Vext Science has completed the sale of its cultivation facility located in Prescott Valley, Arizona, to Elevate Cannabis Co. for $6.5 million in cash. Unless otherwise noted, all currency references used in this news release are in U.S. currency.
Eric Offenberger, CEO of Vext, commented, "The closing of this transaction ensures that production from our Arizona cultivation footprint is matched with demand from our wholly-owned dispensary network and remains scalable as we look for opportunities to continue growing retail. The additional capital also enables us to pay down debt and gives us additional flexibility as we look forward to the launch of legal adult-use sales in Ohio in 2024. We expect the next 12 months to be an important period for Vext as we leverage our vertical position in Ohio to drive sales and profitability while maximizing profitability in Arizona."