On August 20, 2024, VEXT Science, Inc., a U.S.-based cannabis operator with operations in Arizona and Ohio, released its financial results for the period ending June 30, 2024. The company reported revenue of $8.4 million with an adjusted EBITDA of $1.1 million. Following the launch of the adult-use program in Ohio on August 6th, Vext, with a significant presence in Ohio, is strategically positioned to increase revenue and cash flow.
Currently, Vext’s Ohio network consists of a Tier 1 cultivation facility, a manufacturing facility, and two operational retail dispensaries. With pending acquisitions and further licensing approvals, Vext anticipates reaching the state’s dispensary license cap in 2024.
Eric Offenberger, CEO of Vext, expressed optimism about the opportunities presented by Ohio’s adult-use market and the company’s readiness to serve both medical and adult-use customers. He highlighted the efforts made by the team to enhance operational efficiency and drive promotional activities to attract more customers.
In a recent company announcement, Jason Thai Nguyen stepped down as Chairman of the Board, while Mark W. Opzoomer was appointed as the new non-executive Chairman. Mr. Offenberger thanked Nguyen for his contributions and welcomed Opzoomer’s leadership.
Vext will host a conference call on August 20, 2024, to discuss the second quarter financial results. For further information, interested individuals can access the conference call and webcast through the provided dial-in numbers and webcast link.
Vext’s financial results included non-IFRS financial measures like EBITDA and Adjusted EBITDA, which provide additional insight into the company’s operating performance. These measures are not a substitute for IFRS financial measures but offer valuable information for stakeholders.
Overall, VEXT Science, Inc. remains focused on its core markets of Arizona and Ohio, with a commitment to delivering high-quality products and generating shareholder value. The company’s leadership team is dedicated to driving growth and capitalizing on opportunities in the cannabis industry.
