VANCOUVER, March 10, 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 appointed experienced cannabis and capital markets executive Vahan Ajamian, as Chief Financial Officer of the Company. Mr. Ajamian replaces VEXT CFO Denise Lok, who has left the Company for personal reasons. Mr. Ajamian will also assume the responsibilities of Corporate Secretary from Brian Cameron.
“VEXT is currently in a period of strong growth as the Arizona adult-use market continues to develop and as we look to expand our footprint through accretive deals both within Arizona and in other limited license states,” said Eric Offenberger, CEO of VEXT. “Vahan brings deep experience both from within the cannabis industry as well as from finance and capital markets, which will enable us to continue to execute our growth strategy. I would like to personally thank Denise for all her work in bringing VEXT to this point. She has been an incredible asset and we wish her much continued success. I would also like to thank Brian Cameron, who was instrumental in establishing VEXT’s foundation early in its journey as a public company.”
Vahan Ajamian, incoming CFO and Corporate Secretary, added, “As one of the only focused Arizona operators in the public markets, VEXT is in a unique position to continue driving profitable growth and building value for shareholders through expansion both in Arizona and through relationships in other target states. I have been impressed with the foundation the Company has built and look forward to assisting in taking the Company to the next level of growth and value creation.”
VEXT has granted 100,000 stock options to Mr. Ajamian. The options are exercisable at a price of CAD$0.96 and expire 10 years from the grant date, with half vesting six months from the grant date, and the remainder vesting 12 months from the grant date.
Mr. Ajamian will continue to provide his consulting obligations with other companies in a reduced capacity.
Vahan Ajamian brings more than a decade and a half of capital markets experience to VEXT. He was one of the first equity research analysts to cover cannabis companies in North America and was the first analyst to cover the U.S. cannabis sector and U.S. cannabis equities. Mr. Ajamian has been a consistent expert resource for the broader media on cannabis topics and has been cited by outlets such as CBC, Marijuana Business Daily and BNNBloomberg, and was named one of the cannabis investment industry’s rising stars by Business Insider in 2018. Mr. Ajamian is a CPA, CA and a CFA® Charterholder.
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. and internationally 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 joint venture with Texoma and the Processing Facility, and revenue and profit contribution for VEXT’s operations.
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
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