Major companies in the cannabis industry are moving to meet high demands and anticipate the next massive boom. Vext Science Cannabis Co. is making a major play in the expansion of its cultivation facilities. They’re transforming their newly-bought 72,000 square feet property into a massive space to expand production.
Vext Science spent $4.3M on the land in Elroy, Arizona which ultimately begins with a 34,000 sq. ft. facility under their canopy. That’s expected to be done in the next nine months but the overall expansion, CEO Eric Offenberger says, will have 58,000 sq. ft. of indoor space under their canopy along with 10 acres of outside capacity once they become fully functional. The ample land will be used for expansion in the future.
Offenberg aims for the new facility to continue bringing the highest-grade cannabis to the market. Additionally, the facilities will also serve to build up Vapen brands even further.
“The Eloy Facility will provide additional high-quality flower to support the ongoing growth of our award-winning Vapen brand and in our operated dispensaries, while enabling us to accretively grow our retail footprint in the state over time,” Offenberger said. “Locations with suitable scale and proximity to major population centers are likely to get more difficult to find in the coming years and we expect ownership of our cultivation footprint to be an enduring competitive advantage for Vext.”
Vext Science is already having an incredibly successful year so far. The company continued to grow exponentially in 2021. In the first quarter, their revenue grew over double that of 2020. Last year, they generated upwards of $4.1M within that time. This year, they’ve reported $9.16M in revenue. Vext Science expansion will certainly allow them to boost their sales even further in the months, and years, to come.
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