Flat sales and a concentrated brand ecosystem continue to plague the Arizona market.
Vext Science (CSE: VEXT) (OTCQX: VEXTF) announced Tuesday that it plans to sell its cultivation facility in Prescott Valley, Arizona, to Elevate Cannabis Co. for $6.5 million.
Vext, which also has operations in Ohio, expects to finalize the deal by Nov. 1. The company has been on an M&A spree in Ohio as that state tees up for a potential adult-use market, and news to divest in Arizona isn’t surprising after flat sales and a concentrated brand ecosystem continue to plague the Copper State.
“It has always been our stated objective to ensure that we match internal supply with internal demand in order to maximize margins and long-term returns,” Vext CEO Eric Offenberger said in a statement.
“Following the opening of our modular cultivation facility in Eloy (Arizona) earlier this year, we have the ability to grow our cultivation capacity in…
