Vext Science Reopens Jackson Dispensary and Restructures Promissory Notes

Vext Science, Inc., a U.S.-based specialty retailer operating in the regulated cannabis markets of Ohio and Arizona, has announced two significant updates regarding its Ohio operations. The first involves the reopening of the Herbal Wellness Center dispensary in Jackson, Ohio, which was authorized by the Ohio Division of Cannabis Control on September 17, 2026. The company appreciates the patience and support of its customers and the Jackson community during this process, emphasizing the health and safety of its customers as its top priority.

The second update pertains to the restructuring of promissory notes issued in connection with Vext's 2023 acquisitions of Appalachian Pharm Products, LLC and APP1803, LLC in Ohio. The original APP Notes, with an aggregate principal amount of approximately US$6.0 million, were scheduled to mature on December 31, 2026, with a balloon payment of approximately US$5.6 million. Pursuant to the Ohio Note Restructuring, an aggregate of approximately US$2.4 million will be paid in cash on the first business day of January 2027, retiring four noteholders in full and making scheduled payments and principal prepayments to the remaining holders. The remaining principal, approximately US$3.2 million, will be converted into new promissory notes issued by Vapen Ohio, LLC, with a maturity date of January 15, 2029.

The new promissory notes will bear interest at 8.0% per annum until December 31, 2026, and 10.0% per annum from and after January 1, 2027. These notes will be fully amortized through equal monthly payments of principal and interest of approximately US$147,000, starting February 15, 2027, with a final payment on January 15, 2029. Eric Offenberger, Chief Executive Officer of Vext, commented, "This agreement reflects the constructive, long-term relationship we have built with our Ohio partners. Rather than refinancing with third-party debt, we worked directly with our noteholders to cut the year-end obligation by more than half and convert the balance into a short, fully amortizing schedule we can retire early as cash flow allows. Every holder is being repaid in full, our balance sheet carries no seller-note maturity beyond January 2029, and our liquidity remains directed toward operating the business."

Vext Science, Inc. is a specialty retailer operating in the regulated cannabis markets of Ohio and Arizona. The company owns its dispensaries and the majority of its real estate, supplying its shelves from its own cultivation and manufacturing where integration improves retail economics, and through third-party sourcing where it does not. Vext generates among the highest free cash flow margins in the U.S. retail cannabis industry and applies a disciplined capital allocation framework, directing capital to its highest-returning uses while building long-term shareholder value.