Vext Science has announced that the Herbal Wellness Center cannabis dispensary in Portsmouth, Ohio officially opened on Friday, the 13th of June. Located in southern Ohio along the Ohio River, the dispensary is the Company's fifth retail location in the state.
The dispensary was granted a provisional license by the Ohio Division of Cannabis Control ("DCC") under the 10(B) license program and became part of Vext's retail footprint following the completion of the Ohio Expansion Transaction. While the Dispensary is not yet consolidated, the Company is actively advancing the license transfer process with state regulators and expects the transfer to be completed in Q3 or Q4 2025. Subject to regulatory approval, Portsmouth will become Vext's fifth fully consolidated dispensary in Ohio.
Eric Offenberger, CEO of Vext commented, "Portsmouth is an important addition to our Ohio footprint and a clear example of our commitment to building a scaled, efficient retail platform across the state. We're already seeing strong validation of our retail-focused model through record financial results in the first quarter of 2025, building on momentum from a strong fourth quarter in 2024. Our vertically integrated platform is designed to drive consistent cash flow by efficiently getting product onto our own shelves. With each new store, that strategy is gaining traction. I would like to thank our Ohio team and construction partners for their swift execution in bringing this location online and we look forward to serving the Portsmouth community. Ohio remains a key growth engine for Vext, and we're confident in our ability to drive long-term shareholder value as we continue to scale."
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