Vext’s Jackson, Ohio Dispensary Resumes Sales as APP Note Terms Ease

Vext Science, Inc., a U.S.-based specialty cannabis retailer operating in the regulated markets of Ohio and Arizona, announced on September 17, 2026, that it reopened its Herbal Wellness Center dispensary in Jackson, Ohio, that day following authorization from the Ohio Division of Cannabis Control, and that it agreed with certain noteholders to restructure the seller notes issued in connection with its 2023 Ohio acquisitions. The restructuring reduces the single-day obligation due at the notes’ original December 31, 2026 maturity from approximately US$5.6 million to US$2.4 million payable in early January 2027, with the remaining US$3.2 million converted into fully amortizing 24-month notes, according to the company’s announcement.

The company said the Jackson dispensary resumed service to patients and customers as of September 17, 2026. Vext thanked its customers and the Jackson community for their patience and support and said the health and safety of its customers remain its highest priority, adding that it looks forward to welcoming everyone back and continuing to provide safe, compliant, and reliable access to cannabis products.

The reopening follows a closure Vext disclosed in a September 4, 2026 operational update, when the company said it had voluntarily closed the Jackson dispensary at the DCC’s request pending the DCC’s investigation into two serious adverse health events that the DCC believes involve individuals who may have purchased products from the store. In that update, Vext stated it had not been provided with specific information concerning the individuals involved, the products allegedly used, or the dates or circumstances of any purchases, and that it was not aware of any substantiated evidence establishing that any Vext product caused or contributed to either reported medical event.

Vext said it was fully cooperating with the DCC’s ongoing investigation, had provided product samples for independent testing, and had voluntarily quarantined certain product lines across its Ohio retail and manufacturing locations pending the results of that testing. The company also said all inventory had previously passed all mandated state-licensed laboratory testing. As of the September 4 update, the company’s five other Ohio dispensaries and its cultivation facility continued to operate and were not subject to any DCC inquiry, according to Vext.

Ohio Seller Note Restructuring

The promissory notes being restructured, referred to as the APP Notes, were issued in an original aggregate principal amount of approximately US$6.0 million in connection with Vext’s 2023 acquisitions of Appalachian Pharm Products, LLC and APP1803, LLC in Ohio. The APP Notes were scheduled to mature on December 31, 2026, with a balloon payment of approximately US$5.6 million.

Under the agreement, reached by Vext’s wholly-owned subsidiary Vapen Ohio, LLC and certain APP Note holders:

• 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, designated the Replacement APP Notes.
• The Replacement APP Notes will bear interest at 8.0% per annum until December 31, 2026, and 10.0% per annum from and after January 1, 2027. They will be fully amortized through equal monthly payments of principal and interest of approximately US$147,000 beginning February 15, 2027, with a final payment on January 15, 2029.
• All other material terms of the Replacement APP Notes remain unchanged from the existing APP Notes.

The restructuring extends the maturity date of the notes to January 15, 2029. It is expected to become effective on October 1, 2026, subject to completion of certain conditions, including the company completing its next scheduled quarterly payment on the APP Notes. The company stated that all currency references in the announcement are in U.S. currency unless otherwise noted.

“This agreement reflects the constructive, long-term relationship we have built with our Ohio partners,” said Eric Offenberger, chief executive officer of Vext. “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.”

The September 17 announcement was datelined Vancouver, British Columbia. Vext Science is listed on the Canadian Securities Exchange under the symbol VEXT and trades on the OTCQX market under the symbol VEXTF.