Expansion approvals received, 34,000 sq.ft. From TD Webroker:
-- Once the Eloy facility is operational, Vext will have total indoor capacity of ~58,000 square feet under canopy and 10 acres of outdoor capacity, to support growth in Arizona
Vext Science, Inc. ("VEXT" or the "Company") (CSE: VEXT) (OTCQX: VEXTF) a cannabinoid brand leader based in Arizona, leveraging its core expertise in extraction, manufacturing, cultivation and marketing to build a profitable multi-state footprint, announced today that it has received approval from the City of Eloy to build and operate a state-of-the-art medical cannabis cultivation facility. As announced on April 7, 2021, Vext has entered into a purchase and sale agreement to acquire a vacant 72,000 square foot industrial facility (~34,000 square feet of future canopy) located in the city.
"Arizona is set to continue to be one of the most attractive cannabis markets in the U.S. and as a limited license state, cultivation capacity is key to ensuring Vext is positioned to maximize its share of market growth," said Eric Offenberger, CEO of Vext. "Once operational, the facility will ensure we have consistent access to high quality biomass to support the growth of our award-winning Vapen brand, the growth we are experiencing in our current operated dispensaries as well as lending us the foundation necessary to accretively expand our retail network in the state over time. Eloy is ideally located within close proximity to freeways and major population centers including Phoenix and Tucson, and the city has been terrific to work with. We look forward to bringing jobs to Eloy and to a long and productive relationship as we continue our growth."
Micah Powell, Mayor of Eloy, added, "We are very pleased that Vext has selected the City of Eloy to be a partner in its continued expansion. This is another win for economic development for the city and will bring additional high-quality jobs for Eloy residents. I know I speak on behalf of city council and entire staff, when I say we are looking forward to continue working with Vext to get the facility up and running."
The purchase of the facility is expected to close in June 2021, subject to certain standard closing conditions along with Vext's completion of due diligence and zoning requirements acceptable to the Company. Vext expects to build the facility out to approximately 34,000 square feet under canopy within nine months of the closing of the acquisition. The Eloy facility also includes ample land for future expansion.