What is Going on with Vext Science?
Vext Science (VEXTF) has announced that the City of Eloy has approved its intention to build and operate a medical cannabis cultivation facility. Vext Science has already entered a purchase and sale agreement in order to acquire a 72,000 square foot industrial facility within Eloy to create this cultivation facility. Speaking on this decision, the Mayor of Eloy, Micah Powell states that Eloy is, “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."
VEXTF stock is down 6% to $0.73 per share Tuesday morning.
What This Means for Vext Science?
The purchase of the facility is expected to close in June 2021, conditional on certain standard closing conditions and zoning requirements. It is expected that the facility’s construction will be completed within nine months of the closing of the acquisition. Vext Science also hopes that the facility will provide ample land for future expansion for their company.
Eric Offenberger, Vext Science CEO, states that, "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," and, "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."
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Vext Science Inc. through its subsidiaries operates as agricultural technology, services, and property management company in Canada. It utilizes an integrated business model to oversee and execute all aspects of cultivation, extraction, manufacturing of THC products, CBD products, Vapen kitchens, Flower products, and accessories. The company provides management, advisory, cultivation, and dispensary services to not-for-profit entities in the medical marijuana field.
