Non-Linear Sigma Model and asymptotic freedom at the Lifshitz point

We construct the general O(N)-symmetric non-linear sigma model in 2+1 spacetime dimensions at the Lifshitz point with dynamical critical exponent z=2. For a particular choice of the free parameters, the model is asymptotically free with the beta function coinciding to the one for the conventional sigma model in 1+1 dimensions. In this case, the model admits also a simple description in terms of adjoint currents.