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 it has been granted a Certificate of Occupancy by the City of Eloy for its 17,000 square foot cultivation space in Eloy (the “Facility”). The Company expects to begin planting during the second quarter of 2023, with a first harvest estimated in the third quarter of 2023.
As previously announced, the Company made the strategic decision to divide the construction at its Eloy facility into two phases. Vext has the option to expand the cultivation footprint by another ~17,000 square feet, bringing total canopy on site to ~34,000 square feet in Eloy and plans to exercise that option based on market needs. The Company also currently operates indoor cultivation facilities in Phoenix (13,000 square feet) and Prescott Valley (11,000 square feet) in Arizona.
Eric Offenberger, CEO of Vext, commented, “In the early growth phase of any limited license jurisdiction, growing upstream capacity through targeted cultivation footprint expansion is a proven path to profitable growth. We have been very strategic with our cultivation footprint to allow for modularity as the Arizona market develops. With the additional capacity at Eloy, we expect to be able to supply 100% of the dried flower needs for our retail storefronts, as well as all the current requirements of our Vapen product line. With the option to expand into an additional 17,000 square feet, the Company is positioned to both maximize its gross margins in the near term, while ensuring it can supply all its own needs over the mid term.”
