- The new Herbal Wellness Center, now closer to central Jackson, Ohio, offers a broad product selection, and improves customer convenience with a drive-thru window.
- Vext remains well-positioned to continue to capture market share in Ohio, expecting to reach the state license cap of eight total dispensaries upon the closing of previously announced acquisitions1 and the receipt of additional licenses from the Ohio Division of Cannabis Control ("DCC") under the DCC's 10(B) license program.
Vancouver, British Columbia--(Newsfile Corp. - February 13, 2025) - Vext Science, Inc. (CSE: VEXT) (OTCQX: VEXTF) ("VEXT" or the "Company") a U.S.-based cannabis operator with vertical operations in Arizona and Ohio, today announced the relocation and expansion of its Herbal Wellness Center dispensary in Jackson, Ohio. Situated in a more central location within Jackson, the new dispensary features an expanded retail space and inventory capacity, offers patients and customers a wide product selection and improves service through a convenient drive-thru window.
Eric Offenberger, CEO of Vext, commented, "Ohio is a cornerstone of our growth strategy with strong retail execution at the center of our approach. By focusing on non-urban locations with limited competition and a stable customer base, we have built a solid retail presence in the state. The new Jackson dispensary aligns with this strategy, strengthening our market position by adding retail space, enhancing customer flow and experience, as well as accommodating more inventory. As Ohio's adult-use market matures, our path forward remains clear: optimizing our footprint to reach the state's cap of eight dispensaries while driving strong cash flow, sustainable growth, and value for shareholders."
Vext is fully vertically-integrated in Ohio, operating a Tier I cultivation facility, a manufacturing facility, and two strategically located retail dispensaries in Jackson and Columbus. Upon closing of the Ohio Expansion Transaction1, the Company expects to add two more dispensaries in Athens and Jeffersonville. Additionally, the recently announced2 Portsmouth location brings the Company closer to reaching the state dispensary license cap of eight, with additional dispensaries expected to open during 2025 and early into 2026, subject to regulatory approvals.
The new location, which is leased with an option to purchase, offers Vext flexibility for future growth. Covering approximately 8,350 square feet, the space includes a 4,500 square foot area renovated for retail dispensary use, with the remaining area available for a potential sublease to help offset Vext's occupancy costs while preserving the ability to expand as needed. The Company expects to fund all renovation and build-out costs entirely through operating cash flow.
Vext's Current Footprint in Ohio:
| Facility3 | Status |
| Tier 1 Cultivation Facility - 25,000 square feet (Jackson, Ohio) | Operating. Ability to expand to 50,000 square feet. Certificate of Operation received for adult-use. |
| Manufacturing Facility (Jackson, Ohio) | Operating. Certificate of Operation received for adult-use. |
| Herbal Wellness Center (Jackson, Ohio) | Operating. Certificate of Operation received for adult-use. |
| Herbal Wellness Center (Columbus, Ohio) | Operating. Certificate of Operation received for adult-use. |
| Dispensary 3 (Athens, Ohio) | Under agreement pursuant to the Ohio Expansion Transaction.1 The Ohio Expansion Transaction is expected to close in Q1 2025. Vext has already acquired the real property associated with this dispensary. |
| Dispensary 4 (Jeffersonville, Ohio) | Under agreement pursuant to the Ohio Expansion Transaction.1 The Ohio Expansion Transaction is expected to close in Q1 2025. |
| Dispensary 5 (Portsmouth, Ohio) | Additional adult-use license under the DCC's 10(B) license program. This license is to be transferred to the Company pursuant to the terms of the Ohio Expansion Transaction1, subject to DCC's approval. The Ohio Expansion Transaction is expected to close in Q1 2025. |
| Dispensaries 6, 7 and 8 (Granted approval to develop 3 additional dual-use dispensaries) | As a Tier 1 Cultivator, Vext has received approval under the DCC's 10(B) license program to develop three additional dual-use dispensaries. Target locations have been identified and will be announced when provisional permits are issued by the DCC. |
For more details, visit Vext's investor website or contact the IR team at investors@vextscience.com.
About VEXT Science, Inc.
Vext Science, Inc. is a U.S.-based cannabis operator with vertical operations in Arizona and Ohio. Vext's expertise spans from cultivation through to retail operations in its key markets. Based out of Arizona, Vext owns and operates state-of-the-art cultivation facilities, fully built-out manufacturing facilities as well as dispensaries in both Arizona and Ohio. The Company manufactures Vapen, one of the leading THC concentrates, edibles, and distillate cartridge brands in Arizona. Its selection of award-winning products are created with Vext's in-house, high-quality flower and distributed across Arizona and Ohio. Vext's leadership team brings a proven track record of building and operating profitable multi-state operations, with the Company having operated profitably since 2016. The Company's primary focus is to continue growing in its core states of Arizona and Ohio, bringing together cutting-edge science, manufacturing, and marketing to provide a reliable and valuable customer experience while generating shareholder value.
Vext Science, Inc. is listed on the Canadian Securities Exchange under the symbol VEXT and trades on the OTCQX market under the symbol VEXTF. Learn more at www.vextscience.com and connect with Vext on Twitter/X and LinkedIn.
For more details on the Vapen brand:
Vapen website: VapenBrands.com
Instagram: @vapen
Facebook: @vapenbrands
Forward-Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in Vext's periodic filings with Canadian securities regulators. When used in this news release, words such as "will, could, plan, estimate, expect, intend, may, potential, believe, should," and similar expressions, are forward-looking statements.
Forward-looking statements may include, without limitation, statements regarding future developments and the business and operations of Vext, including but not limited to the Company's transition to serve both the medical and adult-use markets in Ohio and the anticipated results therefrom, market projections of the cannabis industry in the jurisdictions in which the Company operates, and statements about the timing and completion of the Ohio Expansion Transaction, the acquisition of additional licenses, and the opening of additional dispensaries in Ohio, all of which are subject to the risk factors contained in Vext's continuous disclosure filed on SEDAR+ at www.sedarplus.ca.
Although Vext has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; being engaged in activities currently considered illegal under U.S. Federal laws; change in laws; reliance on management; requirements for additional financing; competition; hindered market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry; and regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. Because of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. Vext disclaims any intention or obligation to update or revise such information, except as required by applicable law, and Vext does not assume any liability for disclosure relating to any other company mentioned herein.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
Eric Offenberger
Chief Executive Officer
844-211-3725
For further information:
Jonathan Ross, Vext Investor Relations
jon.ross@loderockadvisors.com
416-244-9851
SOURCE: Vext Science, Inc.
1 Vext has executed an asset purchase agreement (as amended from time to time, the "Asset Purchase Agreement"), together with other definitive agreements (together with the Asset Purchase Agreement, the "Definitive Agreements"), with the members of Big Perm's Dispensary Ohio, LLC ("Big Perm") to acquire from Big Perm two cannabis dispensaries located in Ohio, as well as all licenses and assets related to the business of such dispensaries, other than excluded assets, for cash consideration of US$7.7 million, subject to adjustments in certain circumstances (the "Ohio Expansion Transaction"). Subject to receipt of required regulatory approvals and other customary conditions precedent, the Company expects that closing of the Ohio Expansion Transaction will occur in Q1 2025.
2 See Vext's news release dated December 11, 2024, a copy of which is available under Vext's SEDAR+ profile at www.sedar.ca.
3 Vext has been granted approval to develop dispensaries 6, 7, and 8 under the DCC's 10(B) license program. As noted in the above chart, target locations have been identified but currently there are no associated facilities.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/240648
SOURCE: VEXT Science, Inc.
