Vext Science, Inc. (“Vext” or the “Company”) (CSE: VEXT) (OTCQX: VEXTF) a cannabinoid brand leader based in Arizona, leveraging its core expertise in extraction, manufacturing, cultivation and marketing to build a profitable multi-state footprint, today announced the closing of its purchase of a vacant 72,000 square foot industrial located in the city of Eloy, Arizona (the “Eloy Facility”). As previously announced, Vext has received approval to build and operate a state-of-the-art medical cannabis cultivation operation at the Eloy Facility. The Company expects to build the facility out to approximately 34,000 square feet under canopy within nine months of closing. The Eloy Facility also includes ample land for future expansion. All currency references used in this news release are in U.S. currency unless otherwise noted.
“Once the Eloy Facility is operational, Vext will have total indoor capacity of ~58,000 square feet under canopy and 10 acres of outdoor capacity, to support further growth in Arizona,” said Eric Offenberger, CEO of Vext. “The Eloy Facility will provide additional high quality flower to support the ongoing growth of our award-winning Vapen brand, and in our operated dispensaries, while enabling us to accretively grow our retail footprint in the state over time. Locations with suitable scale and proximity to major population centers are likely to get more difficult to find in the coming years, and we expect ownership of our cultivation footprint to be an enduring competitive advantage for Vext.”
Vext paid $4.3 million in cash for outright ownership of the Eloy Facility, which is currently vacant.
