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Vext Science Announces First Harvest from Ohio Cultivation Facility

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Ohio expected to be one of the most attractive market opportunities in U.S. cannabis – Vext has been scaling operations to grow its footprint in the state

Vancouver, British Columbia–(Newsfile Corp. – February 21, 2023) – Vext Science, Inc. (CSE: VEXT) (OTCQX: VEXTF) (“Vext” or the “Company”) a U.S.-based cannabis operator with vertical operations in Arizona and Ohio1, today announced that an affiliated entity (the “Affiliate”) of the Company’s joint venture partner, Appalachian Pharm Processing, LLC, an Ohio limited liability company (“APP”), has achieved its first harvest out of its Tier 1 cultivation facility in Jackson, Ohio (the “Facility”). As announced in November 2022, the Facility passed state inspection and was granted a Certificate of Operation by the Ohio Department of Commerce to begin production in an initial cultivation area of 25,000 square feet. The Facility has the potential to be expanded up to 50,000 square feet of cultivation, following further application and approval.

As previously announced at the end of 2022, Vext’s proposed acquisition of APP (the “Proposed APP Acquisition”) will create a fully vertically integrated entity in Ohio, with an operating Tier I cultivation facility, an operating manufacturing facility, and strategically located, fully operational retail storefronts in Columbus and Jackson.

Eric Offenberger, CEO of Vext, commented, “The first harvest from APP’s Ohio cultivation facility represents an important milestone for us and arrives on the heels of our recent announcement marking our steps towards vertical integration in the state. As a limited license state with limited cultivation capacity, we expect both wholesale and retail pricing to remain very attractive compared to most medical and recreational markets in the U.S. today. We see an opportunity to replicate what we have created in Arizona as the Ohio market continues to develop, with the additional stimulus of a larger population contributing incremental revenue, profitability and cash flow for shareholders.”

Ohio’s state-sanctioned cannabis sales surpassed the $1 billion mark in 20222 and the state saw a 44% increase in the number of patients over the past 12 months3, with the potential for a future transition into an adult-use market.

For more details, visit Vext’s investor website or contact the IR team at [email protected].

About Vext Science, Inc.

Vext Science, Inc. is a U.S.-based cannabis operator with vertical operations in Arizona and Ohio1. Vext’s expertise spans from cultivation through to retail operations in its key markets. Based out of Arizona, Vext owns and operates state-of-the-art cultivation facilities, fully built-out manufacturing facilities as well as dispensaries in both Arizona and Ohio. The company manufactures Vapen™, one of the leading THC concentrates, edibles, and distillate cartridge brands in Arizona. Its selection of award-winning products are created with Vext’s in-house, high-quality flower and distributed across Arizona and Ohio, as well as through Vext’s partnerships in other states. Vext’s leadership team brings a proven track record of building and operating profitable multi-state operations, with the company having operated profitably since 2016. The company’s primary focus is to continue growing in its core states of Arizona and Ohio, bringing together cutting-edge science, manufacturing, and marketing to provide a reliable and valuable customer experience while generating shareholder value.

Vext Science is listed on the Canadian Securities Exchange under the symbol VEXT and trades on the OTCQX market under the symbol VEXTF. Learn more at www.vextscience.com and connect with Vext on Twitter and LinkedIn.

For more details on the Vapen brand:
Vapen website: VapenBrands.com
Instagram: @vapen
Facebook: @vapenbrands

Forward-Looking Statements

Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in Vext’s periodic filings with Canadian securities regulators. When used in this news release, words such as “will, could, plan, estimate, expect, intend, may, potential, believe, should,” and similar expressions, are forward-looking statements.

Forward-looking statements may include, without limitation, statements related COVID-19, to future developments and the business and operations of VEXT, the timeline for Vext to apply to the Ohio regulators to transition the operating cannabis license to the Joint Venture, the development of the cannabis industry in Ohio, the Company’s business plans in Ohio , and the Company’s financial results, and of which are subject to the risk factors contained in Vext’s continuous disclosure filed on SEDAR.

Although Vext has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; being engaged in activities currently considered illegal under U.S. Federal laws; change in laws; reliance on management; requirements for additional financing; competition; hindered market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and; regulatory or political change.

There can be no assurance that such information will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. Because of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.

Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. Vext disclaims any intention or obligation to update or revise such information, except as required by applicable law, and Vext does not assume any liability for disclosure relating to any other company mentioned herein.

The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.

Eric Offenberger
Chief Executive Officer
844-211-3725

For further information:
Jonathan Ross, Vext Investor Relations
[email protected]
416-244-9851

SOURCE VEXT Science, Inc.


1 Vext has entered into a definitive agreement to acquire Appalachian Pharm Processing, LLC, an Ohio limited liability company, together with its subsidiaries and affiliated companies, along with Buckeye Botanicals, LLC, an Ohio limited liability company operating a dispensary in Jackson, Ohio operating under the name Herbal Wellness Center Ohio. These proposed acquisitions are expected to close by the end of the second quarter of 2023.
2 Source: Ohio Medical Marijuana Control Program.
3 Source: Ohio Medical Marijuana Control Program at Four Years.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/155453

Cannabis

Cannabis Testing Market Worth $4.0 billion | MarketsandMarkets™

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cannabis-testing-market-worth-$4.0-billion-|-marketsandmarkets™

CHICAGO, May 23, 2024 /PRNewswire/ — Cannabis Testing Market in terms of revenue was estimated to be worth $1.8 billion in 2024 and is poised to reach $4.0 billion by 2029, growing at a CAGR of 17.2% from 2024 to 2029 according to a new report by MarketsandMarkets™.

The important factors impacting market growth are legalization trends and rising medical applications for cannabis. Rising approvals for medical and recreational cannabis drive the regulations requiring product safety testing which in turn fuel the need for cannabis testing services. Additionally, the rise in the number of cannabis testing labs due to legalization is propelling the demand for analytical instruments is likely to uplift market growth in coming years.

Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=46932450

Browse in-depth TOC on “Cannabis Testing Market”
439 – Tables
52 – Figures
378 – Pages

Cannabis Testing Market Scope:

Report Coverage

Details

Market Revenue in 2024

$1.8 billion

Estimated Value by 2029

$4.0 billion

Growth Rate

Poised to grow at a CAGR of 17.2%

Market Size Available for

2022–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

By Product & Software, By Service & By End User

Geographies Covered

North America, Europe, the Asia Pacific, Latin America and the Middle East & Africa

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Untapped markets in emerging economies

Key Market Drivers

Increasing legalization of medical and recreational cannabis

Products segment held the highest estimated share of the cannabis testing market.

Based on product & software, the cannabis testing market is segmented into products (analytical instruments {chromatography instruments [liquid chromatography, gas chromatography & other chromatography instruments], spectroscopy instruments [mass spectrometry instruments & atomic spectroscopy instruments] & other analytical instruments} and consumables {chromatography columns, standards and CRMS, sample preparation products and other consumables) and software. The product segment accounted for the largest share of the cannabis testing market in 2023. Market growth is driven by technological advancements providing sophisticated tools for precise analysis, ensuring compliance and quality control, and the expanding legalization of cannabis products. Additionally, increasing requirements for potency labeling and pesticide screening fuel the demand for specialized consumables, further propelling growth in the cannabis testing market. For example, Thermo Fisher Scientific Inc. launched the Thermo Scientific SureSTART consumables portfolio consisting of vials, well plates, caps, inserts, kits, and mats to improve analytical performance and sample security for chromatography and mass spectrometry users in routine and research labs in clinical, food, pharma, biopharma, environmental, and academic sectors.

High growth of services segment attributed to potency testing services.

Based on service, the cannabis testing market is broadly segmented into terpene profiling, microbial analysis, residual solvent analysis, potency testing, heavy metal testing, pesticide screening, and other services. In 2023, potency testing accounted for the largest share of the cannabis testing services market. The high growth of this segment is due to stringent regulatory requirements ensuring accurate THC and CBD levels. This is crucial for product labeling, consumer safety, and compliance, driving demand from producers and dispensaries seeking to meet legal standards and provide reliable, high-quality products.

Services take away the largest estimated share of the end-user segment.

Based on end users, the cannabis testing market is classified into segmented into product & software end users (cannabis testing laboratories {small-scale laboratories, medium-scale laboratories, large-scale laboratories} and research institutes) and service end users (cannabis drug manufacturers & dispensaries, cannabis cultivators/growers). In 2023, the service end users’ segment was predicted to account for the highest share of the global cannabis testing market. The large share of this end user segment is due to the rising consumer awareness of quality and safety, rising legalization of cannabis, stringent regulatory standards, and technological advancements in cannabis testing.

During the forecast period, North America displayed lucrative market growth.

North America accounted for the largest share of 65.5% of the cannabis testing market in 2023. The North American market is projected to reach a value of USD 2.6 billion by 2029 from an estimated value of USD 1.2 million in 2024, at a CAGR of 17.3% during the forecast period. The region leads the cannabis testing market due to stringent regulatory standards, robust infrastructure, and widespread legalization of cannabis for medical and recreational purposes. Additionally, North America’s advanced R&D capabilities and evolving consumer demand for quality assurance drive its prominence in this growing sector.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=46932450

Cannabis Testing Market Dynamics:

Drivers:

  1. Increasing legalization of medical and recreational cannabis
  2. Increasing use of cannabis for medicinal applications
  3. Technological advancements in testing technologies

Restraints:

  1. Lack of standardization
  2. Investment risks due to regularization

Opportunities:

  1. Untapped markets in emerging economies
  2. Research collaborations

Challenge:

  1. High setup costs

Key Market Players of Cannabis Testing Industry:

The global cannabis testing market comprises many key market players competing for markets shares like Agilent Technologies, Inc. (US), Shimadzu Corporation (Japan), Thermo Fisher Scientific Inc. (US), Danaher Corporation (US), Waters Corporation (US), Restek Corporation (US), SGS SA (Switzerland), Merck KGaA (Germany), PerkinElmer, Inc. (US), Hamilton Company (US), Sigma Analytical Services (Canada), SC Labs (US), PharmLabs LLC (US), MCS, Inc. (US), ProVerde Laboratories (US), and Eurofins Scientific (Luxembourg).

The primary interviews conducted for this report can be categorized as follows:

  • By Respondent: Supply Side- 70%, and Demand Side – 30%
  • By Designation (Supply Side): Managers – 45%, CXOs & Directors – 30%, Executives- 25%
  • By Region: North America -40%, Europe -25%, Asia-Pacific -20%, Latin America -10%, MEA- 5%

Recent Developments:

  • In September 2023, Shimadzu Corporation launched the Brevis GC-2050 gas chromatograph used in various applications including cannabis testing.
  • In April 2023, SC Labs, one of the leading cannabis testing companies, acquired C4 Laboratories, one of the first Arizona cannabis labs, thus allowing it to be licensed and accredited in five states: California, Colorado, Michigan, Oregon, and Arizona.
  • In June 2022, Shimadzu Corporation launched the AA-7800 series atomic absorption spectrophotometers. The AA-7800 series is used for quality control in the raw material, food, and for inspecting water quality and hazardous substances in soil thus presenting an advantage in heavy metal testing of cannabis.

Get 10% Free Customization on this Report:
https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=46932450

Cannabis Testing Market – Key Benefits of Buying the Report:

The report will help market leaders/new entrants by providing them with the closest approximations of the revenue numbers for the overall cannabis testing market and its subsegments. It will also help stakeholders better understand the competitive landscape and gain more insights to better position their business and make suitable go-to-market strategies. This report will enable stakeholders to understand the market’s pulse and provide them with information on the key market drivers, restraints, opportunities, and challenges.

The report provides insights on the following pointers: 

  • Analysis of key drivers (increasing legalization of medical and recreational cannabis, increasing use of cannabis for medicinal applications and technological advancements in testing technologies), restraints (lack of standardization and investment risks due to regularization), opportunities (untapped markets in emerging economies and research collaborations) and challenges (high setup costs) are influencing the growth of cannabis testing market.
  • Product Development/Innovation: Detailed insights on newly launched products of the cannabis testing market.
  • Market Development: Comprehensive information about lucrative markets – the report analyses the cannabis testing market across varied regions.
  • Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the cannabis testing market.
  • Competitive Assessment: In-depth assessment of market shares, growth strategies, and product offerings of leading players include Agilent Technologies, Inc. (US), Shimadzu Corporation (Japan), Thermo Fisher Scientific Inc. (US), Danaher Corporation (US), Waters Corporation (US), Restek Corporation (US), SGS SA (Switzerland), Merck KGaA (Germany), PerkinElmer, Inc. (US), Hamilton Company (US), Sigma Analytical Services (Canada), SC Labs (US), PharmLabs LLC (US), MCS, Inc. (US), ProVerde Laboratories (US), and Eurofins Scientific (Luxembourg) among others in the cannabis testing market.

Related Reports:

Drug Screening Market – Global Forecasts to 2029

Laboratory Proficiency Testing Market – Global Forecasts to 2028

Life Science Instrumentation Market – Global Forecasts to 2028

Digital PCR Market – Global Forecasts to 2028

Flow Cytometry Market – Global Forecasts to 2028

Get access to the latest updates on Cannabis Testing Companies and Cannabis Testing Industry Growth

About MarketsandMarkets™:

MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Visit Our Website: https://www.marketsandmarkets.com/

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Solei Brand Introduces New Cannabis-Infused ‘Warming Deep Tissue Stick’

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Medical Cannabis Market Report 2024-2030: Asia-Pacific Set to Witness Robust Growth, Driven by R&D Discovery Initiatives

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