Ascent Industries Corp. (CSE:ASNT) (“Ascent” or the “Company”) is pleased to announce the formation of a new wholly owned subsidiary, Thirty Eight Hemp Corp. (“Thirty Eight Hemp Co.”), to launch the Company’s global hemp strategy. Thirty Eight Hemp Co. is pleased to announce it has signed a hemp supply agreement (the “Supply Agreement”) with AgTech Scientific Inc.(“AgTech”) of Paris, Kentucky, a licensed cultivator, processor and distributor of high CBD-content hemp and hemp-based biomass.

The regulatory regime in the United States relating to Cannabidiol (CBD) is undergoing a significant transformation. The movement towards the removal of hemp (cannabis with less than 0.3% THC content) from Schedule I of the United States Controlled Substances Act (“CSA”) is gaining momentum. Last September, the United States Drug Enforcement Agency advised that Epidiolex, a drug containing CBD approved by the Food and Drug Administration and used to treat seizures associated with two rare and severe forms of epilepsy, Lennox-Gastaut syndrome and Dravet syndrome, would be a rescheduled to Schedule V from Schedule I of the United States Controlled Substances Act. In addition, when the United States Hemp Farming Act of 2018 (the “Hemp Farming Act”) is enacted, hemp will be fully de-scheduled from the CSA, making it an ordinary agricultural commodity and providing a significant market opportunity for hemp derived products.

The Company’s wholly owned operating subsidiaries in Oregon and Nevada are legally permitted to handle hemp and are presently selling CBD-based products in those jurisdictions. When the Hemp Farming Act has been passed into law, Thirty Eight Hemp Co. plans to produce and distribute CBD and other hemp derived products throughout the United States and abroad, which will significantly expand the Company’s hemp distribution.

In that regard, under the terms of the Supply Agreement, AgTech will supply up to 25% of its hemp biomass production containing greater than 10% CBD to Thirty Eight Hemp Co., either in the form of biomass or extracted CBD, with no minimum amounts required to purchase. In addition, the Company will increase its ownership interest in AgTech to approximately 10%, subject to appropriate approvals being received, by investing US$500,000 in AgTech.

Furthermore, AgTech and Thirty Eight Hemp Co. plan to enter an arrangement whereby AgTech will assist Thirty Eight Hemp Co. with the distribution of various CBD and other hemp derived products in approved jurisdictions in the United States, while Ascent will provide certain expertise and intellectual property to help AgTech with building its next hemp processing facility in Kentucky.

AgTech, holds a 2018 grower and processor license from the Kentucky Department of Agriculture. AgTech has strong relationships with the state of Kentucky, has spearheaded a farming initiative with Kentucky farmers, and has established a three-year research partnership with the University of Kentucky. Since the introduction of the Agricultural Act of 2014, which permitted industrial hemp production, AgTech has been growing hemp in Kentucky. AgTech grew over 200,000 hemp plants in 2018, and plans to grow over 4,000,000 plants next year by adding more farmers to the AgTech supply chain. AgTech currently occupies a 30,000 sq. ft. facility, and is constructing a state-of-the-art, 50,000 sq. ft. licensed hemp manufacturing facility in Bourbon County, Kentucky.

Reid Parr, Chief Operating Officer of Ascent Industries, comments, “Thirty Eight Hemp Co.’s investment into and partnership with AgTech will expand the Company’s access to the high quality, low cost input material for our hemp based products in North America once the Hemp Farming Act is passed. We look forward to future collaboration to meet anticipated market demand for hemp-based CBD products across several market channels.”

Dr. Brian C. King, Chief Science Officer of AgTech, stated, “The success of our business model is built on rich partnerships: The State of Kentucky, the University of Kentucky, the farmers of Kentucky and now our partnership with Thirty Eight Hemp Co. We look forward to being a leading supplier of industrial hemp to Thirty Eight Hemp Co. and benefiting from their expertise in research, development and production of CBD and CBD-based products”.

Reid Parr, Chief Operating Officer, provides comments on Ascent’s global hemp strategy in the following Proactive Investors video:

About Thirty Eight Hemp Corp:

Thirty Eight Hemp Co is a wholly owned subsidiary of Ascent Industries Corp. that has been organized to implement the next phase of the Company’s hemp strategy to produce and distribute CBD and other non-THC product lines throughout Canada, the United States and internationally. Ascent’s wholly owned operating subsidiaries in Oregon and Nevada are licensed to handle hemp and are presently selling non-THC products into those legal jurisdictions.  When the Hemp Farming Act has been passed into law, Thirty Eight Hemp Co. plans to produce and distribute CBD and other hemp derived products throughout the United States.

About AgTech Scientific:

Founded by Canadian entrepreneurs in 2015, AgTech’s leaders strategically launched AgTech in the state of Kentuckywhere hemp has such a rich history in tandem with the state’s largest research institution at the University of Kentucky. Kentucky at one point many years ago was responsible for most of the industrial hemp production with excellent growing conditions and is located close to largescale ‘pick-and-pack’ facilities like Amazon.

The company has earned the good will of the state government including the Department of Agriculture to contribute to the growth of hemp cultivation and has established a farming initiative with farmers throughout the state through the Kentucky Farmer Value Added Partnership (KFVAP). The company has partnered with the state Economic Development Cabinet and Bourbon County Fiscal Court, where their cutting-edge technology not only creates much needed employment opportunities but also offers an exciting new process for industrial hemp that will benefit local farmers.  To encourage the investment and job growth in the community, the Kentucky Economic Development Finance Authority (KEDFA) in January preliminarily approved the company for tax incentives up to $2.4 million through the Kentucky Business Investment program and the Community Development Grant Program (CDBG) with a cash award of $1M towards equipment.

AgTech Scientific is a licensed cultivator, processor and seller of high CBD-content hemp-based biomass, CBD oil and formulated end user products.

About Ascent Industries Corp.:

In Canada, Ascent (through its wholly-owned subsidiary, Agrima Botanicals) is a Licenced Producer under the Access to Cannabis for Medical Purposes Regulations of Health Canada, with licences to cultivate cannabis and produce cannabis extracts. In addition, the Company is a Licenced Dealer under the Controlled Drugs and Substances Act (Canada), with the ability to produce, package, sell, send, transport and distribute medically focused cannabis products in Canada to other licenced entities and internationally in jurisdictions where medical cannabis is legal. In the United States, the Company holds licences in Oregon (for processing and for distribution of cannabis to any licenced entity in the state) and in Nevada (for cultivation and for production, processing and wholesale distribution of cannabis). In Europe, Agrima ApS, a Danish company and wholly-owned subsidiary of Ascent, has submitted licence applications for a Wholesaler Dealers Licence and Controlled Drug Licence in Denmark, and applications for the approval of eight products to the Danish Medical Cannabis Pilot Program.

The Company’s operations currently include licenced facilities in British Columbia, Canada, and in Oregon and Nevadain the United States. The Company is increasing its cultivation and production capacity from 50,000 square feet to 710,000 square feet in 2018, from which it expects to produce significantly higher amounts of cannabis and cannabis oil to support its expanding operations.

The Company offers a product suite of more than 40 unique products under several consumer-focused brands, including gel capsules, tinctures, medicinal oils, concentrates, vaporizer pens, pre-rolled joints, various edibles and raw flower. Through careful development of its sophisticated cannabis brands, Ascent is positioned to be a leader in branded, commercialized products in both medical and adult-use markets across North America and internationally.

In addition, the Company conducts cannabis-based research with Simon Fraser University, including in the area of unique cannabinoid formulations that produce targeted physiological outcomes.

The CSE has neither approved nor disapproved the contents of this press release.



This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable Canadian securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: expectations concerning the Company’s Health Canada licences, global hemp strategy and execution on the deliverables of the Supply Agreement with AgTech Scientific. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. Except as required by law, Ascent assume no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.

SOURCE Ascent Industries

For further information: please contact: Philip Campbell, Chairman, Chief Executive Officer, Telephone: 1.604.908.1305, Email:

Click here to connect with Ascent Industries Corp. (CSE:ASNT) for an Investor Presentation.


HempFusion Wellness Inc . (TSX:CBD.U) (US:CBDHF) (FWB:8OO) (“ HempFusion ” or the “ Company ”), a leading health and wellness company offering premium probiotic supplements and products containing CBD, announced today it will report its financial results for the first quarter ended March 31, 2021 at 4 p.m., Eastern Time, on Monday, May 17, 2021 followed by a 4:15 p.m., Eastern Time conference call and webcast with a question-and-answer session.

To participate in the call, please dial 888-506-0062. For international callers, dial 973-528-0011. Use Participant Code: 795055

Keep reading... Show less

Partnership Aimed at Delivering Psychedelic
Capsule for Dosing Study in Human Clinical Trial

Numinus Wellness Inc. (“Numinus” or the “Company”) (TSXV: NUMI), a mental health care company advancing innovative treatments and safe, evidence-based psychedelic-assisted therapies, and Optimi Health Corp. (CSE: OPTI) (OTC: OPTHF) (FRA: 8BN), developers of a vertically integrated functional mushroom brand focused on the health and wellness sector, have met another early milestone in the development of an initial all natural psilocybin extract.

Keep reading... Show less

Optimi Health Corp. (CSE: OPTI) (OTC: OPTHF) (FRA: 8BN) (“Optimi” or the “Company”), developers of a vertically integrated functional mushroom brand focused on the health and wellness sector, and Numinus Wellness Inc. (“Numinus“) (TSXV: NUMI), a mental health care company advancing innovative treatments and safe, evidence-based psychedelic-assisted therapies, have met another early milestone in the development of an initial all natural psilocybin extract.

Optimi and Numinus, through Impact Clinical Trials Accelerator at the University of Calgary (“Impact”), have submitted a pre-clinical trial application to Health Canada for review and comment. Meanwhile, cultivation, research, formulation, and continuous validation studies to produce the investigational psilocybin extract for trial continue at the Health Canada-licensed Numinus lab in British Columbia, Canada.

Keep reading... Show less

Poised for Rapid Growth in Europe’s Largest Medical Cannabis Market

Curaleaf Holdings, Inc. (CSE: CURA OTCQX: CURLF) (“Curaleaf” or the “Company”) a leading international provider of consumer products in cannabis, today announced that wholly owned Curaleaf International subsidiary Adven GmbH (“Adven”) has launched its own range of medical cannabis products in Germany Europe’s largest medical cannabis market.  The initial launch of a high THC oil product aims to meet immediate patient demand and will be extended over the course of the year to incorporate a number of different strengths and THCCBD formulations in both oil and flower formats, addressing a wide range of patient needs. Germany is Europe’s largest medical cannabis market and is expected to be worth US$2.1 billion by 2025 1 .

Keep reading... Show less

After announcing placements of Fit Soda™ in well-known regional grocery chains such as HEB and Sprouts, Koios is pleased to announce that its Fit Soda™ functional beverage is now available in all Food Lion supermarkets, a chain which operates more than 1,100 grocery stores in the eastern United States. As the sugar-free beverage category continues to grow, Coca-Cola recently announced its prediction that its “Coke Zero Sugar” variety will be the firm’s biggest driver of growth in 2021 and beyond. Based on these industry trends, Koios’ objective is to strategically grow the market presence of Fit Soda™, which sold approximately 700,000 units in 2020, its first full calendar year on the market.

Koios Beverage Corp. (CSE: KBEV; OTC: KBEVF) (the “Company” or “Koios”) is pleased to announce that as of Monday, May 10, 2021 all four flavours of Fit Soda ™ are being carried in more than 1,100 supermarkets operated by Food Lion LLC (“Food Lion”), a multistate grocery chain based in Salisbury, North Carolina. Since November 2020, the Company has placed its Fit Soda ™ functional beverage product with several other regional chains across the United States to include HEB (as announced in a November 4, 2020 press release), all three banners of Massachusetts-based Roche Bros. (as announced in a February 24, 2021 press release), and Sprouts Farmers Market (as announced in a March 4, 2021 press release). Approximately 700,000 units of Fit Soda ™ were sold during the product’s first full calendar year of retail sales in 2020 between retail placements in grocery and foodservice outlets, as well as direct-to-consumer sales through the Koios online store. With the addition of Fit Soda ™ to all 1,100 locations of Food Lion across ten U.S. states, the Company believes there is significant opportunity for Fit Soda ™ to have its best year yet in 2021.

Keep reading... Show less