Vext Science, Inc. (CSE: VEXT, OTCQX: VEXTF) has received the green light from the Ohio Department of Commerce to finalize the transfer of ownership for its Herbal Wellness Center dispensary in Portsmouth. The approval clears the way for Vext to consolidate operations and complete title transfers by October 1, 2025.
The Portsmouth location, which has been open to customers since June, marks the company’s fifth fully operational dispensary in the state. With this addition, Vext is on track to build out its maximum eight-store retail presence under Ohio’s licensing framework.
For investors, this regulatory milestone signals continued momentum in Ohio, now one of the most competitive cannabis markets in the Midwest.
Portsmouth Dispensary: Strategic Location and Customer Access
Located along the Ohio River in southern Ohio, the Portsmouth dispensary is positioned to draw customers from a wide regional base. The site also includes a drive-thru, an increasingly valuable convenience feature in regulated cannabis retail.
The dispensary operates under a provisional license issued by the Ohio Division of Cannabis Control through the 10(B) license program. Following Vext’s acquisition, Portsmouth becomes a fully integrated part of the company’s expanding footprint.
Building Toward Eight Dispensaries
Construction and permitting are already underway for Vext’s remaining Ohio licenses. The company expects its sixth dispensary, located in Fairfield, to open before the end of 2025. Two additional locations have also been approved, with final sites identified and awaiting provisional permits.
Once complete, Vext will control the state’s maximum allotment of eight dispensaries, supported by a Tier I cultivation facility and manufacturing operations in Jackson. This integration ensures supply stability and helps Vext maintain control over both quality and costs, key levers for profitability in a competitive market.
Current Ohio Operations
As of September 2025, Vext’s Ohio footprint includes:
- Tier I cultivation facility (Jackson): 25,000 square feet, fully operational, with the potential to expand to 50,000 square feet. Already licensed for adult-use production.
- Manufacturing facility (Jackson): Fully operational, providing the backbone for edibles, concentrates, and cartridges.
- Herbal Wellness Centers: Four established dispensaries in Jackson, Columbus, Athens, and Jeffersonville.
- Portsmouth Dispensary: Fifth location, now fully approved for ownership transfer.
- Fairfield Dispensary: Construction ongoing, expected to launch Q4 2025.
- Future sites: Two more dual-use dispensaries approved under state licensing caps.
Financial Context: Strong Growth in 2025
The regulatory approval follows a record-setting Q2 2025 for Vext. The company reported revenue of $13.4 million, a 59% year-over-year increase and an $1.8 million sequential gain. Growth was driven by Ohio retail expansion and steady Arizona operations.
Adjusted EBITDA rose to $4.1 million, a $3 million jump from Q2 2024, while operating cash flow reached $4.2 million. The company also reported a 31% cash flow margin, placing it among the most efficient operators in the cannabis sector.
These results reflect both operational discipline and the early contributions from Vext’s Ohio buildout. With five dispensaries consolidated and more on the way, management has reiterated confidence in reaching sustainable free cash flow across its network.
Strategic Importance of Ohio
Ohio represents one of the most promising U.S. cannabis markets, with both medical and adult-use programs advancing. Population density, rising acceptance of cannabis, and limited dispensary licenses combine to create favorable operating conditions.
For Vext, establishing a dominant retail presence early gives it a structural advantage over competitors. Vertical integration reduces reliance on wholesale supply and protects margins, while scale in retail provides customer loyalty and brand recognition.
What Investors Should Watch
Several factors will be critical for investors monitoring Vext’s trajectory:
- Execution on buildout: Timely completion of the Fairfield dispensary and two additional sites will be central to meeting growth targets.
- Market evolution: Ohio’s adult-use rollout remains a driver of upside. Continued regulatory stability will be key.
- Margin sustainability: With cash flow margins already exceeding 30%, maintaining efficiency while scaling will be closely monitored.
- Capital allocation: Profitability since 2016 suggests discipline, but reinvestment decisions in Ohio and beyond will shape long-term returns.
If Vext can sustain operational discipline while scaling to the state cap, Ohio could become its most valuable market by 2026.
Outlook: A Clear Path to Expansion
With Portsmouth officially approved and consolidation underway, Vext has solidified its position as a serious contender in the Ohio cannabis market. By early 2026, the company expects to operate all eight allowed dispensaries, fully supported by cultivation and manufacturing assets.
The approval marks another step toward establishing Vext as a cash-generating, vertically integrated operator with durable competitive advantages. For shareholders, the combination of strong financial performance, regulatory success, and clear growth visibility offers a compelling investment case.
Rita Ferreira
Rita is a seasoned writer with over five years of experience, having worked with globally renowned platforms, including Forbes and Miister CBD. Her deep knowledge of hemp-related businesses and passion for delivering accurate and concise information distinguish her in the industry. Rita's contributions empower individuals and companies to navigate the complexities of the cannabis world, and her work remains a valuable resource for those seeking a deeper understanding of its potential.
