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 Company has completed the previously announced sale of its cultivation facility located in Prescott Valley, Arizona (the “Prescott Valley Facility“) to affiliates of Elevate Cannabis Co. for $6.5 million in cash (the “Transaction“). Unless otherwise noted, all currency references used in this news release are in U.S. currency.
Eric Offenberger, CEO of Vext, commented, “The closing of this transaction ensures that production from our Arizona cultivation footprint is matched with demand from our wholly-owned dispensary network, and remains scalable as we look for opportunities to continue growing retail. The additional capital also enables us to pay down debt and gives us additional flexibility as we look forward to the launch of legal adult-use sales in Ohio in 2024. We expect the next 12 months to be an important period for Vext as we leverage our vertical position in Ohio to drive sales and profitability, while maximizing profitability in Arizona.”
For further details about the terms of the Transaction, see the Company’s news release dated October 18, 2023.
Eight Capital acted as financial advisor and Bianchi & Brandt acted as legal counsel to Vext on the Transaction.