Mr. Philip Campbell reports

ASCENT INDUSTRIES CORP. PROVIDES UPDATE ON HEALTH CANADA LICENCES

Ascent Industries Corp. has provided an update regarding the press release issued by the company on Sept. 27, 2018, relating to the partial suspension of the Health Canada licences issued to its wholly owned subsidiary, Agrima Botanicals Corp. The company is committed to providing shareholders timely updates regarding the process and timeline for full reinstatement of its licences once determined.

In advance of being able to provide shareholders with full information regarding the process and timeline of full reinstatement of its licences, the company has taken the following actions:

• Enhanced its quality assurance and regulatory compliance team with the addition of three experienced staff, headed by an individual with extensive quality assurance and quality control experience in pharmaceutical and other highly regulated industries;
• In addition, the company has conducted an audit of its record-keeping controls and procedures, identifying areas for enhancement, and commenced implementation of operational improvements;
• Further, the company has or will be relieving certain managerial staff of their positions with the company.

Ascent is committed to ensuring that applicable subsidiaries comply fully with Health Canada requirements applicable to operations.

About Ascent Industries Corp.

In Canada, Ascent (through its wholly owned subsidiary, Agrima Botanicals) is a licensed producer under the Access to Cannabis for Medical Purposes Regulations of Health Canada, with licences to cultivate cannabis and produce cannabis extracts. In addition, the company is a licensed dealer under the Controlled Drugs and Substances Act (Canada), with the ability to produce, package, sell, send, transport and distribute medically focused cannabis products in Canada to other licensed entities and internationally in jurisdictions where medical cannabis is legal.

We seek Safe Harbor.