Ascent Industries, headquartered in Vancouver, British Columbia, operates as a Canadian licensed cannabis producer. It has shown impressive financial performance in the recent quarter [1]. The company posted GAAP EPS of $0.06 and revenue of $100.2M, reflecting its strong position in the cannabis industry.
Moreover, Ascent Industries, founded in 2014, is a vertically integrated cannabis company operating in Canada, the United States, and Europe [1]. In Canada, the company runs a Health Canada-licensed facility in Ontario and holds a 51% ownership stake in Agrima Botanicals. A licensed producer in British Columbia. Internationally, Ascent operates in the United States through its subsidiary, Cannabinoid Research and Development Innovations (CRDI). Located in Nevada, and in Europe through its wholly owned subsidiary, Ascendant Pharmaceuticals GmbH, in Germany.
Consequently, The Canadian Securities Exchange lists the company’s common shares under the symbol “ASNT.”. And trade on the OTCQB Venture Market in the United States under the symbol “ASNTD”.
In the third quarter of 2019, Ascent reported GAAP EPS of $0.06 and revenue of $100.2M, with an impressive Adjusted EBITDA of $5.6M. Year-to-date, Ascent has generated revenue of $287.1M and an Adjusted EBITDA of $21.4M, showcasing its robust financial performance.
Moreover, With a strong balance sheet holding $85.5M in cash and cash equivalents and no debt. Going further, The expanding global cannabis market positions Ascent well to capitalize on it. As the demand for cannabis products continues to grow. The company’s diversified presence in key markets and a promising product pipeline will drive its growth trajectory.
Furthermore, Ascent’s success in the cannabis industry demonstrates its ability to thrive in a competitive market and maintain a strong financial foundation for future growth and opportunities.
In conclusion, Ascent Industries’ latest financial results reaffirm its position as a leading player in the cannabis sector. The company, with its successful operations in Canada, the United States, and Europe, is poised to capitalize on the growing demand for cannabis products. Also to continue its journey toward sustained growth and success.