Vext Science, Inc. Announces the Closing of USD 5.0 Million of Secured Non-Convertible Debenture
January 08, 2020 at 09:00 am
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Vext Science, Inc. announced the closing for USD 5.5 million of debenture units, consisting of two non-US investors, one for USD 5 million, and one for USD 0.5 million, principal amount of secured non-convertible debentures. The net proceeds of the debenture financing will be primarily used for joint venture partnership working capital and equipment. The Debentures will accrue interest at the rate of 10.0% per annum, payable quarterly beginning July 1, 2020 and mature December 31, 2021. The Debentures will be secured by a security interest in all of VEXT's assets.
Vext Science, Inc. is a cannabis operator. The Companyâs expertise spans from cultivation through to retail operations in markets of Arizona and Ohio. It manufactures 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 and Herbal Wellness brands. It has THC concentrates, edibles, and distillate cartridge brands sold in various states dispensaries. It owns and operates cultivation facilities, fully built-out manufacturing facilities as well as dispensaries in both Arizona and Ohio. Additionally, it provides management, advisory, cultivation, and dispensary services to entities in the cannabis field through joint operations agreements. It also sells CBD products and branded merchandise. Vapen Brands product is the wholesale product and sold in its dispensaries. Vapen Brand is an edible and concentrate brand. The Company also owns cannabis dispensary in Columbus, Ohio.
VEXT SCIENCE, INC. 
