Ascent Industries Corp. said Wednesday that the company was replacing its Chief Executive after Health Canada had suspended licenses to farm marijuana held by one of its subsidiaries. The Vancouver, British Columbia-based pot company’s stock was down 55% Wednesday where it trades under the ticker ASNT, according to Canadian Securities Exchange data. Ascent’s announcement is another reminder of the challenges the emerging industry faces and regulatory hurdles each of Canada’s licensed producers must overcome. Health Canada initially suspended the company’s license because it “did not meet record keeping and other compliance requirements” during an August inspection performed by the regulatory body. Ascent said it attempted to correct the problems but that its remedies did not meet Health Canada’s standards. Health Canada said it intended to revoke the licenses, though Ascent said it plans to appeal the decision to do so. “We are fully committed to remedying this situation with Health Canada, and ensuring that Ascent operates at the highest level of the industry’s best practices,” the interim CEO Blair Jordan said in a statement.
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