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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 growth in Arizona
VANCOUVER, BC, May 11, 2021 /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, announced today that it has received approval from the City of Eloy to build and operate a state-of-the-art medical cannabis cultivation facility. As announced on April 7, 2021, Vext has entered into a purchase and sale agreement to acquire a vacant 72,000 square foot industrial facility (~34,000 square feet of future canopy) located in the city.
"Arizona is set to continue to be one of the most attractive cannabis markets in the U.S. and as a limited license state, cultivation capacity is key to ensuring Vext is positioned to maximize its share of market growth," said Eric Offenberger, CEO of Vext. "Once operational, the facility will ensure we have consistent access to high quality biomass to support the growth of our award-winning Vapen brand, the growth we are experiencing in our current operated dispensaries as well as lending us the foundation necessary to accretively expand our retail network in the state over time. Eloy is ideally located within close proximity to freeways and major population centers including Phoenix and Tucson, and the city has been terrific to work with. We look forward to bringing jobs to Eloy and to a long and productive relationship as we continue our growth."
Micah Powell, Mayor of Eloy, added, "We are very pleased that Vext has selected the City of Eloy to be a partner in its continued expansion. This is another win for economic development for the city and will bring additional high-quality jobs for Eloy residents. I know I speak on behalf of city council and entire staff, when I say we are looking forward to continue working with Vext to get the facility up and running."
The purchase of the facility is expected to close in June 2021, subject to certain standard closing conditions along with Vext's completion of due diligence and zoning requirements acceptable to the Company. Vext expects to build the facility out to approximately 34,000 square feet under canopy within nine months of the closing of the acquisition. The Eloy facility also includes ample land for future expansion.
About VEXT Science, Inc.
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.
COVID-19 Risk Factor
VEXT may be impacted by business interruptions resulting from pandemics and public health emergencies, including those related to COVID-19. An outbreak of infectious disease, a pandemic, or a similar public health threat, such as the recent outbreak of COVID-19, or a fear of any of the foregoing, could adversely impact VEXT by causing operating, manufacturing, supply chain, and project development delays and disruptions, labor shortages, travel, and shipping disruption and shutdowns (including as a result of government regulation and prevention measures). It is unknown whether and how VEXT may be affected if such a pandemic persists for an extended period of time, including as a result of the waiver of regulatory requirements or the implementation of emergency regulations to which VEXT is subject. Although VEXT has been deemed essential and/or has been permitted to continue operating its facilities in the states in which it operates during the pendency of the COVID-19 pandemic, there is no assurance that the Company's operations will continue to be deemed essential and/or will continue to be permitted to operate. VEXT may incur expenses or delays relating to such events outside of its control, which could have a material adverse impact on its business, operating results, financial condition and the trading price of the Company's Common Shares.
Forward Looking Statements
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 COVID-19, to future developments and the business and operations of VEXT, the proposed operational timeline for the purchase and build out of the cultivation facility in the City of Eloy and the hiring of personnel for the cultivation facility in the City of Eloy, 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.
Chief Executive Officer
SOURCE VEXT Science, Inc.
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