Is Agrima Botanical’s luck turning around?

CLN previously reported on the Ascent-owned licensed producer’s troubles as it faced the possibility of being the first LP to lose its license, but on Nov. 26 it was announced that Health Canada has granted Agrima “additional time to be heard under the Cannabis Act and Cannabis Regulations with respect to the suspension and proposed revocation of the Canadian producer’s licence and dealer’s licence issued to Agrima.”

How much time exactly?

As stated in the Ascent press release:

Agrima now has until December 17, 2018 to provide Health Canada with reasons as to why the revocation is unfounded.

Agrima interim CEO Blair Jordan was thrilled by the news, saying:

“Ascent welcomes the additional time from Health Canada. We are working diligently to ensure all of Health Canada’s concerns and questions are addressed. Ascent’s goal is to absolutely comply with all applicable Health Canada rules.”

It was good news for Agrima investors, too, as the day of the announcement saw Ascent’s share price rebound by 13% to a high of $0.22/share but it should be kept in mind that the suspension is still ongoing and come Dec. 17, Agrima can still lose its licenses if Health Canada determines that Agrima has not satisfied its requirements.

Agrima is a licensed producer based in British Columbia that, in addition to Canada, also operates in Oregon and Nevada where recreational cannabis has been legalized at the state level.

 

Featured image courtesy of Warrior Trading News.

Sources

Cision: Ascent Industries Corp. Granted Extension by Health Canada.

Proactive Investors: Ascent Industries receives extension from Health Canada; shares perk up.