• Strategic closure and planned sale of Eloy cultivation facility expected to improve Arizona profitability and enhance free cash flow.
• Proceeds from the sale to facilitate debt reduction, with key equipment redeployed to the Ohio market, saving approximately $2 million in capital expenditures to support Vext's build-out in the State.
• Plans to seek approval to expand Jackson cultivation to support a growing retail footprint as Ohio adult-use sales surpass $1 billion in the first full year¹.
• Vext to release financial results for Q4 and Fiscal 2025 on April 23, 2026; Conference call on April 23, 2026 at 8am ET.

Vancouver, British Columbia--(Newsfile Corp. - March 30, 2026) - Vext Science, Inc. (CSE: VEXT) (OTCQX: VEXTF) ("Vext" or the "Company") a U.S.-based cannabis operator in Arizona and Ohio, today announced its intention to discontinue operations at its cultivation facility in Eloy, Arizona (the "Eloy Facility") and pursue the sale of the Eloy Facility, as a part of its broader strategy focused on optimizing its Arizona footprint for profitability and return on capital, and supporting continued growth in Ohio. All currency references used in this news release are in U.S. currency unless otherwise noted.

"The planned closure of our Eloy facility and its subsequent potential sale reflects our commitment to disciplined capital allocation while prioritizing high-growth opportunities," said Eric Offenberger, CEO of Vext.

"Arizona remains an important market for Vext, but persistent state-wide oversupply and recent market contraction necessitate a leaner, more efficient footprint to maintain and grow profitability. By transitioning away from internal cultivation at Eloy, we can take advantage of favorable wholesale market conditions while maintaining a reliable supply of high-quality product for our retail network. This shift will enable us to proactively address market headwinds, reduce debt, and improve profitability without compromising the customer experience. At the same time, we are redeploying capital and assets to Ohio, where the market continues to demonstrate strong growth following the transition to adult-use sales. As we approach the state's retail cap, we intend to seek approval to expand our Jackson cultivation facility to support our growing vertically integrated footprint and long-term plans in the state," added Mr. Offenberger.

Arizona Operations Optimization

The Arizona cannabis market continues to face significant oversupply and pricing pressure, despite several operators exiting the market in recent years. Statewide cannabis sales declined approximately 9% year-over-year in 2025². Despite multiple years of revenue declines across the state, Vext has maintained performance above industry averages and positive adjusted EBITDA through disciplined upstream operations, a retail-focused model, and tight cost control throughout the network.

The Company's strategic decision to close the Eloy Facility reflects its disciplined approach to capital allocation. Management has consistently identified and executed optimization initiatives across its asset base in response to evolving market conditions, including the sale of the Company's Prescott Valley facility in November 2023. The planned closure and sale of the Eloy Facility continues this proactive approach, designed to prioritize the creation of sustainable long-term shareholder value.

Ohio Cultivation Expansion

Vext intends to seek approval from the State of Ohio to expand its cultivation facility in Jackson, positioning the Company to support the continued growth of its vertically integrated footprint in the state. Ohio represents a key growth market following the transition to adult-use cannabis sales, with statewide sales surpassing $1 billion in the first full year of adult-use¹. Vext currently operates five consolidated dispensaries in Ohio and holds eight retail licenses, the state's current ownership cap. The Company's sixth location is expected to open in the second quarter of 2026, with its seventh location currently under construction. Construction on the eighth and final location is anticipated to begin in the third quarter of 2026. The planned cultivation expansion is expected to support new dispensaries expected to come online in 2026 and 2027, increasing demand across the Company's Ohio retail network.

Expected Operational and Financial Improvements

• The transition is expected to improve Arizona adjusted EBITDA margins, driven by the elimination of high fixed-cost indoor cultivation operations and a shift to a more flexible, market-responsive supply model.
• The Company expects a significant improvement in its cash conversion cycle, transitioning from an approximately 100-day seed-to-sale cultivation model to a streamlined procurement and sell-through model, reducing working capital requirements and improving operating cash flow.
• The closure eliminates ongoing fixed labor, overhead, and facility operating costs associated with the Eloy cultivation operation.
• Net proceeds from the sale of the Eloy building will be applied directly to reduce outstanding mortgage debt, lowering the Company's interest costs on a go-forward basis.

Capital Expenditure Savings

• Subject to applicable regulatory approval, equipment from the Eloy Facility will be redeployed to support the planned cultivation expansion at the Company's Jackson, Ohio facility, avoiding the need for new capital investment of approximately $2 million to equip that build-out.
• The divestiture of the Eloy facility eliminates future maintenance capital expenditure requirements associated with sustaining a scaled indoor cultivation operation, including ongoing reinvestment in HVAC, lighting, irrigation, and growing infrastructure.

Vext's Arizona retail operations will be supplied through the wholesale market, which the Company expects to offer a lower cost of supply for the foreseeable future. The Phoenix facility retains manufacturing and processing, along with cultivation infrastructure, preserving the ability to resume internal production quickly should market conditions change.

The Eloy Facility is expected to be decommissioned by the end of the second quarter of 2026, and the building will be marketed for sale.

Financial Results for Q4 and Fiscal 2025 on April 23, 2026

Vext plans to release its financial results for the period ended December 31, 2025, before market open on Thursday, April 23, 2026. The Company will host a conference call and webcast on the same day at 08:00 am ET to discuss the financial results for the fourth quarter and full year 2025.

CONFERENCE CALL DETAILS

Date: April 23, 2026 | Time: 8:00 am ET
Participant Dial-in: 1-833-752-3966 or 1-647-849-3159
Replay Dial-in: 1-855-669-9658 or 1-412-317-0088
Conference ID: 10207673
Playback #: 9521374 (Expires on May 7, 2026)
Listen to webcast: https://www.gowebcasting.com/14656

A replay of the conference call and webcast will be available on Vext's investor website following the conclusion of the call.

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

About Vext Science, Inc.

Vext Science, Inc. is a U.S.-based cannabis operator with operations in Arizona and Ohio. Vext owns and operates state-of-the-art cultivation facilities, fully built-out manufacturing facilities as well as dispensaries across its footprint. The Company manufactures Vapen™, one of the leading THC 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 its key markets. Vext's leadership team brings a proven track record of building and operating profitable multi-state operations. 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, Inc. is listed on the Canadian Securities Exchange under the symbol VEXT and trades on the OTCQX market under the symbol VEXTF. Learn more at www.vextscience.com and connect with Vext on Twitter/X and LinkedIn.

Forward-Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in Vext's periodic filings with Canadian securities regulators. When used in this news release, words such as "will", "could", "plan", "estimate", "expect", "intend", "may", "potential", "believe", "should", "positioned", and similar expressions, are forward-looking statements.

Forward-looking statements may include, without limitation, statements regarding future developments and the business and operations of Vext, including but not limited to the Company's decommissioning and planned sale of the Eloy Facility, its expansion in Ohio and the anticipated results therefrom, the use of proceeds from a sale of the Eloy Facility, the receipt of applicable regulatory approvals, the expected filing date of the financial results, and the development and opening of additional dispensaries in Ohio, all of which are subject to the risk factors contained in Vext's continuous disclosure filed on SEDAR+ at www.sedarplus.ca.

Although Vext has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; being engaged in activities currently considered illegal under U.S. Federal laws; change in laws; reliance on management; requirements for additional financing; competition; hindered market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry; and regulatory or political change.

There can be no assurance that such information will prove to be accurate or that management's expectations or estimates of future developments, circumstances or results will materialize. Because of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.

Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. Vext disclaims any intention or obligation to update or revise such information, except as required by applicable law, and Vext does not assume any liability for disclosure relating to any other company mentioned herein.

The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.

Eric Offenberger
Chief Executive Officer
844-211-3725

For further information:
Jonathan Ross, Vext Investor Relations

jon.ross@loderockadvisors.com
416-244-9851

SOURCE: Vext Science, Inc.

¹ Ohio Department of Commerce
² Arizona Department of Revenue

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/290347