Cannabis company Vext Science, Inc. (CSE:VEXT) (OTCQX:VEXTF) has purchased a 72,000 square foot vacant cultivation facility in Eloy, Arizona, for $4.3 million in cash.
The Vancouver-based company said Friday that it expects to build out the facility to roughly 34,000 square feet under the canopy within the next nine months.
The facility also includes ample land that will enable the company to expand in the future.
Eric Offenberger, CEO of Vext, explained that the company’s indoor capacity would include 58,000 square feet under the canopy and 10 acres of outdoor capacity once the newly acquired facility is fully operational.
“The Eloy Facility will provide additional high-quality flower to support the ongoing growth of our award-winning Vapen brand and in our operated dispensaries, while enabling us to accretively grow our retail footprint in the state over time,” Offenberger continued. “Locations with suitable scale and proximity to major population centers are likely to get more difficult to find in the coming years and we expect ownership of our cultivation footprint to be an enduring competitive advantage for Vext.”
Vext Science recently reported strong financial performance in the first quarter of 2021, with revenue amounting to $9.16 million, compared to $4.1 million in the same period of 2020, as well as a positive adjusted EBITDA of $3.06 million versus an adjusted EBITDA loss of $74,717 in the first quarter of 2020.
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