Did anyone hear that one investor say “I was a contractor who worked at the Pinecone facility, are we going to get paid for that work?”
Nobody on the current board even batted an eye when the word Pinecone was mentioned. Does our new CEO or any of these investors know what Pinecone Products is?
Heres a hint: it’s the reason why hundreds of people have lost their jobs, and many more have lost their fortunes.
This was the first investor meeting the company has held since turning public. It’s sad to have seen so many people lose their money and livelihood because of Pinecone Products (and what the did prior to turning into Ascent Industries) and to be left in the dark, even up until this day, with a new board of directors and everything.
NOBODY, not from the previous directors up until the recent directors have explained what the f*** just happened. Investors have been kept in the dark. Employees have been kept in the dark.
Let me shine the light on the descent of cannabis....
(For you first time Cannabis investors reading this - Cannabis pens aren’t actually legal in Canada. So why would you manufacture an illegal product, and keep the exact same brand when you go legal?)
How stupid to do you have to be to produce hundreds of thousands of preRolls and TOKO pens and oil as an ACMPR licensed company, and to sell these products to your buddies’ black market online dispensaries: https://budmail.com/product/toko-battery/ https://herbaldispatch.com/vendor/toko/ https://getwhitepalm.com/cannabis-brands/toko/
And then to take their money and give it back to them so they can invest in a new company called Ascent.
And then you spend millions of dollars building a level 10 safe in the same facility where illegal production took place.
And then have Heath Canada find invoices on these sales inside the offices of Agrima.
And then let go of 100+ employees across Canada and the US.
And then sell the Canadian assets to a middle eastern company who’s parent company was mentioned in the Paradise Papers.
[ According to Paradise Paper data, accessible through an online portal run by The International Consortium of Investigative Journalists, Mr. Alghanim is a shareholder of Gulf Bridge Ltd.
Furthermore, the Ascent deal is being done through a Gulf Bridge subsidiary called BZAM Management Ltd. Mr. Alghanim is the director of a U.K. company called BZAM International Ltd. - https://equity.guru/2019/04/08/ascent-industries-asnt-c-completes-canadian-asset-sale-mystery-buyer-bzam/]
Maybe not stupid at all? Maybe this was the greatest money laundering scheme that should be turned into a movie! The question is, who will play the three stooges?
It was really sad to see some of these family investors at the meeting hopefully asking if any of priovous stooges would be able to come back to help run the company. Don’t you know they were the ones that actually caused this mess?
Another question asked at the meeting “Are we going to hear any surprises down the road with news about Ascent or any illegalities?”
The answer is yes. Yes we will. You don’t get to wash money twice, fire 100+ employees, and then sell assets to an organization that most likely has terrorist connections. You must pay the price for hurting people.
But it was great to hear the new board say they want a fresh start with a new company name.
How is about you call the new company Descent?