Arizona-Based Vext Science to Acquire Ohio Medical Cannabis Dispensaries for $9.8 Million, Plans $10 Million Common Share Private Placement

Vext Science, an Arizona-based vertically integrated marijuana operator, has unveiled plans to acquire two Ohio medical cannabis dispensaries for $9.8 million, marking a strategic move in a thriving cannabis market. The acquisition, announced on Monday, includes not only the two MMJ stores but also a Tier I cultivation facility and a manufacturing facility, all part of a deal with Big Perm's Dispensary Ohio, as stated in a recent news release.

This development coincides with Ohio's upcoming November vote on adult-use cannabis legalization, emphasizing the growing importance of the state's cannabis industry.

Vext Science sees an opportunity to significantly expand its footprint in Ohio with this acquisition, positioning itself favorably for the future. Vext's CEO, Eric Offenberger, expressed optimism, stating, "The addition of two dispensaries to our growing vertical footprint in Ohio represents a critical step toward achieving scale and ensuring long-term returns on capital in this attractive growth market."

Furthermore, in a move aimed at bolstering its financial standing, Vext Science is actively raising capital. It was announced on Wednesday that the company has successfully closed a previously disclosed purchase of Appalachian Pharm Processing, headquartered in Jackson, Ohio, along with its subsidiaries and affiliated companies.

It's essential to note that Ohio's medical marijuana regulations impose a limit of five dispensary licenses per marijuana company operating in the state. This acquisition demonstrates Vext Science's commitment to establishing a strong presence in Ohio's evolving cannabis market.

As the cannabis industry continues to evolve, Vext Science's strategic acquisitions and capital-raising initiatives position the company for growth and success in the competitive Ohio market.