Tough Q3 For Cannabis Co. Vext Science, But Ohio Rec Market Launch Holds Promise
Portfolio Pulse from Jelena Martinovic
Vext Science, Inc. reported a challenging Q3 with an 11.8% drop in revenue to $8 million. Despite a year-over-year revenue increase of 5.5%, the company saw a significant decrease in gross profit and a net loss of $1.8 million. However, the company is optimistic about its expansion in Ohio's cannabis market, which is expected to grow to $4 billion in four years. Vext's stock traded lower after the report. The company remains focused on growth in Arizona and Ohio through 2024.
November 28, 2023 | 2:04 pm
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Vext Science experienced a challenging Q3 with a revenue drop and a net loss, but is optimistic about Ohio's cannabis market potential. The stock saw a decline after the earnings report.
The reported decrease in revenue and net loss for Q3 are likely to negatively impact investor sentiment in the short term, leading to a potential decrease in stock price. However, the company's expansion into the Ohio market could provide a positive outlook for future growth, which may mitigate some of the negative impact.
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