Arizona-based vertically integrated marijuana operator Vext Science has agreed to acquire two Ohio medical cannabis dispensaries for $9.8 million and plans to raise $10 million in a private placement of common shares.
Under terms of the agreement, announced Monday, Vext is acquiring from Big Perm’s Dispensary Ohio the two MMJ stores, a Tier I cultivation facility and a manufacturing facility, according to a news release.
The acquisition comes ahead of Ohio’s November vote on adult-use legalization.
Vext anticipates that senior management and its board of directors will buy more than 60% of the non-brokered private placement of common shares.
“The addition of two dispensaries to our growing vertical footprint in Ohio represents a critical step toward achieving scale and ensuring long-term returns on capital in this attractive growth market,” Vext CEO Eric Offenberger said in a statement.
In addition to the Big Perm’s acquisition, Vext on Wednesday said it closed on a previously announced purchase of Jackson, Ohio-based Appalachian Pharm Processing along with its subsidiaries and affiliated companies.
Under Ohio’s MMJ rules, marijuana companies in the state are limited to five dispensary licenses.