Licence revoked

Published on July 17, 2019 by oz. staff

Health Canada has revoked the cannabis licence for BC-based Agrima Botanicals.

The cannabis producer is owned by Ascent Industries. Their CEO, Paul Dillman, released a statement Tuesday saying the company is “disappointed.”

Its licence was suspended last fall after the regulator found “unauthorized activities.”

“We are disappointed with Health Canada’s decision,” says Dillman.

However, he says Health Canada’s decision has “no material impact on our company’s current day-to-day operations.”

The CEO says Ascent has undergone a “complete transformation” since Health Canada suspended its production licence last year.

“All our physical Canadian assets have been sold and a new leadership team is planning to reinvest proceeds of this divestiture, primarily in the U.S. focused on edible and CBD products.”

The company had a multi-year agreement with Simon Fraser University to research medical cannabis.