VEXT SCIENCE WELCOMES ARIZONA APPROVAL OF LEGALIZED POSSESSION OF MARIJUANA FOR ADULT USE

Vest Science
  • VEXT has a strategically located, vertically integrated footprint in Arizona – two Phoenix dispensaries, indoor and outdoor cultivation in Phoenix and Prescott Valley, and kitchen/manufacturing facilities.
  • Wholly owned Vapen™ brand product line currently stocked in 80%+ of licensed Arizona dispensaries.
  • The State is expected to set up a licensing system for retail sales of adult-use cannabis, starting with the medical marijuana dispensaries already operating in the state – potential for sales to begin in March 2021.

VANCOUVER, November 4, 2020 /CNW/ – Vext Science, Inc. (“VEXT” or the “Company”) (OTCQX: VEXTF; CSE: VEXT) a cannabinoid brand leader based in Arizona, leveraging its core expertise in extraction, manufacturing, cultivation and marketing to build a profitable multi-state footprint, is pleased to confirm that Proposition 207 was approved by the residents of the State of Arizona last night.

VEXT is well-positioned as one of the few publicly traded pure-play operators in Arizona. The Company has an established, vertically integrated footprint in the State, including:

  • Two Phoenix dispensaries – one open since August 2013, one since July 2020 – both ideally situated in high traffic areas and already built-out with ample parking and customer service space in preparation for adult use. Online ordering in place for both locations.
  • Two indoor cultivation facilities – Phoenix and Prescott Valley – as well as a large-scale outdoor cultivation property in Prescott Valley.
  • State of the art kitchen and manufacturing facilities in Phoenix/Prescott Valley.
  • Vapen branded products currently stocked in 80%+ of licensed Arizona dispensaries.

Management Commentary:

Eric Offenberger, CEO of VEXT commented, “As a long-time Arizona operator and the producer of one of the State’s most recognized consumer cannabis brands – Vapen – we have been preparing for November 3rd for over a year, building-out our retail, cultivation and manufacturing operations to ensure we were prepared to handle adult use in Arizona. I would like to thank the State for running a process that enabled the people of Arizona to have their voices heard on the cannabis issue and that will ensure a stable transition from medical to adult use. We look forward to introducing customers to our portfolio of high quality products in 2021 – whether they shop online or at one of our two conveniently located Phoenix dispensaries – while ensuring our existing patients have consistent access to the medicine they need. 2021 will be a very exciting year for VEXT as we prepare to welcome more people to our retail locations, expand our wholesale opportunity set and continue to drive shareholder value by executing our return-focused strategy both in Arizona and across our multi-state footprint.”

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.

For more details on the Vapen brand:
Vapen website: vapenclear.com
Instagram: @vapen
Facebook: @vapenclear

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.

Eric Offenberger
Chief Operating Officer

For further information:

Jonathan Ross
VEXT Investor Relations
jon.ross@loderockadvisors.com
416-244-9851