Ohio expected to be one of the most attractive market opportunities in U.S. cannabis – Vext has been scaling operations to grow its footprint in the state
Vancouver, British Columbia–(Newsfile Corp. – February 21, 2023) – Vext Science, Inc. (CSE: VEXT) (OTCQX: VEXTF) (“Vext” or the “Company”) a U.S.-based cannabis operator with vertical operations in Arizona and Ohio1, today announced that an affiliated entity (the “Affiliate”) of the Company’s joint venture partner, Appalachian Pharm Processing, LLC, an Ohio limited liability company (“APP”), has achieved its first harvest out of its Tier 1 cultivation facility in Jackson, Ohio (the “Facility”). As announced in November 2022, the Facility passed state inspection and was granted a Certificate of Operation by the Ohio Department of Commerce to begin production in an initial cultivation area of 25,000 square feet. The Facility has the potential to be expanded up to 50,000 square feet of cultivation, following further application and approval.
As previously announced at the end of 2022, Vext’s proposed acquisition of APP (the “Proposed APP Acquisition”) will create a fully vertically integrated entity in Ohio, with an operating Tier I cultivation facility, an operating manufacturing facility, and strategically located, fully operational retail storefronts in Columbus and Jackson.
Eric Offenberger, CEO of Vext, commented, “The first harvest from APP’s Ohio cultivation facility represents an important milestone for us and arrives on the heels of our recent announcement marking our steps towards vertical integration in the state. As a limited license state with limited cultivation capacity, we expect both wholesale and retail pricing to remain very attractive compared to most medical and recreational markets in the U.S. today. We see an opportunity to replicate what we have created in Arizona as the Ohio market continues to develop, with the additional stimulus of a larger population contributing incremental revenue, profitability and cash flow for shareholders.”
Ohio’s state-sanctioned cannabis sales surpassed the $1 billion mark in 20222 and the state saw a 44% increase in the number of patients over the past 12 months3, with the potential for a future transition into an adult-use market.
