Vext Science, Inc. (CSE: VEXT) (OTCQX: VEXTF) said on Monday that it has reached an agreement pending a regulatory review period on an asset purchase agreement, together with other definitive agreements with Big Perm's Dispensary Ohio, LLC and members thereof, to acquire two cannabis dispensaries in Ohio.
What Happened
Under the terms of the definitive agreements, previously announced earlier this month, Vext agreed to pay $9.4 million in cash in return.
Subject to regulatory approval by the Ohio Board of Pharmacy, Vext will fund approximately $3.4 million of construction costs related to the dispensaries, which are payable upon closing the deal.
After regulatory approval, Vext will provide certain administrative, operational and support services to Big Perm in compliance with Ohio's rules and regulations concerning medical marijuana and has agreed to loan up to $3 million to Big Perm for ...