Cannabis Company Consolidates Arizona Cultivation Footprint After Doubling Down In Ohio
Portfolio Pulse from Jelena Martinovic
Vext Science, Inc. (OTCQX:VEXTF) has agreed to sell its cannabis cultivation facility in Arizona to Elevate Cannabis Co. for $6.5 million. The proceeds will be used to repay part of Vext's outstanding credit facilities and for future acquisitions. The company also plans to acquire two cannabis dispensaries in Ohio for $9.4 million, pending regulatory review. To support its expansion, Vext Science raised $10 million through a private placement of common shares earlier this month.
October 18, 2023 | 5:13 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Vext Science's sale of its Arizona facility and planned acquisitions in Ohio could strengthen its financial position and expand its market presence. The recent fundraising could also support its expansion plans.
The sale of the Arizona facility will provide Vext Science with cash to repay its credit facilities, improving its financial health. The planned acquisitions in Ohio will expand its market presence, potentially increasing its revenues. The recent fundraising will provide additional capital for these acquisitions and other expansion efforts.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100