Latest news with #EricOffenberger
Yahoo
16-06-2025
- Business
- Yahoo
Vext Opens Fifth Ohio Dispensary in Portsmouth, Growing Retail Footprint in Key Ohio Market
Vancouver, British Columbia--(Newsfile Corp. - June 16, 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 that the Herbal Wellness Center cannabis dispensary in Portsmouth, Ohio (the "Dispensary") commenced operations and officially opened to the public on Friday, June 13, 2025. Located in southern Ohio along the Ohio River, the Dispensary marks the Company's fifth retail location in the state1, advancing Vext toward the state dispensary license cap of eight. The Dispensary includes a drive-thru, providing added convenience for customers. 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@ About Vext Science, 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 and connect with Vext on Twitter/X and LinkedIn. For more details on the Vapen brand:Vapen website: @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 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 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
Yahoo
21-05-2025
- Business
- Yahoo
Vext Delivers Record Q1 Performance: Achieves $3.1 Million in Operating Cash Flow on $11.6 Million in Revenue
Revenue grew 38% to $11.6 million compared to $8.4 million in Q1 2024, and up 13% sequentially from $10.2 million in Q4 2024, driven by growth in Ohio. Q1 2025 operating cash flow reached $3.1 million compared to $0.1 million in the same period last year and $3.3 million for all of fiscal 2024. The closing of the previously announced acquisition of dispensaries in Athens and Jeffersonville, subsequent to quarter end, doubled Vext's Ohio retail footprint to four (4) locations. Vancouver, British Columbia--(Newsfile Corp. - May 21, 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 reported its financial results for the period ended March 31, 2025. All currency references used in this news release are in U.S. currency unless otherwise noted. Summary Financial Results Q1 2025 Q4 2024 Q1 2024Revenue $ 11,560,968 $ 10,193,721 $ 8,390,023EBITDA1 $ 950,383 $ (2,422,054 ) $ (2,285,845 ) Adjusted EBITDA1 $ 3,356,965 $ 3,238,448 $ 1,957,074Adjusted EBITDA Margin (%)1 29% 32% 23%Net cash provided by operating activities $ 3,082,002 $ 4,014,888 $ 109,042Cash Flow Margin (%)1 27% 39% 1% Management Commentary Eric Offenberger, CEO of Vext commented, "Our first quarter results validate what we signaled in Q4 - this is a business hitting its stride. We generated $3.1 million in operating cash flow in Q1 2025 alone, matching our entire 2024 cash generation. Our 38% revenue growth from Q1 2024 demonstrates the effectiveness of our retail-first approach in Ohio, where our capital-light build-out model is delivering new stores that turn profitable almost immediately. In Arizona, while oversupply persists, we're executing retail fundamentals - driving traffic, focusing on average transaction size and mix, and gaining share through a value proposition that resonates with loyal customers. Throughout our footprint, our vertical operations are scaled precisely to serve our own shelves, not the volatile wholesale market, creating consistent cash flow that supports our growth strategy." "With a solid capital structure and strong operating cash flow, we're positioned to continue expanding in Ohio while systematically reducing debt - a combination that is focused on building equity value. This isn't about chasing brands; it's about executing a retail strategy that delivers superior unit economics and sustainable returns for shareholders. We will remain focused on building on this momentum through 2025," added Mr. Offenberger. Summary of Recent Announcements On February 13, 2025, Vext announced the relocation and expansion of its Herbal Wellness Center dispensary in Jackson, Ohio. The new Herbal Wellness Center, now closer to central Jackson, offers a broad product selection, and improves customer convenience with a drive-thru window. Subsequent to the quarter, on April 3, 2025, Vext announced that it has completed the acquisition of two cannabis dispensaries from Big Perm's Dispensary Ohio, LLC together with all related licenses and assets, other than certain excluded assets following receipt of the regulatory approval from Ohio Division of Cannabis Control. On April 4, 2025, the Company announced that Vapen Kentucky, LLC., a wholly owned subsidiary of Vext, together with its local partner, has entered into a definitive agreement to sell a medical cannabis processing license in the state of Kentucky for gross proceeds to the Company of $880,000. Q1 2025 Financial Results Conference Call The Company will host a conference call and webcast on Wednesday, May 21, 2025, at 08:00 a.m. ET to discuss the financial results for first quarter ended March 31, 2025. Date: May 21, 2025 | Time: 8:00 am Dial-in: +1-647-849-3159 or 1-833-752-3966Replay Dial-in: +1-412-317-0088 or 1-855-669-9658Conference ID: 10199977Playback #: 5885585 (Expires on June 4, 2025)Listen to webcast: For more details, visit Vext's investor website or contact the IR team at investors@ Non-IFRS Financial Measures This news release contains certain "non-IFRS financial measures" (equivalent to "non-GAAP financial measures", as such term is defined in National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosure ("NI 52-112")), "non-IFRS ratios" (equivalent to "non-GAAP ratios", as such term is defined in NI 52-112), or "supplementary financial measures" (as such term is defined in NI 52-112), which are described in further detail below. These financial measures do not have a standardized definition under IFRS, nor are they calculated or presented in accordance with IFRS and may not be comparable to similar measures presented by other companies. The Company has provided these financial measures as supplemental information and in addition to the financial measures that are calculated and presented in accordance with IFRS. The Company believes that these supplemental financial measures provide a valuable additional measure to use when analyzing the operating performance of the business. These supplemental financial measures should not be considered superior to, as a substitute for or as an alternative to, and should only be considered in conjunction with, the IFRS financial measures presented herein. The Company defines Cash Flow Margin by dividing Net cash provided by operating activities by Sales. The Company believes that this measure provides investors with insight into the Company's ability to generate cash from its revenue base. It is used by the Company to assess operating efficiency and liquidity performance without the impact of financing or investing activities. The calculation of Cash Flow Margin is as follows: Q1 2025 Q4 2024 Q1 2024Net cash provided by operating activities $ 3,082,002 $ 4,014,888 $ 109,042Sales $ 11,560,968 $ 10,193,721 $ 8,390,023Cash Flow Margin (%)1 26.7% 39.4% 1.3% The Company defines EBITDA as earnings before interest, taxes, depreciation and amortization. The Company defines "Adjusted EBITDA" as net income (loss) from operations, as reported, before interest and tax, adjusted to exclude extraordinary items, non-recurring items, other non-cash items, including stock-based compensation expense, depreciation and amortization, foreign exchange and acquisition related costs, if applicable. The Company defines "Adjusted EBITDA Margin" as Adjusted EBITDA divided by Sales. The Company believes that these measures are useful financial metrics as they assist in determining the ability to generate cash from operations. Investors should be cautioned that EBITDA and Adjusted EBITDA should not be construed as an alternative to net earnings or cash flows as determined under IFRS. The reconciling items between net earnings, EBITDA, and Adjusted EBITDA are as follows: Q1 2025 Q4 2024 Q1 2024Sales $ 11,560,968 $ 10,193,721 $ 8,390,023Net Income after taxes $ (3,333,842 ) $ (9,214,962 ) $ (6,333,412 ) Interest (Net) 765,074 901,410 800,680Income Taxes (223,172 ) 2,019,604 (340,522 ) Depreciation & Amortization 3,742,323 3,871,894 3,587,409EBITDA $ 950,383 $ (2,422,054 ) $ (2,285,845 ) Accretion (45,853 ) 373,953 -Share (Profit) / Loss on JVs 904,013 3,248,283 162,916Share-based compensation (24,454 ) 55,662 13,065(Gain)/Loss on Asset Disposal - 143,298 1,444FV of WPCU loan (152,804 ) (317,930 ) 460,870Loan costs EWB amortized 44,287 44,287 44,286FV of APP1803 option - - 2,022,211RSU Taxes - 177,266 4,199Foreign Exchange 1,900 1,294 (559 ) Change in FV of Biological 1,679,493 1,934,389 604,982FV increment on acquired inventory sold - 929,505Adjusted EBITDA $ 3,356,965 $ 3,238,448 $ 1,957,074Adjusted EBITDA Margin (%)1 29.0% 31.8% 23.3% 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 and connect with Vext on Twitter/X and LinkedIn. For more details on the Vapen brand:Vapen website: @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 disposition of the processing license in Kentucky 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 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 SOURCE: Vext Science, Inc. ________________________1 See "Non-IFRS Financial Measures" below for more information regarding Vext's use of non-IFRS financial measures and other reconciliations. To view the source version of this press release, please visit
Yahoo
21-05-2025
- Business
- Yahoo
Vext Delivers Record Q1 Performance: Achieves $3.1 Million in Operating Cash Flow on $11.6 Million in Revenue
Revenue grew 38% to $11.6 million compared to $8.4 million in Q1 2024, and up 13% sequentially from $10.2 million in Q4 2024, driven by growth in Ohio. Q1 2025 operating cash flow reached $3.1 million compared to $0.1 million in the same period last year and $3.3 million for all of fiscal 2024. The closing of the previously announced acquisition of dispensaries in Athens and Jeffersonville, subsequent to quarter end, doubled Vext's Ohio retail footprint to four (4) locations. Vancouver, British Columbia--(Newsfile Corp. - May 21, 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 reported its financial results for the period ended March 31, 2025. All currency references used in this news release are in U.S. currency unless otherwise noted. Summary Financial Results Q1 2025 Q4 2024 Q1 2024Revenue $ 11,560,968 $ 10,193,721 $ 8,390,023EBITDA1 $ 950,383 $ (2,422,054 ) $ (2,285,845 ) Adjusted EBITDA1 $ 3,356,965 $ 3,238,448 $ 1,957,074Adjusted EBITDA Margin (%)1 29% 32% 23%Net cash provided by operating activities $ 3,082,002 $ 4,014,888 $ 109,042Cash Flow Margin (%)1 27% 39% 1% Management Commentary Eric Offenberger, CEO of Vext commented, "Our first quarter results validate what we signaled in Q4 - this is a business hitting its stride. We generated $3.1 million in operating cash flow in Q1 2025 alone, matching our entire 2024 cash generation. Our 38% revenue growth from Q1 2024 demonstrates the effectiveness of our retail-first approach in Ohio, where our capital-light build-out model is delivering new stores that turn profitable almost immediately. In Arizona, while oversupply persists, we're executing retail fundamentals - driving traffic, focusing on average transaction size and mix, and gaining share through a value proposition that resonates with loyal customers. Throughout our footprint, our vertical operations are scaled precisely to serve our own shelves, not the volatile wholesale market, creating consistent cash flow that supports our growth strategy." "With a solid capital structure and strong operating cash flow, we're positioned to continue expanding in Ohio while systematically reducing debt - a combination that is focused on building equity value. This isn't about chasing brands; it's about executing a retail strategy that delivers superior unit economics and sustainable returns for shareholders. We will remain focused on building on this momentum through 2025," added Mr. Offenberger. Summary of Recent Announcements On February 13, 2025, Vext announced the relocation and expansion of its Herbal Wellness Center dispensary in Jackson, Ohio. The new Herbal Wellness Center, now closer to central Jackson, offers a broad product selection, and improves customer convenience with a drive-thru window. Subsequent to the quarter, on April 3, 2025, Vext announced that it has completed the acquisition of two cannabis dispensaries from Big Perm's Dispensary Ohio, LLC together with all related licenses and assets, other than certain excluded assets following receipt of the regulatory approval from Ohio Division of Cannabis Control. On April 4, 2025, the Company announced that Vapen Kentucky, LLC., a wholly owned subsidiary of Vext, together with its local partner, has entered into a definitive agreement to sell a medical cannabis processing license in the state of Kentucky for gross proceeds to the Company of $880,000. Q1 2025 Financial Results Conference Call The Company will host a conference call and webcast on Wednesday, May 21, 2025, at 08:00 a.m. ET to discuss the financial results for first quarter ended March 31, 2025. Date: May 21, 2025 | Time: 8:00 am Dial-in: +1-647-849-3159 or 1-833-752-3966Replay Dial-in: +1-412-317-0088 or 1-855-669-9658Conference ID: 10199977Playback #: 5885585 (Expires on June 4, 2025)Listen to webcast: For more details, visit Vext's investor website or contact the IR team at investors@ Non-IFRS Financial Measures This news release contains certain "non-IFRS financial measures" (equivalent to "non-GAAP financial measures", as such term is defined in National Instrument 52-112 - Non-GAAP and Other Financial Measures Disclosure ("NI 52-112")), "non-IFRS ratios" (equivalent to "non-GAAP ratios", as such term is defined in NI 52-112), or "supplementary financial measures" (as such term is defined in NI 52-112), which are described in further detail below. These financial measures do not have a standardized definition under IFRS, nor are they calculated or presented in accordance with IFRS and may not be comparable to similar measures presented by other companies. The Company has provided these financial measures as supplemental information and in addition to the financial measures that are calculated and presented in accordance with IFRS. The Company believes that these supplemental financial measures provide a valuable additional measure to use when analyzing the operating performance of the business. These supplemental financial measures should not be considered superior to, as a substitute for or as an alternative to, and should only be considered in conjunction with, the IFRS financial measures presented herein. The Company defines Cash Flow Margin by dividing Net cash provided by operating activities by Sales. The Company believes that this measure provides investors with insight into the Company's ability to generate cash from its revenue base. It is used by the Company to assess operating efficiency and liquidity performance without the impact of financing or investing activities. The calculation of Cash Flow Margin is as follows: Q1 2025 Q4 2024 Q1 2024Net cash provided by operating activities $ 3,082,002 $ 4,014,888 $ 109,042Sales $ 11,560,968 $ 10,193,721 $ 8,390,023Cash Flow Margin (%)1 26.7% 39.4% 1.3% The Company defines EBITDA as earnings before interest, taxes, depreciation and amortization. The Company defines "Adjusted EBITDA" as net income (loss) from operations, as reported, before interest and tax, adjusted to exclude extraordinary items, non-recurring items, other non-cash items, including stock-based compensation expense, depreciation and amortization, foreign exchange and acquisition related costs, if applicable. The Company defines "Adjusted EBITDA Margin" as Adjusted EBITDA divided by Sales. The Company believes that these measures are useful financial metrics as they assist in determining the ability to generate cash from operations. Investors should be cautioned that EBITDA and Adjusted EBITDA should not be construed as an alternative to net earnings or cash flows as determined under IFRS. The reconciling items between net earnings, EBITDA, and Adjusted EBITDA are as follows: Q1 2025 Q4 2024 Q1 2024Sales $ 11,560,968 $ 10,193,721 $ 8,390,023Net Income after taxes $ (3,333,842 ) $ (9,214,962 ) $ (6,333,412 ) Interest (Net) 765,074 901,410 800,680Income Taxes (223,172 ) 2,019,604 (340,522 ) Depreciation & Amortization 3,742,323 3,871,894 3,587,409EBITDA $ 950,383 $ (2,422,054 ) $ (2,285,845 ) Accretion (45,853 ) 373,953 -Share (Profit) / Loss on JVs 904,013 3,248,283 162,916Share-based compensation (24,454 ) 55,662 13,065(Gain)/Loss on Asset Disposal - 143,298 1,444FV of WPCU loan (152,804 ) (317,930 ) 460,870Loan costs EWB amortized 44,287 44,287 44,286FV of APP1803 option - - 2,022,211RSU Taxes - 177,266 4,199Foreign Exchange 1,900 1,294 (559 ) Change in FV of Biological 1,679,493 1,934,389 604,982FV increment on acquired inventory sold - 929,505Adjusted EBITDA $ 3,356,965 $ 3,238,448 $ 1,957,074Adjusted EBITDA Margin (%)1 29.0% 31.8% 23.3% 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 and connect with Vext on Twitter/X and LinkedIn. For more details on the Vapen brand:Vapen website: @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 disposition of the processing license in Kentucky 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 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 SOURCE: Vext Science, Inc. ________________________1 See "Non-IFRS Financial Measures" below for more information regarding Vext's use of non-IFRS financial measures and other reconciliations. To view the source version of this press release, please visit Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
04-04-2025
- Business
- Yahoo
Vext Strengthens Balance Sheet and Sharpens Focus on Core Markets with Strategic Sale of Kentucky Medical Processing License
Vancouver, British Columbia--(Newsfile Corp. - April 4, 2025) - Vext Science, Inc. (CSE: VEXT) (OTCQX: VEXTF) ("Vext" or the "Company"), a U.S.-based cannabis operator with vertically integrated operations in Arizona and Ohio, today announced that Vapen Kentucky, LLC ("Vapen Kentucky"), a wholly owned subsidiary of Vext, together with its local partner, has entered into a definitive agreement (the "Sale Agreement") to sell a medical cannabis processing license in the state of Kentucky for gross proceeds to the Company of US$880,000 (the "Transaction"). "This transaction underscores our disciplined approach to capital allocation and strategic focus on maximising returns in our core markets," said Eric Offenberger, CEO of Vext. "By divesting the processing license in Kentucky, we are deepening our focus on our core operations in Arizona and Ohio, where we see the most compelling opportunities to drive long-term value. The proceeds of the sale strengthens our balance sheet and will support the build out of our Ohio retail footprint as we continue to prioritize profitability and cash flow growth across our vertically-integrated operations." On March 16, 2025, Vext acquired the remaining 50% membership interest in Vapen Kentucky from its joint venture partner, utilizing non-cash consideration. Upon closing of the Transaction, Vapen Kentucky's operations will be restructured to focus exclusively on hemp-related business opportunities. Terms of the Transaction Vapen Kentucky will receive US$880,000 in cash as consideration for the sale of the medical cannabis processing license, which amount is payable at closing of the Transaction. Proceeds from the Transaction are expected to be used for (i) the repayment of a portion of Vext's currently outstanding credit facilities, (ii) build out of the Company's Ohio retail footprint and (iii) general corporate purposes. The Transaction remains subject to customary closing conditions, including regulatory approval by the state of Kentucky. Vext expects the Transaction to close during the second quarter of 2025. For more details, visit Vext's investor website or contact the IR team at investors@ 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 and connect with Vext on Twitter/X and LinkedIn. For more details on the Vapen brand:Vapen website: @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 related to the Transaction, including the receipt of regulatory approvals, the anticipated closing date and use of proceeds, and other statements regarding future developments and the business and operations of Vext, including the transition of Vapen Kentucky to focus on hemp opportunities and the Company's anticipated results from operations, all of which are subject to the risk factors contained in Vext's continuous disclosure filed on SEDAR+ at 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 OffenbergerChief Executive Officer844-211-3725 For further information:Jonathan Ross, Vext Investor SOURCE: Vext Science, Inc. 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Yahoo
03-04-2025
- Business
- Yahoo
Vext Completes Ohio Expansion Transaction, Expanding Ohio Retail Presence to Four Dispensaries
Vext now operates four retail dispensaries in Ohio's limited license market and remains on track to reach the state license cap of eight (8) total dispensaries, with new locations expected to open during 2025 and early 2026. Vancouver, British Columbia--(Newsfile Corp. - April 3, 2025) - Vext Science, Inc. (CSE: VEXT) (OTCQX: VEXTF) ("Vext" or the "Company") a U.S.-based cannabis operator with vertically integrated operations in Arizona and Ohio, today announced that it has completed the acquisition of two cannabis dispensaries from Big Perm's Dispensary Ohio, LLC ("Big Perm") together with all related licenses and assets, other than certain excluded assets (the "Ohio Expansion Transaction"), following receipt of the regulatory approval from Ohio Division of Cannabis Control ("DCC"). The Company has paid aggregate cash consideration of approximately US$8.1 million in connection with the Ohio Expansion Transaction, including the funding of certain construction costs, capital expenditures and working capital needs associated with the dispensaries. With the completion of the transaction, Vext has doubled its retail footprint in the state, adding dispensaries in Athens and Jeffersonville to its existing locations in Jackson and Columbus. Eric Offenberger, CEO of Vext, commented, "Today's announcement marks a significant step forward in Vext's strategic expansion within Ohio's limited-license market. With four operational dispensaries and a clear path to reaching the state license cap of eight, we are building a retail footprint that is designed to generate consistent cash flow. A strong retail presence enables us to better control our distribution and align it with our cultivation and manufacturing assets - a balance that supports long-term profitability. The remaining four Vext dispensaries are scheduled to come online in 2025 and early 2026 as we execute on our disciplined strategy. With cash flow returning to growth in Q4 2024, and a clear path to further expansion in Ohio during 2025 and beyond, Vext is on a path that we expect will create meaningful long-term value for our shareholders." Already fully vertically integrated in Ohio with a Tier I cultivation facility, a manufacturing facility, and now four strategically located retail dispensaries, this transaction further strengthens the Company's presence in the state. With the recently announced Portsmouth location expected to commence operations during Q2 or Q3 of 2025 and license approvals from the DCC for an additional three dispensaries, Vext is on track to reach the state dispensary license cap of eight by early 2026. Vext's Current Footprint in Ohio: Facility1 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) Additional adult-use license under the DCC's 10(B) license program. With the completion of the Ohio Expansion Transaction, Vext has secured the right to transfer ownership of the Portsmouth dispensary. Pending regulatory and zoning approvals, the Company anticipates executing the transfer and commencing operations by Q2 or Q3 of 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@ About Vext Science, 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 and connect with Vext on Twitter/X and LinkedIn. For more details on the Vapen brand:Vapen website: @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 anticipated results from operations, 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 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 SOURCE: Vext Science, Inc. 1 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 Sign in to access your portfolio
