[PRESS RELEASE] – VANCOUVER, British Columbia, Sept. 17, 2026 – Vext Science Inc., a U.S.-based specialty retailer operating in the regulated cannabis markets of Ohio and Arizona, announced two updates regarding its Ohio operations:
(i) that the company reopened its Herbal Wellness Center dispensary in Jackson, Ohio, on Sept. 17, following authorization from the Ohio Division of Cannabis Control (DCC); and
(ii) that the company, through its wholly-owned subsidiary, Vapen Ohio LLC and certain holders of the promissory notes (the “APP notes”) issued in connection with the company’s 2023 acquisitions of Appalachian Pharm Products LLC and APP1803 LLC in Ohio, have agreed to a restructuring of the APP notes, which would, among other things, extend the maturity date of the APP notes to Jan. 15, 2029 (the “Ohio note restructuring”).
All currency references used in this news release are in U.S. currency unless otherwise noted.
Jackson Dispensary Reopening
The company has reopened the Jackson dispensary and resumed service to patients and customers as of Sept. 17, 2026, after it voluntarily closed the location earlier this month at the request of the DCC pending the division’s investigation into two serious adverse health events that the DCC believes involved individuals who may have purchased products from the Jackson dispensary.
The company appreciates the patience and support of its customers and the Jackson community throughout this process. The health and safety of its customers remain the company’s highest priority, and it looks forward to welcoming everyone back and continuing to provide safe, compliant and reliable access to cannabis products.
Ohio Seller Note Restructuring
The APP notes, issued in an original aggregate principal amount of approximately US$6 million, were scheduled to mature on Dec. 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 APP notes held by the continuing noteholders, representing approximately US$3.2 million of remaining principal, will be cancelled and replaced with new promissory notes issued by Vapen Ohio (the “replacement APP notes”);
- The replacement APP notes will bear interest at 8% per annum until Dec. 31, 2026, and 10% per annum from and after Jan. 1, 2027, and will be fully amortized through equal monthly payments of principal and interest of approximately US$147,000 beginning Feb. 15, 2027, with a final payment on Jan. 15, 2029; and
- All other material terms of the replacement APP notes remain unchanged from the existing APP notes.
Subject to completion of certain conditions, including the company completing its next scheduled quarterly payment on the APP notes, the Ohio note restructuring is expected to become effective on Oct. 1, 2026.
“This agreement reflects the constructive, long-term relationship we have built with our Ohio partners,” Vext CEO Eric Offenberger said. “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.”
