Vext Science Revenue Ticked Down in 2022 as Arizona Sales Flat

Company is focusing on Ohio for growth.

Vext Science, Inc. (CSE: VEXT) (OTCQX: VEXTF) had a decent 2022 in Arizona despite challenging economic conditions caused by high inflation rates. The MSO reported its financial results for the period ending December 31, 2022.

Vext reported revenue of $35.4 million and made $15.1 million in adjusted EBITDA, a 12.8% increase from the previous year. Net income was $10.9 million, double from $4.9 million at the end of 2021, according to company filings. Earnings were eight cents a share, versus four cents a share in 2021.

CEO Eric Offenberger in a statement expressed his satisfaction with the company’s performance in the face of a “challenging consumer environment that emerged, particularly during the second half of 2022.” He praised his team for executing on the company’s business objectives, launching targeted promotions to drive traffic, and finding consistent efficiencies.

The Arizona market sales were flat for 2022, but the company held its own with revenue of $8.2 million in the fourth quarter. Vext expects the underlying effects of the challenging economic conditions to persist through at least mid-2023.

While the company expects continued results from its Arizona operations, it sees Ohio as an ideal emerging market to plant stakes. Other multistate operators such as Ayr Wellness have made the similar choices to look the buckeye state for growth.

Vext recently paid $12.5 million to acquire Appalachian Pharm Processing and its subsidiaries, which will allow it to become a fully vertically integrated entity in Ohio, with a tier one cultivation facility, a manufacturing facility, and retail stores.

The company also received approval for 17,0000 square feet of cultivation space in Eloy, which it plans to begin using in the second quarter of 2023, with a first harvest estimated in the third quarter.

Additionally, Vext’s joint venture partner, APP, achieved its first harvest out of its tier one cultivation facility in Jackson, Ohio, on February 21, 2023.

“With its significantly larger population, steady growth in patient count and potential for future adult-use transition, we expect Ohio to propel growth for Vext, contributing meaningfully towards revenue, profitability and cash flow over the next few years as we continue to focus on building value for our shareholders,” Offenberger said.

Adam Jackson

Adam Jackson writes about the cannabis industry for the Green Market Report. He previously covered the Missouri Statehouse for the Columbia Missourian and has written for the Missouri Independent. He most recently covered retail, restaurants and other consumer companies for Bloomberg Business News. You can find him on Twitter at @adam_sjackson and email him at

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the latest cannabis news delivered right to your inbox

The Morning Rise

Unpack the industry with the daily cannabis newsletter for business leaders.

 Sign up

About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


Recent Tweets

Back to Top

Get the latest cannabis news delivered right to your inbox

The Morning Rise

Unpack the industry with the daily cannabis newsletter for business leaders.