Shares of Ascent pop on CBD news

Ascent Industries Corp’s (CSE:ASNT) wholly owned subsidiary, Agrima Botanicals Corp, announced Thursday it 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. 

“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,” said Philip Campbell, chief executive officer of Ascent.

WATCH: Ascent Industries COO gives crash course on what you need to know in Cannabis

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.

Shares of Ascent were up 10.00% at C$0.77.

Story by ProactiveInvestors