Vext Opens Fifth Ohio Dispensary in Portsmouth, Growing Retail Footprint in Key Ohio Market
As previously disclosed, the Dispensary was granted a provisional license by the Ohio Division of Cannabis Control ("DCC") under the 10(B) license program and became part of Vext's retail footprint following the completion of the Ohio Expansion Transaction. While the Dispensary is not yet consolidated, the Company is actively advancing the license transfer process with state regulators and expects the transfer to be completed in Q3 or Q4 2025. Subject to regulatory approval, Portsmouth will become Vext's fifth fully consolidated dispensary in Ohio. The Company expects to bring additional locations online through the remainder of 2025 and into early 2026.
Eric Offenberger, CEO of Vext commented, "Portsmouth is an important addition to our Ohio footprint and a clear example of our commitment to building a scaled, efficient retail platform across the state. We're already seeing strong validation of our retail-focused model through record financial results in the first quarter of 2025, building on momentum from a strong fourth quarter in 2024. Our vertically integrated platform is designed to drive consistent cash flow by efficiently getting product onto our own shelves. With each new store, that strategy is gaining traction. I would like to thank our Ohio team and construction partners for their swift execution in bringing this location online and we look forward to serving the Portsmouth community. Ohio remains a key growth engine for Vext, and we're confident in our ability to drive long-term shareholder value as we continue to scale."
With full vertical integration in Ohio - including a Tier I cultivation facility, a manufacturing facility, and now five operational dispensaries, Vext is well positioned to drive margin expansion and free cash flow as it continues to scale its retail footprint and serve both medical and adult-use consumers.
Vext's Current Footprint in Ohio:
Facility2
Status
Tier 1 Cultivation Facility - 25,000 square feet (Jackson, Ohio)
Fully operational. Ability to expand to 50,000 square feet. Certificate of Operation received for adult-use.
Manufacturing Facility (Jackson, Ohio)
Fully operational.
Herbal Wellness Center (Jackson, Ohio)
Fully operational as a medical and adult-use dispensary.
Herbal Wellness Center (Columbus, Ohio)
Fully operational as a medical and adult-use dispensary.
Herbal Wellness Center (Athens, Ohio)
Fully operational as a medical and adult-use dispensary.
Herbal Wellness Center (Jeffersonville, Ohio)
Fully operational as a medical and adult-use dispensary.
Dispensary 5 (Portsmouth, Ohio)
Fully operational as a medical and adult-use dispensary. Awaiting license transfer for full consolidation; Expected in Q3 or Q4 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. 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.comInstagram: @vapenFacebook: @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 expansion in Ohio and the anticipated results therefrom, the receipt of applicable regulatory approvals, the acquisition of additional licenses, and the development and 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 Officer844-211-3725
For further information: Jonathan Ross, Vext Investor Relationsjon.ross@loderockadvisors.com416-244-9851
SOURCE: Vext Science, Inc.
1 With the completion of the Ohio Expansion Transaction, Vext has secured the right to transfer ownership of the Portsmouth dispensary. 2 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/255533
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