Adam JacksonVext Science (CSE: VEXT) (OTCQX: VEXTF) finalized its acquisition of Herbal Wellness Center, a cannabis dispensary in Columbus, Ohio, formerly known as Strawberry Fields, for a little more than $3 million.
The deal brings Vext’s total retail count in the Buckeye State to four stores, one short of the state’s cap.
“With the adult-use market opening this year, Ohio is positioned for substantial growth and is expected to become a $4 billion market by 2028,” Vext CEO Eric Offenberger said in a statement.
“Through the acquisition of Strawberry Fields, along with the previously announced Ohio Expansion Transaction, Vext has established a meaningful vertical presence in the state and is primed for growth and profitability over the next several years.”
The acquisition, which is an extension of Vext’s earlier purchase of Appalachian Pharm Processing and its subsidiaries, involved a payment of approximately $3.03 million, including a portion for preacquisition tax liabilities of the dispensary.
The transaction already received the green light from the Ohio Department of Commerce on Feb. 2, allowing Vext to transfer ownership of the dispensary into its portfolio.
In addition to the four storefronts, Vext’s operations in Ohio now include a Tier I cultivation facility and a manufacturing facility.
Offenberger said last year that its dispensary buying spree has been “a critical step toward achieving scale” in Ohio as the state ushers in a limited-license recreational era and tries to modify its existing medical program to make it a bit more accessible for patients and operators.
