Vext Science

What Vext Science does

Vext Science, Inc. is a U.S.-focused, vertically integrated cannabis operator headquartered in Vancouver, British Columbia with operational bases in Arizona and Ohio. The company runs a retail-first model anchored by seven owned Herbal Wellness Center dispensaries (six in Ohio including a new Fairfield store opened June 2026, plus Arizona locations) serving both medical and adult-use consumers, and is expanding toward Ohio's eight-store license cap. Wholesale distribution of the Vapen THC concentrates and distillate cartridge brand in Arizona and the Appalachian Pharm premium flower brand in Ohio provides a secondary revenue channel alongside retail.

Underlying the retail footprint is a science-driven cultivation and manufacturing platform. Vext operates the Tier One Jackson, Ohio cultivation and manufacturing facility (initial 25,000 sq ft, with expansion pending state approval to supply up to eight Ohio dispensaries) through its Appalachian Pharm Processing joint venture, while the Eloy, Arizona cultivation facility is being wound down and sold by end of Q2 2026 with equipment redeployed to Ohio. Manufacturing output includes THC concentrates, edibles, distillate cartridges, and the PRISM sublingual cannabis pouch line built on proprietary nano-emulsion technology (the subject of a provisional USPTO patent application filed with Arizona State University and BioSciTech). The branded portfolio spans premium (HWC, Appalachian Pharm, Revibe), mass (Vapen), value (Firebrand), and innovative format (PRISM) tiers.

Vext monetizes through three revenue streams: direct-to-consumer retail dispensary sales (Herbal Wellness Center), wholesale flower and branded manufactured products to third-party dispensaries (Vapen in Arizona, Appalachian Pharm in Ohio), and ancillary hemp-derived products under Pure Touch Botanicals. FY2025 revenue reached $51.4M (+43% YoY) with Q1 2026 revenue of $12.2M and Adjusted EBITDA of $3.6M (29% margin, +73% sequentially). The company is publicly listed on the CSE (VEXT) and OTCQX (VEXTF), operates under a dual-class share structure with founder Thai Nguyen controlling approximately 72.5% of Multiple Voting Shares, and is exposed to a $10.6M uncertain tax position under IRC Section 280E that could be materially reduced following DEA Schedule III rescheduling in April 2026.

Name

Vext Science

Legal name

Vext Science, Inc.

Website

https://vextscience.com

Company type

Public

Founded year

2013

Operating status

Operating

Headcount range

251–500 employees

Short description

Vext Science is a vertically integrated U.S. cannabis operator with owned Herbal Wellness Center dispensaries, cultivation, and manufacturing across Arizona and Ohio. It sells premium flower, THC concentrates, edibles, and the PRISM sublingual pouch brand through retail and wholesale channels.

Ownership category

akta.pro rank

Product category

Cannabis Cultivation, Manufacturing, and Retail

NAICS

Medicinal and Botanical Manufacturing (325411)

SIC

Medicinal Chemicals & Botanical Products (2833)

akta.pro primary industry

Medical Cannabis Dispensaries (CRANAFAB)

Keywords

• Cannabis cultivation
• Cannabis retail dispensary
• THC concentrates manufacturing
• Vertically integrated cannabis
• Cannabis wholesale distribution

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices4 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure, Supply Chain

Revenue model

1. Retail Dispensary Sales: Revenue from direct-to-consumer sales through owned Herbal Wellness Center dispensaries in Arizona and Ohio, serving both medical and adult-use cannabis customers.
2. Wholesale Product Sales: Wholesale distribution of cultivated flower (Appalachian Pharm brand in Ohio) and manufactured products including Vapen THC concentrates, edibles, and distillate cartridges to other dispensaries.
3. Vapen Brand Products: Sale of Vapen brand THC concentrates, edibles, and distillate cartridges - one of the leading THC brands in Arizona sold through the company's own dispensaries and wholesale to other Arizona dispensaries.

Go-to-market motion2 records

Distribution channels2 records

Marketing channels7 records

Core offering

Vext Science is a vertically integrated cannabis operator that cultivates, manufactures, and retails THC cannabis products through owned dispensaries (Herbal Wellness Center) in Arizona and Ohio. The company sells a portfolio of branded products — premium flower (Herbal Wellness, Appalachian Pharm), THC concentrates, edibles, and distillate cartridges (Vapen), elevated edibles (Revibe), sublingual nano-emulsion pouches (PRISM), and value-tier inhalables (Firebrand) — to both end consumers and wholesale dispensary partners.

Product overview

Vext Science operates a retail-first vertically integrated cannabis platform with owned cultivation, manufacturing, and dispensary operations across Arizona and Ohio. The product portfolio includes multiple consumer brands: Herbal Wellness (HWC) for premium flower at owned retail locations, Appalachian Pharm for premium wholesale flower in Ohio, Revibe for edibles, PRISM for sublingual pouch technology, Vapen for concentrates and vape products (one of Arizona's leading THC brands), and Firebrand for value-tier inhalables. The company also manufactures hemp-based products under Pure Touch Botanicals and Vapen CBD brands. The vertically integrated model supports internal product distribution through owned retail dispensaries.

Differentiator

Problem solved

Functional benefit

Brands

• Herbal Wellness Center (HWC): Premium flower and everyday value brand serving owned retail locations with exclusive flower placement
• Vapen
• Appalachian Pharm
• Revibe
• PRISM
• Firebrand
• Pure Touch Botanicals

Products and services

• Herbal Wellness (HWC) Flower Brand Premium-grade cannabis flower brand exclusive to Vext's owned Herbal Wellness Center dispensaries, offering consistency, quality, and accessibility at a house-brand price point for medical and adult-use consumers in Arizona and Ohio.
• Vapen THC Brand One of Arizona's leading THC concentrates, edibles, and distillate cartridge brands sold through Vext's own dispensaries and wholesale to other Arizona dispensaries; includes disposables, cartridges, infused pre-rolls, and concentrate products.
• Appalachian Pharm Wholesale Flower Brand Premium wholesale cannabis flower brand targeted at Ohio retail/partner dispensaries, cultivated for potency, flavor, and presentation and leveraging Appalachian regional authenticity.
• Revibe Edibles Brand Elevated cannabis edibles brand targeting consumers seeking smoke-free cannabis experiences; includes gummies, chocolates, and rapid-onset formulations sold through Vext dispensaries and wholesale partners.
• PRISM Sublingual Cannabis Pouch Brand Innovative cannabis pouch product using Vext's proprietary nano-emulsion technology to deliver discreet, fast-acting sublingual cannabis effects for consumers in markets where inhalable products are inconvenient.
• Firebrand Value-Tier Inhalables Brand Value-tier inhalable cannabis brand offering accessible pricing for cost-conscious adult-use and medical consumers, providing strategic balance to Vext's premium brand portfolio.
• Pure Touch Botanicals Hemp-Based Brand Hemp-based products brand in Vext's portfolio, complementing the company's THC cannabis offerings with federally compliant hemp-derived products.

Quantifiable outcome

• Revenue grew 43% year-over-year to $51.4 million in FY2025
• +3 more outcomes

Named customers1 record

Segments2 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Three partnerships are on record, tiered minor, core and supporting.

• Zuanic & AssociatesminorGTM or Marketing Partner · 15 May 2026Twelve-month investor relations agreement effective May 15, 2026, at a monthly cash fee not exceeding US$7,000. Zuanic provides advisory, research, and investor relations services to strengthen investor communications and market visibility.
• Appalachian Pharm Processing, LLCcoreStrategic or Co-development Partner · 30 March 2026Joint venture partner for Ohio cultivation and production operations. Appalachian Pharm's Jackson, Ohio facility received Certificate of Operation from Ohio Department of Commerce to begin production. Vext works with this partner for Tier One cultivation and manufacturing support of Ohio dispensaries.
• BioSciTech and Arizona State UniversitysupportingStrategic or Co-development Partner · 20 September 2022Collaboration with researchers at BioSciTech and Arizona State University for a provisional patent application filed with the United States Patent Office. Represents R&D partnership for cannabis science and technology development.

Scale indicators10 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Ayr Wellness: Vertically integrated multi-state cannabis operator with significant Ohio presence. Comparable to Vext in retail-first strategy and limited-license state focus, though larger in scale.
• Jushi Holdings: Multi-state cannabis operator with operations including Ohio, focused on vertically integrated retail, cultivation, and branded products. Similar size and model to Vext, serving as a closely comparable smaller MSO peer.
• iAnthus Capital Holdings: Multi-state cannabis operator with operations including Ohio through its Holistic Industries subsidiary. Comparable vertically integrated model with retail, cultivation, and wholesale distribution across multiple states.
• 4Front Ventures: Vertically integrated multi-state cannabis operator with operations including Ohio and Arizona. Similar size and asset-light retail expansion model comparable to Vext's disciplined growth approach.
• Ascend Wellness Holdings: Vertically integrated multi-state cannabis operator with Ohio presence. Similar size and retail-focused growth strategy to Vext, making it a closely comparable smaller MSO peer.
• Goodness Growth Holdings: Multi-state cannabis operator with operations including Ohio. Similar vertically integrated model and size to Vext, serving as a directly comparable smaller MSO peer in the limited-license state strategy.
• MariMed: Multi-state cannabis operator with retail, cultivation, and wholesale operations in Ohio and other limited-license states. Similar size and vertically integrated branded products model comparable to Vext's structure.

Broad incumbents

• Cresco Labs: Large multi-state cannabis operator with significant Ohio presence and Arizona operations. A much larger peer competing in the same limited-license states, though with a broader geographic footprint and wider product portfolio.
• Green Thumb Industries: Large multi-state cannabis operator with presence in Ohio and other key markets. Operates a similar retail and branded products model but at significantly larger scale, representing a major competitive threat in shared markets.
• Curaleaf Holdings: Largest U.S. multi-state cannabis operator with operations in Ohio, Arizona, and 17+ other states. Industry bellwether whose strategic moves and pricing decisions directly impact smaller operators like Vext in shared markets.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/VextScience
• YouTubeyoutube.com/channel/UCrnWSh9FQyLvLa1qCV6eKJA
• LinkedInlinkedin.com/company/vapen-ltd
• Instagraminstagram.com/vapen

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries2 records

Funding overview

Funding rounds7 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Vext Science