Mr. Eric Offenberger reports

VEXT SCIENCE ANNOUNCES STRATEGIC OPTIMIZATION OF ARIZONA OPERATIONS AND PLANS FOR OHIO CULTIVATION EXPANSION

Vext Science Inc. intends to discontinue operations at its cultivation facility in Eloy, Ariz., 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 United States currency unless otherwise noted.

• 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 buildout 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 year;
• Vext to release financial results for Q4 and fiscal 2025 on April 23, 2026; conference call on April 23, 2026, at 8 a.m. ET.

"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, chief executive officer of Vext.

"Arizona remains an important market for Vext, but persistent statewide 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 favourable wholesale market conditions while maintaining a reliable supply of high-quality product for our retail network. This shift will enable us to pro-actively 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 per cent year over year in 2025. Despite multiple years of revenue declines across the state, Vext has maintained performance above industry averages and positive adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) 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 pro-active 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 use. Vext currently operates five consolidated dispensaries in Ohio and holds eight retail licences, 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 on line 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 continuing fixed labour, 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 buildout.
• The divestiture of the Eloy facility eliminates future maintenance capital expenditure requirements associated with sustaining a scaled indoor cultivation operation, including continuing reinvestment in HVAC (heating, ventilation and air conditioning), 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 Dec. 31, 2025, before market open on Thursday, April 23, 2026. The company will host a conference call and webcast on the same day at 8 a.m. ET to discuss the financial results for the fourth quarter and full year 2025.

Conference call details

Date:  April 23, 2026

Time:  8 a.m. 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 followed by the pound key:  9521374 (expires on May 7, 2026)

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 investor relations team at investors@vextscience.com.

About Vext Science Inc.

Vext Science is a United States-based cannabis operator with operations in Arizona and Ohio. Vext owns and operates state-of-the-art cultivation facilities, fully builtout 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 record of building and operating profitable multistate 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 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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