based cannabis company said the layoffs are part of measures to protect its financial position for shareholders while the producer's and dealer's licenses issued to its unit Agrima Botanicals Corp. remain suspended by Health Canada.

The Canadian regulator suspended Agrima's licenses in September after the Ascent subsidiary failed to meet record keeping and other compliance requirements following a Health Canada inspection.

Meanwhile, Amy Margolis resigned from the company's board of directors for personal reasons.

The Canadian cannabis company's general counsel, Karim Lalani, was appointed to fill the vacated board seat.

Ascent Industries develops and sells cannabis and cannabis-based products.