Recently, some high profile cannabis companies based in Maple Ridge and Pitt Meadows are being sold at a deal amounting up to $41.5 million.
Just a few days earlier, Ascent Industries Corp., announced that it, along with its subsidiaries - Agrima Botanicals, Bloom Holdings, Bloom Meadows, Pinecone Products, and Agrima Scientific - will be sold to BZAM Management Inc.
According to a recent company release, the sale will be completed around April 3, and the aggregate value of the entire transaction is $41.5 million.
Big sale
Per a release posted by both companies online, BAZM has agreed to take on certain liabilities of Ascent. This includes an obligation to buy a Pitt Meadows greenhouse. This warehouse, which measures 600,000-sq.-ft., will then be converted from a vegetable patch to a place where the companies can grow their marijuana strains.
Formerly known as Pinecone Products, Ascent takes control of the operations on Agrima Labs from Airport Ways, located in Pitt Meadows. Presently, the company produces marijuana-based capsules and tinctures, as well as other products.
The company was first established in 2013, and due to it receiving a research agreement with SFU's biology department, it was able to receive more than $450,000 in government grants for cannabis research and cultivation. The company was also able to list more than 75 employees back in the year 2017, even managing to have 40 more at its Pinecone Products location in Pitt Meadows.
Furthermore, the company was also able to obtain licenses to cultivate cannabis and produce extracts through its Agrima subsidiary in Canada. The company is also a licensed dealer, and as the ability to produce, package, sell, send, transport and evenly distribute medically focused cannabis products all over various licensed entities across Canada, as well as in international jurisdictions that consider medical marijuana as legal.
A company setback
However, the company received a setback last year in the form of Health Canada suspending their licenses and has since been working to regain their previous status with the Canadian health regulator. Back in February this year, the company announced that at the moment, Health Canada is still unsure whether it would revoke the company's license or not.
Per a press release, "The agency reiterated its concerns that unauthorized activities with cannabis took place after the Canadian producer's license and dealer's license were granted to Agrima, in contravention of the ACMPR and Controlled Drugs and Substances Act [now regulated under the Cannabis Act]."
