Vext to Commence Adult-Use Cannabis Sales in Ohio on August 6

Rhea-AI Summary

Vext Science, Inc. (CSE: VEXT) (OTCQX: VEXTF) has announced the commencement of adult-use cannabis sales in Ohio on August 6, 2024. The company has secured Certificates of Operation for dual licensing of its cultivation and manufacturing facility as well as its operated dispensaries in Jackson and Columbus. Vext's current footprint in Ohio includes a 25,000 square feet Tier 1 cultivation facility (expandable to 50,000 square feet), a manufacturing facility, and two operating dispensaries. The company has agreements for two additional dispensaries and is entitled to receive three more adult-use licenses as a Tier 1 Cultivator, potentially bringing its total retail footprint in Ohio to seven locations.

Positive

• Expansion into adult-use cannabis market in Ohio, one of the largest US markets by population
• Secured Certificates of Operation for dual licensing of cultivation, manufacturing, and two dispensaries
• Potential to expand cultivation facility from 25,000 to 50,000 square feet
• Entitled to receive three additional adult-use licenses, increasing retail footprint to seven locations

Negative

• None.

• The Company has an operating Tier I cultivation facility, manufacturing facility and two strategically located retail dispensaries in Jackson and Columbus with two more dispensaries in the pipeline¹. As a Tier 1 Cultivator in Ohio, Vext is entitled to receive three additional adult-use licenses under rule 10(B), bringing its retail footprint in the state to seven.

Vancouver, British Columbia--(Newsfile Corp. - August 2, 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 following the previously announced receipt of provisional dual-use licenses, it has secured Certificates of Operation for the dual licensing of its cultivation and manufacturing facility as well as its operated dispensaries in Jackson and Columbus. The Company has now received approval from the Ohio Division of Cannabis Control (DCC) to begin selling adult-use cannabis on Tuesday, August 6.

Eric Offenberger, CEO of Vext, commented, "Ohio is one of the largest markets in the US by population, with a solid medical program that is well positioned to evolve into a strong adult-use market. Vext is prepared for this transition and has steadily expanded its presence in the state. For over two years, we have proudly served Ohio's medical patients, and we now look forward to welcoming adult-use customers next week."

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 2024. Recently acquired the real property associated with this dispensary.
Dispensary 4 (Jeffersonville, Ohio)	Under Agreement as per Ohio Expansion Transaction1 - expected to close in 2024.
Dispensaries 5, 6 & 7	As a Tier 1 Cultivator in Ohio, Vext is entitled to receive three adult-use licenses under rule 10(B), bringing its retail footprint in the state to seven. The Company will announce the locations as it receives notification from the DCC.

 

For more details, 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 related to the anticipated receipt for Certificates of Operation for its operations in Ohio, statements related to the Ohio Expansion Transaction, including the anticipated closing date and receipt of regulatory approvals related thereto, and other statements regarding future developments and the business and operations of the Vext, market projections of the cannabis industry in Ohio, and the Company's business plans 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

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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 $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 2024.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/218742

FAQ

When will Vext Science (VEXTF) begin adult-use cannabis sales in Ohio?

Vext Science (VEXTF) will commence adult-use cannabis sales in Ohio on August 6, 2024.

How many dispensaries does Vext Science (VEXTF) currently operate in Ohio?

Vext Science (VEXTF) currently operates two dispensaries in Ohio, located in Jackson and Columbus.

What is the size of Vext Science's (VEXTF) cultivation facility in Ohio?

Vext Science (VEXTF) has a 25,000 square feet Tier 1 cultivation facility in Jackson, Ohio, with the ability to expand to 50,000 square feet.

How many additional adult-use licenses is Vext Science (VEXTF) entitled to receive in Ohio?

As a Tier 1 Cultivator in Ohio, Vext Science (VEXTF) is entitled to receive three additional adult-use licenses under rule 10(B).