Vext receives OK for Ohio dispensary ownership transfer

Executive Summary

• Vext Science Inc. has received regulatory approval from the Ohio Department of Commerce to transfer ownership of the Herbal Wellness Center dispensary in Portsmouth, Ohio, to Vext.
• The company expects to complete the closing and associated title transfers by October 1, 2025.
• This approval supports Vext's strategy to expand its retail footprint in Ohio, with the company aiming to operate a maximum of eight dispensaries supported by its vertically integrated cultivation and manufacturing facilities.

Key Details

• Regulatory Approval: Received approval from the Ohio Department of Commerce for the ownership transfer of the Portsmouth dispensary.
• Closing Timeline: Expected completion of closing and title transfers is October 1, 2025.
• Portsmouth Dispensary Details:
  • Located in southern Ohio along the Ohio River.
  • Features a drive-through for customer convenience.
  • Granted a provisional license by the Ohio Division of Cannabis Control (DCC) under the 10(B) license program.
  • Officially opened to the public on June 13, 2025, following the completion of the company's Ohio expansion transaction.
• Ohio Expansion Strategy:
  • Construction and permitting are actively underway for three remaining Ohio locations.
  • Vext aims to operate the state maximum of eight dispensaries upon completion.
  • Operations will be supported by Tier 1 cultivation and manufacturing facilities.
• Strategic Goals:
  • Achieve a five-store retail footprint in Ohio by consolidating the Portsmouth location.
  • Leverage vertical integration to drive margin expansion and generate sustainable free cash flow.
  • Serve both medical and adult-use consumers across Ohio.

Notable Quotes

• "State approval of the Portsmouth dispensary ownership transfer is a clear validation of our disciplined growth strategy in Ohio. With Portsmouth already operating and expected to be consolidated by Oct. 1, we are advancing toward a five-store retail footprint in the state. Each additional location enhances our ability to better leverage our vertically integrated platform, supporting margin expansion and consistent cash flow generation." — Eric Offenberger, CEO