Vext Science, Inc. (CSE: VEXT) (OTCQX: VEXTF) (“Vext” or the “Company”), a vertically integrated U.S. cannabis operator with a strong presence in Arizona and Ohio, has announced robust financial results for the fourth quarter and fiscal year ending December 31, 2024. The Company’s strategic expansion into Ohio’s adult-use market and disciplined operational execution have led to significant gains in revenue, adjusted EBITDA, and cash flow.
Key Financial Highlights for Q4 2024:
- Revenue: $10.2 million, reflecting a 13% quarter-over-quarter increase, primarily driven by Ohio’s adult-use market and continued execution in Arizona.
- Adjusted EBITDA: $3.2 million, a significant improvement from $0.5 million in Q4 2023, highlighting enhanced profitability as Ohio operations scale.
- Positive Cash Flow: $4 million in operating cash flow, a turnaround from negative $0.7 million year-to-date at Q3 2024.
Strategic Expansion in Ohio and Regulatory Milestones
Vext continues to solidify its footprint in Ohio’s rapidly expanding cannabis sector. The Company has secured regulatory approval from the Ohio Division of Cannabis Control (DCC) to complete the acquisition of two dispensaries in Athens and Jeffersonville from Big Perm’s Dispensary Ohio, LLC. Once finalized, this acquisition will double Vext’s retail presence in the state, bringing its total number of dispensaries to four.
Vext is also on track to reach Ohio’s dispensary license cap of eight by early 2026, pending the completion of ongoing transactions and participation in the DCC’s 10(B) license program. Additionally, the Company has obtained a provisional license for a dispensary in Portsmouth, Ohio, further strengthening its position in the state’s cannabis market. 
Management Commentary
Eric Offenberger, CEO of Vext, stated: “2024 marked a significant turning point for the Company as we successfully expanded into Ohio’s adult-use market. Our Jackson and Columbus locations achieved approximately 40% sequential revenue growth in Q4, reinforcing the strength of our vertically integrated business model. Despite a challenging retail environment in Arizona, we maintained operational efficiency, sustained gross margins, and leveraged improved yields from our Eloy cultivation facility to retain market share. This disciplined approach translated into strong financial performance and positive operating cash flow.”
“As we enter 2025, our priorities remain clear: driving free cash flow, reducing debt, and maximizing shareholder value. With regulatory approval secured for our Ohio expansion, we are well-positioned to achieve our growth objectives, enhance market share, and drive sustainable long-term profitability.”
Q4 and Fiscal 2024 Financial Results Conference Call
Vext will host a conference call and webcast on Monday, March 31, 2025, at 8:00 a.m. ET to discuss its financial results.
- Date: March 31, 2025
- Time: 8:00 a.m. ET
- Dial-in: +1-647-849-3159 or 1-833-752-3966
- Replay Dial-in: +1-412-317-0088 or 1-855-669-9658
- Conference ID: 10197749
- Playback Number: 5786741 (Available until April 14, 2025)
- Webcast: Click here to listen
For more details, visit Vext’s investor website or contact the Investor Relations team at investors@vextscience.com.
About Vext Science, Inc.
Vext Science, Inc. is a U.S.-based cannabis operator with vertical operations in Arizona and Ohio. The Company owns and operates state-of-the-art cultivation and manufacturing facilities, along with dispensaries in both states. Vext is also the producer of Vapen™, a leading THC concentrate, edibles, and distillate cartridge brand in Arizona. By leveraging its high-quality, in-house cannabis production, Vext continues to expand its presence and product offerings in key markets.
Vext Science, Inc. is listed on the Canadian Securities Exchange (CSE) under the ticker VEXT and trades on the OTCQX market under VEXTF. Learn more at www.vextscience.com and follow Vext on Twitter/X and LinkedIn.
Forward-Looking Statements
This news release contains forward-looking statements regarding future business developments, market conditions, and operational goals. Such statements are subject to various risks and uncertainties, including regulatory approvals, market fluctuations, and competitive pressures. The Company’s continuous disclosures, available on SEDAR+ (www.sedarplus.ca), outline these risks in detail.
