VEXTF - Cannabis Producer Vext Reports YoY Decline In Q1 Announces $2M Standby Credit Facility Ahead Of Ohio Rec Market Launch | Benzinga
Cannabis operator with vertical operations in Arizona and Ohio, Vext Science, Inc. (CSE:VEXT) (OTCQX:VEXTF) reported its first quarter financial results on Wednesday for the three months ended March 31, 2024.
“The first quarter of 2024 continued to present consumer-related challenges to all operators, with the Arizona market overall experiencing another decline in quarterly revenue,” said Eric Offenberger, CEO of Vext.
Vext's time drove traffic during the quarter "by offering bundled products at the retail level, and outperforming state averages despite impacts on revenue and gross margins," Offenberger continued.
With the recreational marijuana market poised to launch any day now Vext is gearing up to sieze the new opportunity.
That said, Vext announced that it has entered into a loan agreement with certain third-party lenders, including Sopica Special Opportunities Fund Limited, under which it has obtained a standby credit facility in the principal ...