Vext Science Announces Approval to Begin Building Out Ohio Facility to Support 25,000 Square Feet of Cultivation
Construction is fully funded and the first harvest is expected by Q1 of 2023.
VANCOUVER, BC, Nov. 3, 2022 /CNW/ - 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 that an affiliated entity (the "Affiliate") of the Company's joint venture partner, Appalachian Pharm Processing, LLC, an Ohio limited liability company ("APP") has passed state inspection and been granted a Certificate of Operation by the Ohio Department of Commerce (the "Department") to begin production at its Jackson, Ohio facility (the "Facility") to an initial cultivation area of 25,000 square feet. The construction is fully funded and the Facility has the potential to be expanded up to 50,000 square feet of cultivation, following further application and approval. APP has advised the Company that the Affiliate expects to achieve first harvest by the first quarter of 2023.
As previously announced in Q4 2021, the Affiliate received a Level I Cultivator provisional license to be co-located at the APP facility at 16064 Beaver Pike, Jackson, Ohio. The Affiliate's establishment of a cultivation footprint in Ohio moves Vext further towards vertical integration in the state which is expected to occur following consummation of the letter of intent to acquire an ownership interest in the Affiliate (previously announced in Q4 2021) and after receiving the approval of the Department for such acquisition.
Eric Offenberger, CEO of Vext commented, "Securing approval to advance the cultivation footprint in Ohio is a significant win for Vext, its joint venture partner APP, and the Affiliate, moving us closer toward full vertical integration in a very attractive, limited license state. Vapen brands are already available on over 95% of the dispensary shelves in the state through our partnerships and sales continue to grow consistently as the Ohio market develops. With cultivation firmly established, we will be well positioned to cater to the growing customer base and continue to build value for our shareholders."
For more details, visit Vext's investor website or contact the IR team at [email protected].
Vext Science, Inc. is a US-based Cannabis THC and Hemp cannabinoid products company manufacturing THC cartridges, concentrates, edibles and accessories under the Vapen™ Brand, and Hemp based products under the Pure Touch Botanicals brand as well as the Vapen CBD brand. Based in Arizona, Vext Science, Inc. has one of the leading THC concentrates, edibles, and distillate cartridge brands sold in most of the state's 100+ dispensaries. Herbal Wellness Center is one of Arizona's leading dispensaries and we execute all aspects of the cultivation, extraction, edibles infusion and manufacturing processes which insures a product of the highest quality and purity. Product quality and purity are core to our marketing strategy. Vext Science, Inc. is executing its business growth by leveraging experience and expertise in extractions, product manufacturing, and marketing to expand in the U.S. through revenue and profit-sharing joint venture partnerships. For more information visit our website at www.VextScience.com.
For more details on the Vapen brand:
Vapen website: VapenBrands.com
Instagram: @vapen
Facebook: @vapenbrands
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in Vext's periodic filings with Canadian securities regulators. When used in this news release, words such as "will", "could", "plan", "estimate", "expect", "intend", "may", "potential", "believe", "should", and similar expressions, are forward- looking statements.
Forward-looking statements may include, without limitation, statements related to future developments and the business and operations of VEXT, the development of the cannabis industry in Ohio, the Company's business plans in Ohio, the Affiliate's timeline to complete its first harvest, the possible expansion of the size of the Facility, the completion of the acquisition of an ownership interest in the Affiliate, and the Company's financial results, and of which are subject to the risk factors contained in Vext's continuous disclosure filed on SEDAR.
Although Vext has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; being engaged in activities currently considered illegal under U.S. Federal laws; change in laws; reliance on management; requirements for additional financing; competition; hindered market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and; regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. Because of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward- looking statements in this news release are made as of the date of this release. Vext disclaims any intention or obligation to update or revise such information, except as required by applicable law, and Vext does not assume any liability for disclosure relating to any other company mentioned herein.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
Eric Offenberger
Chief Executive Officer
844-211-3725
SOURCE VEXT Science, Inc.
Jonathan Ross, Vext Investor Relations, [email protected], 416-244-9851
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