Mr. Eric Offenberger reports

VEXT ANNOUNCES CONSOLIDATION OF ARIZONA CULTIVATION FOOTPRINT TO DRIVE CONTINUED PROFITABILITY

Vext Science Inc. has signed a definitive agreement to sell its cultivation facility located in Prescott Valley, Ariz., to affiliates of Elevate Cannabis Co. for $6.5-million in cash. Vext expects the transaction to close by Nov. 1, 2023. Unless otherwise noted, all currency references used in this news release are in U.S. currency.

Management commentary

Eric Offenberger, chief executive officer of Vext, commented: "It has always been our stated objective to ensure that we match internal supply with internal demand in order to maximize margins and long-term returns. Following the opening of our modular cultivation facility in Eloy earlier this year, we have the ability to grow our cultivation capacity in lockstep with demand from our owned dispensaries as the market grows and as we see opportunities to expand our retail footprint in the state. The proceeds of the sale will further strengthen our balance sheet as we focus on continued profitability and opportunities in Arizona as well as our growing footprint in Ohio."

Terms of the sale agreement for Prescott Valley

Pursuant to the sale agreement, the purchase price of the Prescott Valley facility shall be $6.5-million and is payable at closing of the transaction. Proceeds from the transaction are expected to be used for: (i) the repayment of a portion of Vext's currently outstanding credit facilities; (ii) future acquisition opportunities; and (iii) general corporate purposes.

The transaction remains subject to a number of customary closing conditions. Vext currently anticipates that closing will occur by Nov. 1, 2023.

Elevate Cannabis is a vertically integrated operator based out of Missouri with five dispensaries in its home state and has recently expanded into Arizona through a retail location.

About Vext Science Inc.

Vext Science is a U.S.-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.

Vext Science is listed on the Canadian Securities Exchange under the symbol VEXT and trades on the OTCQX market under the symbol VEXTF.

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