Vext Relocates and Expands Dispensary Located in Jackson, Ohio, Doubling Store's Retail Footprint
Vext Science (VEXTF) has relocated and expanded its Herbal Wellness Center dispensary in Jackson, Ohio, doubling its retail footprint. The new location features an 8,350 square foot space, including 4,500 square feet for retail operations and a drive-thru window for improved customer convenience.
The company operates a vertically integrated business in Ohio, including a Tier I cultivation facility, a manufacturing facility, and two operational dispensaries in Jackson and Columbus. Vext is pursuing expansion to reach Ohio's maximum limit of eight dispensaries, with plans to add locations in Athens, Jeffersonville, and Portsmouth through its Ohio Expansion Transaction, expected to close in Q1 2025.
The company has received approval to develop three additional dual-use dispensaries under the DCC's 10(B) license program. The new Jackson location is leased with a purchase option, offering flexibility for future growth and potential sublease opportunities to offset occupancy costs.
Vext Science (VEXTF) ha trasferito e ampliato il suo dispensario Herbal Wellness Center a Jackson, Ohio, raddoppiando la sua superficie commerciale. La nuova sede presenta uno , di cui 4.500 piedi quadrati per le operazioni di vendita al dettaglio e una finestra drive-thru per migliorare la comodità dei clienti.
L'azienda gestisce un'attività verticalmente integrata in Ohio, che include un impianto di coltivazione di livello I, un impianto di produzione e due dispensari operativi a Jackson e Columbus. Vext sta perseguendo un'espansione per raggiungere il limite massimo di otto dispensari in Ohio, con piani per aggiungere sedi ad Athens, Jeffersonville e Portsmouth tramite la sua Transazione di Espansione in Ohio, prevista per chiudere nel primo trimestre del 2025.
L'azienda ha ricevuto l'approvazione per sviluppare tre ulteriori dispensari a uso duale nell'ambito del programma di licenze 10(B) del DCC. La nuova sede di Jackson è in leasing con un'opzione di acquisto, offrendo flessibilità per la crescita futura e potenziali opportunità di subaffitto per compensare i costi di occupazione.
Vext Science (VEXTF) ha trasladado y ampliado su dispensario Herbal Wellness Center en Jackson, Ohio, duplicando su huella comercial. La nueva ubicación cuenta con un espacio de 8,350 pies cuadrados, incluyendo 4,500 pies cuadrados para operaciones minoristas y una ventana de autoservicio para mejorar la comodidad del cliente.
La empresa opera un negocio verticalmente integrado en Ohio, que incluye una instalación de cultivo de Nivel I, una instalación de fabricación y dos dispensarios operativos en Jackson y Columbus. Vext está buscando expandirse para alcanzar el límite máximo de ocho dispensarios en Ohio, con planes de agregar ubicaciones en Athens, Jeffersonville y Portsmouth a través de su Transacción de Expansión en Ohio, que se espera cierre en el primer trimestre de 2025.
La empresa ha recibido aprobación para desarrollar tres dispensarios de uso dual adicionales bajo el programa de licencias 10(B) del DCC. La nueva ubicación en Jackson está arrendada con una opción de compra, ofreciendo flexibilidad para el crecimiento futuro y potenciales oportunidades de subarriendo para compensar los costos de ocupación.
Vext Science (VEXTF)는 오하이오주 잭슨에 있는 Herbal Wellness Center의 약국을 이전하고 확장하여 소매 공간을 두 배로 늘렸습니다. 새로운 장소는 8,350 제곱피트의 공간을 갖추고 있으며, 그중 4,500 제곱피트는 소매 운영을 위한 공간이며 고객 편의를 위해 드라이브 스루 창구도 마련되어 있습니다.
회사는 오하이오에서 수직 통합 비즈니스를 운영하며, 1등급 재배 시설, 제조 시설 및 잭슨과 콜럼버스에 있는 두 개의 운영 중인 약국을 포함하고 있습니다. Vext는 오하이오의 최대 8개 약국 한도에 도달하기 위해 확장을 추진하고 있으며, 2025년 1분기 종료 예정인 오하이오 확장 거래를 통해 아테네, 제퍼슨빌 및 포츠머스에 위치를 추가할 계획입니다.
회사는 DCC의 10(B) 라이센스 프로그램에 따라 추가로 3개의 이중 용도 약국을 개발할 수 있는 승인을 받았습니다. 잭슨의 새로운 위치는 구매 옵션이 있는 임대 형태로, 향후 성장 및 점유 비용을 상쇄할 수 있는 잠재적인 서브리스 기회를 제공하는 유연성을 제공합니다.
Vext Science (VEXTF) a déménagé et agrandi son dispensaire Herbal Wellness Center à Jackson, Ohio, doublant ainsi son empreinte commerciale. Le nouvel emplacement dispose d'un espace de 8 350 pieds carrés, dont 4 500 pieds carrés pour les opérations de vente au détail et une fenêtre de service au volant pour améliorer la commodité des clients.
L'entreprise opère un modèle commercial verticalement intégré dans l'Ohio, comprenant une installation de culture de niveau I, une installation de fabrication et deux dispensaires en activité à Jackson et Columbus. Vext cherche à s'étendre pour atteindre la limite maximale de huit dispensaires dans l'Ohio, avec des projets d'ajout de sites à Athens, Jeffersonville et Portsmouth dans le cadre de sa Transaction d'Expansion en Ohio, prévue pour se clôturer au premier trimestre de 2025.
L'entreprise a reçu l'approbation pour développer trois dispensaires à usage dual supplémentaires dans le cadre du programme de licence 10(B) du DCC. Le nouvel emplacement à Jackson est loué avec une option d'achat, offrant une flexibilité pour la croissance future et des opportunités potentielles de sous-location pour compenser les coûts d'occupation.
Vext Science (VEXTF) hat sein Herbal Wellness Center in Jackson, Ohio, verlegt und erweitert, wodurch die Einzelhandelsfläche verdoppelt wurde. Der neue Standort bietet eine 8.350 Quadratfuß große Fläche, davon 4.500 Quadratfuß für den Einzelhandel und ein Drive-Thru-Fenster zur Verbesserung des Kundenkomforts.
Das Unternehmen betreibt ein vertikal integriertes Geschäft in Ohio, einschließlich einer Tier I Anbauanlage, einer Produktionsstätte und zwei operativen Apotheken in Jackson und Columbus. Vext strebt eine Expansion an, um das maximale Limit von acht Apotheken in Ohio zu erreichen, mit Plänen zur Eröffnung von Standorten in Athens, Jeffersonville und Portsmouth im Rahmen seiner Ohio Expansion Transaction, die im ersten Quartal 2025 abgeschlossen werden soll.
Das Unternehmen hat die Genehmigung erhalten, drei weitere duale Apotheken im Rahmen des 10(B) Lizenzprogramms des DCC zu entwickeln. Der neue Standort in Jackson ist gepachtet mit einer Kaufoption, die Flexibilität für zukünftiges Wachstum und potenzielle Untervermietungsmöglichkeiten zur Minderung der Betriebskosten bietet.
- Doubled retail space with new 8,350 sq ft location, including 4,500 sq ft for retail operations
- Received approval for three additional dual-use dispensaries under DCC's 10(B) license program
- Fully vertically integrated operations in Ohio with cultivation, manufacturing, and retail
- Expansion costs to be funded entirely through operating cash flow
- Drive-thru window addition improving customer service efficiency
- Significant capital expenditure required for expansion and renovation
- Lease obligations for new location instead of ownership
- 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
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
FAQ
What is the size of Vext's new Jackson, Ohio dispensary location?
How many dispensaries does VEXTF currently operate in Ohio?
When is VEXTF expected to complete its Ohio Expansion Transaction?
How many total dispensaries will VEXTF be allowed to operate in Ohio?
What facilities does VEXTF operate in Ohio besides dispensaries?
