Ascent Industries Corp (ASNT)

[Nelly 15]

Ascent Announces Launch of Global Hemp Strategy

NEWS PROVIDED BY

Ascent Industries

Oct 15, 2018, 14:45 ET

VANCOUVER, Oct. 15, 2018 /CNW/ - 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 Statesrelating 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.