Vext Science (CSE: VEXT) (OTCQX: VEXTF) announced an agreement Monday to purchase two Ohio-based cannabis dispensaries from Big Perm’s Dispensary Ohio, LLC. The deal, valued at approximately $9.4 million, is slated to close in 2024.
Under the accord, the Vancouver-based company will make a cash payment, which may be adjusted based on certain conditions like construction expenses. Vext has committed to funding about $3.4 million of construction costs related to the dispensaries upon closure of the deal.
Eric Offenberger, Vext’s CEO, has called the company’s move this year to acquire the dispensaries as “a critical step toward achieving scale” in Ohio.
Additionally, the company plans to extend up to $3 million in loans to Big Perm for capital expenditures and operational needs. The deal depends on regulatory approval by the Ohio Board of Pharmacy and other standard preconditions.
Ohio sprees
The purchase is another added…
