Vext Science, Inc. VEXT VEXTF reported on Tuesday its third quarter financial results for the three months ended Sept. 30, 2023, revealing an 11.8% sequential drop in revenue to $8 million.
Eric Offenberger, CEO of Vext – a company with vertical cannabis operations in Arizona and Ohio – said the third quarter was “challenging” for cannabis retailers nationwide.
“In an already seasonally slow period for Arizona, the consumer remained stretched, which led to continued pressure on retail price points and smaller baskets year-over-year,” he said.
Earlier this month Vext closed the sale of its cannabis cultivation facility located in Prescott Valley, Arizona, to affiliates of Elevate Cannabis Co. for $6.5 million in cash. In October, the company reached an agreement with Big Perm’s Dispensary Ohio, to acquire two cannabis dispensaries in Ohio.
That move would bring the company’s retail footprint in the Buckey State to four…
