Vext Science, Inc. (CSE: VEXT) (OTCQX: VEXTF) a cannabinoid brand leader based in Arizona , leveraging its core expertise in extraction, manufacturing, cultivation and marketing to build a profitable multi-state footprint, today announced that it has signed a Memorandum of Understanding (“MOU”) with SōRSE Technology Corp. (“SōRSE”) to exclusively produce and sell SōRSE’s MAJOR cannabis-infused beverages in Arizona . SōRSE is a leader in water-soluble emulsion technology for integrating functional ingredients into commercially available consumer packaged goods. Vext expects to begin selling MAJOR beverages in August 2021 .
Eric Offenberger , CEO of Vext commented, “SōRSE’s proprietary infusion technology and know-how, powers some of the top cannabis beverage brands in the U.S. today and we are excited to announce this deal to bring MAJOR beverages – produced and sold by Vapen – to consumers in Arizona . Our in-house Vapen brand is consistently one of the top brands in Arizona , with prominent placement in both our operated Phoenix dispensaries, as well as the vast majority of third-party dispensaries in the state. Beverages are a key growth segment, and will round-out Vapen’s offering of concentrates, extracts, edibles, vapes, topicals and tinctures.”
MAJOR is designed as a high dose THC beverage that delivers a consistent and enjoyable cannabis experience with no cannabis taste or smell. MAJOR is available in five flavours: Orange Mango, Pink Lemonade, Blue Raspberry, Passion Fruit, and Grape. MAJOR beverages are offered in 200ml serving sizes, with 100mg of THC. Data from Headset recently found that MAJOR was the top selling cannabis beverage brand in the U.S. during Q1 2021 1 .
Under the MOU, SōRSE will provide all know how and formulations for the creation of MAJOR 100mg THC cannabis-infused beverages, and Vext will provide licensed space for the production and storage of products, and produce beverages for sale. Vext will pay an initial royalty of US$100,000 upon the signing of a final agreement, pay a fixed price for SōRSE emulsion, and pay a fixed price per unit produced, to SōRSE. Vext may also choose to manufacture SōRSE’s other existing formulations and/or use SōRSE emulsions to develop additional products under the Vapen brand, for which it will pay SōRSE a royalty.
About VEXT Science, Inc.
Vext Science, Inc. is a US-based Cannabis THC and Hemp cannabinoid products company manufacturing THC cartridges, concentrates, edibles and accessories under the Vapen™ Brand, and Hemp based products under the Pure Touch Botanicals brand as well as the Vapen CBD brand. Based in Arizona , Vext Science, Inc. has one of the leading THC concentrates, edibles, and distillate cartridge brands sold in most of the state’s 100+ dispensaries. Herbal Wellness Center is one of Arizona’s leading dispensaries and we execute all aspects of the cultivation, extraction, edibles infusion and manufacturing processes which insures a product of the highest quality and purity. Product quality and purity are core to our marketing strategy. Vext Science, Inc. is executing its business growth by leveraging experience and expertise in extractions, product manufacturing, and marketing to expand in the U.S. through revenue and profit-sharing joint venture partnerships. For more information visit our website at www.VextScience.com .
About SōRSE Technology
SōRSE Technology is the leading water-soluble emulsion technology designed for producers to provide consumers with an enjoyable, consistent cannabis experience with accurate dosing, stability, and safe ingredients. Our patent-pending technology converts oil into SōRSE, a water-soluble emulsion, for seamless integration as an ingredient in a beverages, food, or personal care products.
In addition to their water-soluble emulsion solutions for clients’ product development, SōRSE partners with licensed producers to manufacture and distribute SōRSE’s top-selling, proven in market THC-infused brands for quick commercialization. Products powered by SōRSE are currently available for license under THC Essentials – https://thcessentials.com/ .
For more information, visit www.sorsetech.com .
COVID-19 Risk Factor
VEXT may be impacted by business interruptions resulting from pandemics and public health emergencies, including those related to COVID-19. An outbreak of infectious disease, a pandemic, or a similar public health threat, such as the recent outbreak of COVID-19, or a fear of any of the foregoing, could adversely impact VEXT by causing operating, manufacturing, supply chain, and project development delays and disruptions, labor shortages, travel, and shipping disruption and shutdowns (including as a result of government regulation and prevention measures). It is unknown whether and how VEXT may be affected if such a pandemic persists for an extended period of time, including as a result of the waiver of regulatory requirements or the implementation of emergency regulations to which VEXT is subject. Although VEXT has been deemed essential and/or has been permitted to continue operating its facilities in the states in which it operates during the pendency of the COVID-19 pandemic, there is no assurance that the Company’s operations will continue to be deemed essential and/or will continue to be permitted to operate. VEXT may incur expenses or delays relating to such events outside of its control, which could have a material adverse impact on its business, operating results, financial condition and the trading price of the Company’s Common Shares.
Forward Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in VEXT’s periodic filings with Canadian securities regulators. When used in this news release, words such as “will, could, plan, estimate, expect, intend, may, potential, believe, should, on track” and similar expressions, are forward- looking statements.
Forward-looking statements may include, without limitation, statements related COVID-19, to future developments and the business and operations of VEXT, the Company’s market position in the State of Arizona , the timeline for Vext to begin selling MAJOR and the Company’s financial results, and of which are subject to the risk factors contained in Vext’s continuous disclosure filed on SEDAR.
Although VEXT has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; being engaged in activities currently considered illegal under U.S. Federal laws; change in laws; reliance on management; requirements for additional financing; competition; hindered market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and; regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. Because of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward- looking statements in this news release are made as of the date of this release. VEXT disclaims any intention or obligation to update or revise such information, except as required by applicable law, and VEXT does not assume any liability for disclosure relating to any other company mentioned herein.
The Canadian Securities Exchange has not reviewed, approved or disapproved the content of this news release.
Chief Executive Officer
SOURCE VEXT Science, Inc.
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