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- Deepens the Company's commitment to the rapidly growing Arizona medical market, which is anticipated to shift to an adult-use market in 2021.
- Ensures consistent supply for the two Phoenix dispensaries operated by VEXT and opens additional wholesale opportunities, backed by expanded lab and manufacturing space.
VANCOUVER, BC, Aug. 18, 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 approval from the City of Phoenix to begin a 10,000 square foot expansion at its Phoenix location. The expansion will be comprised of additional cultivation capacity, a new lab, and expansions in the kitchen and finished goods processing areas. The Company expects to begin construction in September, with targeted completion in the first quarter.
"With our second Herbal Wellness Center dispensary location in Phoenix open as of July 10, 2020, and the expectation of significant growth in demand should Arizona move to an adult-use market in 2021, this expansion will ensure we are ready to both supply our own needs as well as to take advantage of profitable wholesale and white label opportunities as the market grows," said Eric Offenberger, CEO of VEXT. "This expansion is directly aligned with our value-added strategy of managing high volume dispensary locations, while growing cultivation capacity and state of the art managed extraction and kitchen facilities to support them. Arizona is our home market and we couldn't be more excited to continue serving our valued patients at our two Phoenix Herbal Wellness Center locations, while preparing to open the doors to a whole new range of consumers in 2021. VEXT is well-positioned to continue growing profitably in Arizona, with a successful track record of disciplined execution, and a steady focus on generating solid returns on capital and profitability for shareholders."
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
SOURCE Vext Science, Inc.
For further information: Brian Cameron, Vext Science, Inc., [email protected] , 602-865-9356