Mr. Philip Campbell reports

AGRIMA BOTANICALS CORP. DEVELOPS METHODOLOGY FOR WATER-SOLUBLE CANNABINOID DELIVERY

Through Ascent Industries Corp.'s wholly owned subsidiary, Agrima Botanicals Corp., the company has developed a proprietary methodology for producing a variety of discrete, water-soluble cannabinoids, both in powder and liquid form. Cannabinoids in their natural state are oil-based and non-water soluble, making it challenging for beverage makers and edibles manufacturers to evenly suspend and standardize their product mixtures. Water-soluble cannabinoids emulsify evenly, allowing both beverage and edibles makers to completely standardize their product mixtures, giving end consumers a consistent, high-quality product experience. Additionally, water-soluble cannabinoids have a faster activation time of approximately 10 to 15 minutes in the human body, compared with 30 to 45 minutes generally for oil-based delivery methods. These effects generally wear off within two hours compared with four to six hours with traditional oil-based products.

This development strengthens the company's intellectual property footprint, providing the potential for Ascent to become a leading provider of cannabinoid formulates. When the company's large-scale production facility, Agrima Labs, is fully licensed and operational, the company expects it will be able to provide large quantities of water-soluble formulate to beverage and edibles manufacturers as an input ingredient. The company expects to provide a variety of discrete cannabinoids, including tetrahydrocannabinol (THC), cannabidiol (CBD), cannabinol (CBN) and cannabigerol (CBG) distillates, isolates and water-soluble formulates, to medical and adult-use product manufacturers globally. The company is in the process of adding this intellectual property to its patent portfolio.

Philip Campbell, chief executive officer of Ascent, noted: "With this significant development, Ascent continues to be at the forefront of cannabis extraction and formulation technology for new product formats. We are well positioned to be a leader in providing our water-soluble and other bulk formulates to product manufacturers around the world including pharmaceutical, edibles and beverage makers."

About Ascent Industries Corp.

In Canada, Ascent Industries (through its wholly owned subsidiaries) 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). In the United States, the company holds licences in Oregon (for processing and for distribution of cannabis to any licensed entity in the state) and in Nevada (for cultivation as well as production, processing and wholesale distribution of cannabis).

The company's operations currently include licensed facilities in British Columbia, Canada, and in Oregon and Nevada in the U.S.

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