Mr. Eric Offenberger reports

VEXT WELCOMES OHIO APPROVAL OF ADULT-USE CANNABIS LEGALIZATION

Vext Science Inc. is providing comments on the approval by Ohio voters of Issue 2, the Marijuana Legalization Initiative, which will make Ohio the 24th state in the United States to legalize adult-use cannabis.

"We are pleased to see Ohio voters and legislators embracing adult-use cannabis. This marks a key milestone not just for Vext, but the industry as a whole. As the seventh-most-populous state in the country, with nearly 12 million total residents and a successful medical cannabis program, Ohio has a strong foundation to establish itself into a robust adult-use market. The results of this vote will ensure that Ohioans will have access to quality, regulated cannabis products, and the state will also benefit from the jobs, tax revenue and related opportunities that an adult-use industry promotes," commented Eric Offenberger, chief executive officer of Vext.

Mr. Offenberger added: "Vext was early to identify the potential in the Ohio market, and we have been deepening our presence in the state, through the acquisition of Appalachian Pharm Processing and the recently announced Ohio expansion transaction. With a fully consolidated cultivation, manufacturing and retail footprint in Ohio, we are well positioned to continue growing revenue and profitability."

About the Ohio market

The Ohio medical cannabis market continues to grow with a 15-per-cent increase in the number of patients and an 82-per-cent increase in the number of operating dispensaries over the past 12 months. Medical cannabis sales are expected to reach $575-million in 2023.

Following the launch of the adult-use market, according to projections, adult-use sales in Ohio are expected to reach $1.5-billion to $2-billion in the first year, and total $3.5-billion to $4-billion by the fourth year.

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 tetrahydrocannabinol concentrates, edibles and distillate cartridge brands in Arizona. Its selection of award-winning products is 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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