Vext Secures Fifth Ohio Dispensary Location, Strengthening Retail Footprint
Vext Science (VEXTF) has secured a provisional license for its fifth cannabis dispensary in Portsmouth, Ohio, strengthening its retail presence in this -license market. The dispensary is expected to begin operations in Q2 or Q3 2025, pending regulatory approvals. The company acquired the associated real property through a $350,000 mortgage at 10% annual interest over 15 years.
Vext currently operates a Tier I cultivation facility, a manufacturing facility, and two retail dispensaries in Jackson and Columbus. The company aims to reach Ohio's state license cap of eight dispensaries through previously announced acquisitions and additional 10(B) licenses. The Portsmouth location, situated along the Ohio River, represents a strategic expansion in southern Ohio.
Vext Science (VEXTF) ha ottenuto una licenza provvisoria per il suo quinto dispensario di cannabis a Portsmouth, Ohio, rafforzando la sua presenza al dettaglio in questo mercato a licenza. Si prevede che il dispensario inizi le operazioni nel Q2 o Q3 del 2025, in attesa delle approvazioni regolamentari. L'azienda ha acquisito la proprietà associata attraverso un mutuo di $350.000 con un tasso di interesse annuale del 10% su un periodo di 15 anni.
Attualmente, Vext gestisce un stabilimento di coltivazione di livello I, un impianto di produzione e due dispensari al dettaglio a Jackson e Columbus. L'azienda mira a raggiungere il limite di otto dispensari previsti dalla licenza statale dell'Ohio attraverso acquisizioni precedentemente annunciate e ulteriori licenze 10(B). La posizione di Portsmouth, situata lungo il fiume Ohio, rappresenta un'espansione strategica nel sud dell'Ohio.
Vext Science (VEXTF) ha logrado una licencia provisional para su quinto dispensario de cannabis en Portsmouth, Ohio, fortaleciendo su presencia minorista en este mercado con licencia. Se espera que el dispensario comience operaciones en el Q2 o Q3 de 2025, pendiente de aprobaciones regulatorias. La empresa adquirió la propiedad asociada a través de una hipoteca de $350,000 con un interés anual del 10% durante 15 años.
Vext actualmente opera una instalación de cultivo de Nivel I, una instalación de fabricación y dos dispensarios minoristas en Jackson y Columbus. La empresa pretende alcanzar el límite estatal de ocho dispensarios de Ohio a través de adquisiciones previamente anunciadas y licencias adicionales 10(B). La ubicación de Portsmouth, situada a lo largo del río Ohio, representa una expansión estratégica en el sur de Ohio.
벡스트 사이언스 (VEXTF)는 오하이오주 포츠머스에 다섯 번째 대마초 약국에 대한 임시 라이센스를 확보하여 이 면허 시장에서의 소매 존재감을 강화했습니다. 약국은 규제 승인을 대기하며 2025년 2분기 또는 3분기에 운영을 시작할 것으로 예상됩니다. 회사는 15년 동안 연 10%의 이율로 350,000달러의 담보 대출을 통해 관련 부동산을 취득했습니다.
벡스트는 현재 잭슨과 콜럼버스에 있는 1급 재배 시설, 제조 시설, 두 개의 소매 약국을 운영하고 있습니다. 이 회사는 공고된 인수와 추가 10(B) 라이센스를 통해 오하이오주의 주 라이센스 한도인 8개의 약국에 도달하는 것을 목표로 하고 있습니다. 오하이오 강을 따라 위치한 포츠머스는 오하이오 남부에서의 전략적 확장을 나타냅니다.
Vext Science (VEXTF) a obtenu une licence provisoire pour son cinquième dispensaire de cannabis à Portsmouth, dans l'Ohio, renforçant sa présence de détail sur ce marché sous licence. Le dispensaire devrait commencer ses activités au deuxième ou au troisième trimestre de 2025, sous réserve d'approbations réglementaires. La société a acquis le bien immobilier associé par le biais d'un prêt hypothécaire de 350 000 $ à un taux d'intérêt annuel de 10 % sur 15 ans.
Actuellement, Vext exploite une installation de culture de niveau I, une installation de fabrication et deux dispensaires de détail à Jackson et Columbus. L'entreprise vise à atteindre le plafond de huit dispensaires imposé par l'État de l'Ohio grâce à des acquisitions précédemment annoncées et des licences 10(B) supplémentaires. L'emplacement de Portsmouth, situé le long de la rivière Ohio, représente une expansion stratégique dans le sud de l'Ohio.
Vext Science (VEXTF) hat eine vorläufige Lizenz für sein fünftes Cannabis-Dispensary in Portsmouth, Ohio, secured und stärkt damit seine Einzelhandelspräsenz in diesem lizenzpflichtigen Markt. Es wird erwartet, dass das Dispansary im Q2 oder Q3 2025 den Betrieb aufnimmt, vorbehaltlich der behördlichen Genehmigungen. Das Unternehmen hat die zugehörige Immobilie durch eine Hypothek über 350.000 $ mit 10 % Jahreszins über 15 Jahre erworben.
Aktuell betreibt Vext eine Tier I Anbauanlage, eine Produktionsstätte und zwei Einzelhandels-Dispensaries in Jackson und Columbus. Das Unternehmen strebt an, die staatlich festgelegte Lizenzgrenze von acht Dispensaries in Ohio durch zuvor angekündigte Übernahmen und zusätzliche 10(B) Lizenzen zu erreichen. Der Standort in Portsmouth, der am Ohio River liegt, stellt eine strategische Expansion im Süden von Ohio dar.
- Secured fifth dispensary license in -license Ohio market
- Full vertical integration in Ohio with cultivation, manufacturing, and retail operations
- Capital expenditures for dispensary build-out to be funded through operating cash flow
- Potential to expand cultivation facility from 25,000 to 50,000 square feet
- Strategic location in Portsmouth with competition
- New dispensary operations delayed until Q2-Q3 2025
- Took on new debt with $350,000 mortgage at 10% interest rate
- Vext's fifth Ohio dispensary, located in Portsmouth, is expected to commence operations in Q2 or Q3 of 2025, pending regulatory approvals.
- The Company expects to reach the state license cap of eight total dispensaries upon the closing of previously announced acquisitions[1] and the receipt of additional 10(B) licenses from the Ohio Division of Cannabis Control.
- Vext is focused on driving cash flow growth as major capital expenditures for its Ohio operations wind down, and production and retail operations ramp to full capacity.
Vancouver, British Columbia--(Newsfile Corp. - December 11, 2024) - 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 that it has been granted a provisional license by the Ohio Division of Cannabis Control ("DCC") for a cannabis dispensary in Portsmouth, Ohio (the "Dispensary"). The Company has also acquired real property associated with the Dispensary, bringing Vext's retail footprint in Ohio to five locations, including those from the previously announced Ohio Expansion Transaction1. All currency references used in this news release are in U.S. currency unless otherwise noted.
The provisional license confirms that the Dispensary complies with local zoning and planning requirements as well as meets state statutory setback requirements for medical and adult-use retail sales. The Dispensary is also fully permitted for construction improvements and Vext expects to begin such work during the first quarter of 2025, with the Dispensary projected to be operational by Q2 or early Q3, pending regulatory approvals. Vext intends to fund the capital cost of the Dispensary build-out entirely through operating cash flow. To fund the purchase of real property associated with the Dispensary, the Company obtained a
Eric Offenberger, CEO of Vext, commented, "We are pleased to receive government approval to open our fifth dispensary in the state, further strengthening our retail footprint in this limited-license market. This expansion enhances our vertical integration, enabling us to align our in-house cultivation capacity with our own retail operations to maximize efficiency and capture significant market share. Non-urban locations with strong long-term economics, a stable customer base and limited competition, remain a key focus, and we anticipate this new location will deliver solid performance. As Ohio's adult-use market gains momentum and our cultivation and retail operations reach full capacity, we are confident in our ability to achieve sustainable cash flow growth, driving long-term value for our 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. Situated in southern Ohio, Portsmouth presents a strategic opportunity for Vext with its prime location along the Ohio River. Securing the Portsmouth location strengthens the Company's objective of reaching the state dispensary license cap of eight, with additional dispensaries expected to open during 2025 and early into 2026.
Vext's Current Footprint in Ohio:
| Facility | 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 as per Ohio Expansion Transaction1 - expected to close in Q1 2025. Acquired the real property associated with this dispensary. |
| Dispensary 4 (Jeffersonville, Ohio) | Under agreement as per Ohio Expansion Transaction1 - expected to close in Q1 2025. |
| Dispensary 5 (Portsmouth, Ohio) | Additional adult-use license under rule 10(B) to be transferred to the Company under agreement as per Ohio Expansion Transaction1 subject to DCC approval - expected to close in Q1 2025. |
| Dispensaries 6, 7 and 8 (TBD) | As a Tier 1 Cultivator in Ohio, Vext is entitled to receive three adult-use licenses under rule 10(B). The Company will announce these locations as it receives notification from 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, as well as through Vext's partnerships in other states. 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
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/233412
FAQ
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