VEXTF - Cannabis Company Consolidates Arizona Cultivation Footprint After Doubling Down In Ohio | Benzinga
Vext Science, Inc. (CSE: VEXT) (OTCQX: VEXTF) has signed a definitive agreement to sell its cannabis cultivation facility located in Prescott Valley, Arizona, to affiliates of Elevate Cannabis Co. for $6.5 million in cash.
The Vancouver-based company expects the transaction to close by November 1, 2023.
Proceeds from the transaction are expected to be used to repay a portion of Vext's currently outstanding credit facilities, future acquisition opportunities and general corporate purposes, the company said on Wednesday.
Elevate Cannabis is a vertically integrated operator based out of Missouri with five dispensaries in their home state and has recently expanded into Arizona through a retail location.
"It has always been our stated objective to ensure that we match internal supply with internal demand in order to maximize margins and long-term returns," Eric Offenberger, CEO of Vext, said. "Following the opening of our modular ...