This Cannabis Co. Expects Significant Growth Once Ohio's Retail Market Launches, Reports Slight YoY Decrease In 2023 Revenue
Portfolio Pulse from Jelena Martinovic
Vext Science, Inc. reported a slight decrease in 2023 revenue to $34.8 million from $35.4 million in 2022, with a year-over-year increase in Q4 revenue. The company anticipates growth in Ohio's cannabis market in 2024. Net income and adjusted EBITDA for FY 2023 and Q4 2023 also saw declines compared to the previous year. VEXTF shares rose 4.47% after the market close on Thursday.
May 10, 2024 | 1:31 pm
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Vext Science, Inc. reported a slight year-over-year revenue decrease for 2023 but expects significant growth with Ohio's market expansion. Despite a challenging year, the company's stock rose 4.47% after the announcement.
The slight decrease in revenue for 2023 is overshadowed by the company's optimistic outlook for growth in Ohio, a new market for cannabis. The positive price action following the earnings report indicates investor confidence in the company's future prospects, despite the year-over-year declines in net income and adjusted EBITDA. The anticipation of market expansion in Ohio and the company's strategic positioning there are likely to be key drivers of investor sentiment and stock performance in the short term.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100