Mr. Eric Offenberger reports

VEXT ANNOUNCES FINANCIAL RESULTS FOR Q1 2023

Vext Science Inc. has released its financial results for the period ended March 31, 2023. All currency references used in this news release are in United States dollars unless otherwise noted.

Management commentary

Eric Offenberger, chief executive officer of Vext, commented: "The first quarter of 2023 marked a solid start to the year for Vext in the context of a challenging environment across the board for consumer-facing businesses. In Arizona, the state reported an approximately 15-per-cent decrease in overall sales in the first two months of the year, as compared to the same period in 2022. Despite these challenges, our operated dispensaries outperformed the overall state average. Our team has been successful at driving higher traffic and maintaining a recurring customer base, to help compensate for lower average basket sizes, as consumers continue to watch their discretionary spending. Vext's vertically integrated operations, where we only cultivate flower that we can sell through our own retail footprint, our focus on efficient retail operations and our proven track record of driving efficiencies set the company up well, both through this period as well as for growth as the economic backdrop improves.

"For the remainder of the year, we will continue to focus on strengthening our presence in Arizona and preparations to close the acquisition of vertical operations in Ohio, which we see as the next major growth opportunity for Vext, given its limited licence structure and potential for future adult-use transition. Our strong balance sheet and proven experience as a profitable operator positions us well to continue to gain market share across our footprint, while building value for shareholders," added Mr. Offenberger.

Q1 2023 financial results conference call

Vext will host a conference call and webcast on Thursday, May 25, 2023, at 8 a.m. ET to discuss its first quarter financial results.

Date:  May 25, 2023

Time:  8 a.m. ET

Participant dial-in:  416-915-3239 or 1-800-319-4610

Replay dial-in:  1-800-319-6413

Conference ID:  10021826

Playback number:  0139 (expires on June 8, 2023)

Listen to webcast:  access on-line

For more details, visit Vext's investor website or contact the investor relations team at investors@vextscience.com.

About Vext Science Inc.

Vext Science is a United States-based cannabis operator with vertical operations in Arizona and Ohio. Vext's expertise spans from cultivation through to retail operations in its key markets. Based out of Arizona, Vext owns and operates state-of-the-art cultivation facilities, fully built-out manufacturing facilities, as well as dispensaries in both Arizona and Ohio. The company manufactures Vapen, one of the leading THC (tetrahydrocannabinol) concentrates, edibles and distillate cartridge brands in Arizona. Its selection of award-winning products are created with Vext's in-house, high-quality flower, and distributed across Arizona and Ohio, as well as through Vext's partnerships in other states. Vext's leadership team brings a proven record of building and operating profitable multistate operations, with the company having operated profitably since 2016. The company's primary focus is to continue growing in its core states of Arizona and Ohio, bringing together cutting-edge science, manufacturing and marketing to provide a reliable and valuable customer experience while generating shareholder value.

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