Vext Bets Big On Ohio Cannabis Retail As Q1 Revenue Rises 5.2%

Jelena MartinovicBy , Featured Writer
Burn After Reading The 30-second intel for operators and investors

Vext Science reports Q1 2026 revenue up 5.2% to $12.2 million, with gross profit more than doubling to $5.5 million. Ohio revenue jumps 34% to $8.2 million, driven by five dispensaries and better cultivation yields.

  • Operators: Vertical integration and retail scale are paying off in Ohio, while Arizona wholesale oversupply is forcing cultivation exits. Vext keeps two Arizona dispensaries and light manufacturing, and adds Ohio stores to support cash flow.
  • Investors: Adjusted EBITDA is $3.6 million, a 29% margin, up from 15% in Q4 2025, and operating cash flow is positive at $1.6 million. A $10.6 million 280E uncertain tax position remains, with no adjustment made.
  • Do now: Compare your wholesale and retail mix against local market supply, and check which units generate cash in oversupplied markets before committing more capital to cultivation.
Short on time? You’re done. Want the numbers?Keep reading ↓

Vext Science, Inc. (CSE: VEXT) (OTCQX: VEXTF) reported a 5.2% year-over-year increase in first quarter 2026 revenue to $12.2 million. Gross profit more than doubled to $5.5 million, with a margin of 45.4%, the company said Thursday in a press release. All figures are in U.S. dollars.

Ohio operations were the primary driver of growth, with revenue increasing 34% to $8.2 million, primarily from five dispensaries and improving cultivation yields.

Eric Offenberger, the company’s CEO, called the first quarter “a strong quarter for Vext.”

“The strategy we have been executing on is straightforward: build disciplined retail operations and match the upstream platform to the realities of each market,” Offenberger said.

To improve cash flow stability, the company is shifting further toward retail in the Buckeye State.

“In Ohio, where vertical integration and scale continue to create value, every store we add strengthens the model and supports improving cash flow generation,” Offenberger continued.

In Arizona, where Vext also has operations, restructuring is ongoing, with the Eloy cultivation exit underway due to oversupply in the wholesale market.

“What remains is the part of Arizona that has maintained economic viability: two dispensaries, light manufacturing, and the flexibility to source and price competitively,” Offenberger added.

Q1 2026 Financial Highlights

  • Net loss narrowed 73.2% year-over-year.
  • Operating cash flow was positive at $1.6 million, with $5.5 million cash on hand at the end of the quarter.
  • Adjusted EBITDA came in positive at $3.6 million, with a 29% margin, up from 15% in the fourth quarter of 2025.

Vext also reported a $10.6 million uncertain tax position related to IRC Section 280E. The company said potential Schedule III tax treatment may reduce this liability in the future, though no adjustment has been made.

VEXTF Price Action

Vext Science’s shares were trading 0.59% higher at the time of publication Thursday morning.

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Jelena Martinovic
May 21, 2026
Covers cannabis news, markets and regulation for IgniteIt. Previously wrote about financial markets for Benzinga and Insider Monkey.
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