- Represents the Company’s second exclusively-managed dispensary in the key Phoenix market – an important competitive advantage as the Arizona market evolves.
- Relationship expected to drive further awareness of VEXT’s in-house brands and biomass synergies through the ownership of an offsite cultivation facility in Prescott Valley
VANCOUVER, July 14, 2020 /CNW/ – Vext Science, Inc. (“VEXT” or the “Company”) (OTCQX: VEXTF; CSE: VEXT) a cannabinoid brand leader leveraging core expertise in extraction, manufacturing, cultivation and marketing to build wholesale distribution through revenue and joint ventures, today announced that it has obtained the Certificate of Occupancy for a second dispensary location in North Phoenix, which will be leased by “Organica Patient Group Medical Marijuana Dispensary” (the “Organica Dispensary”). On April 8, 2020, VEXT announced that it had closed the acquisition of RDF Management Company, LLC (“RDF”), and its intellectual property (the “Transaction”). RDF provides exclusive turn-key services for the management, administration and operation of Organica Patient Group, Inc. (“Organica”), an Arizona not for profit corporation, which was issued and holds in good standing, a Medical Marijuana Dispensary Registration Certificate.
The current Organica Dispensary has operated in the Chino Valley since 2013, with a cultivation facility located in the Prescott Valley. VEXT’s acquisition of RDF enables the Company to assist the Organica Dispensary in relocating to the metropolitan Phoenix area, to offer its products and services to a broader and growing patient population. The terms of the Transaction were disclosed in a press release dated April 8, 2020. The new dispensary will operate under the Herbal Wellness Center branding, to immediately drive greater market recognition and synergies.
“This announcement supports our value added strategy in Arizona of managing high volume dispensary locations, while expanding cultivation and state of the art managed extraction and kitchen facilities,” said Eric Offenberger, CEO of VEXT. “Arizona is already one of the largest medical cannabis markets in the U.S. and as it evolves, is expected to continue to be one of the most exciting opportunities in the country. By continuing to increase our presence in the key Phoenix market, we are positioned to serve existing patients even better and expand our patient base, while increasing the visibility of our portfolio of in-house brands and driving returns for shareholders. Most of our current financial results come from a combination of one operated dispensary in Phoenix and our wholesale operations, which touch 80% of the dispensaries in the state. This is a significant step for VEXT and represents just one of several growth drivers for the Company over the next 12 months, including the recent start-up of our joint ventures in Oklahoma and Kentucky and joint operation in California.”
The new Herbal Wellness Center dispensary is located in North Phoenix at 1720 E Deer Valley Rd, Phoenix, AZ and is open from 8 am until 10 pm PST. The dispensary is conveniently located near a high traffic shopping and business center and is located close to major thoroughfares.
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 Operating Officer
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