Vext Science (CSE: VEXT) (OTCQX: VEXTF) announced plans Monday to purchase two Ohio-based cannabis dispensaries from Big Perm’s Dispensary Ohio. The acquisition, valued at approximately $9.8 million, will also include all relevant business assets and licenses from the dispensaries.
Vext, which has operations in Arizona and Ohio, also made a move to raise up to $10 million through the sale of company shares. It anticipates major stakeholders, including a notable institutional shareholder and key company executives, to account for more than 60% of the shares’ purchase.
Eric Offenberger, Vext’s CEO, hailed the acquisition as “a critical step toward achieving scale” in Ohio.
“The overall market environment, particularly from an equity perspective, remains challenging, but now is the right time for Vext to build a platform that will generate growing profitability and cash flow,” he said in a statement.
“Vext has a proven track record of operating profitably in the limited-license Arizona market, and we were early to understand that fully integrated operations and matching long-term cultivation with owned retail demand, is the route to capturing sustained margins and value.”
With the purchase and a prior acquisition of Appalachian Pharm Processing, the company inches closer to the Ohio state cap of five