Vext Science (VEXT.C) got the nod from the City of Eloy to build and run a medical cannabis cultivation facility today, according to a press release.
Originally announced on April 7, Vext inked a purchase and sale agreement for a 72,000 square foot vacant industrial facility, which offers approximately 34,000 square feet of future canopy, in the city.
“Arizona is set to continue to be one of the most attractive cannabis markets in the U.S. and, as a limited licence state, cultivation capacity is key to ensuring Vext is positioned to maximize its share of market growth. Once operational, the facility will ensure we have consistent access to high-quality biomass to support the growth of our award-winning Vapen brand, the growth we are experiencing in our current operated dispensaries as well as lending us the foundation necessary to accretively expand our retail network in the state over time,” said Eric Offenberger, chief executive officer of Vext.
Vext Science is a U.S.-based THC and hemp cannabinoid products manufacturer. Their three brands are Vapen for THC cartridges, concentrates, edibles and accessories, Pure Touch Botanicals for their hemp-based products, and Vapen CBD brand. Vext has distribution extending throughout their home state of Arizona, including most of their 100-plus dispensaries.
The city of Eloy is approximately 80 km northwest of Tucson and 105 km southeast of Phoenix. It has a population of roughly 20,000 people. The city’s wiki indicates that the largest employer is CoreCivic, which runs four prison facilities: Eloy Detention Center, Saguaro Correctional Center, Red Rock Correctional Center, La Palma Correctional Facility and regularly takes house detainees from Hawaii, Nevada, Idaho and Kansas.
There are two origins listed on the wiki for the city of Eloy. The first is its most likely—that it was originally an acronym used by the railroad for East Line Of Yuma—but the second is more amusing. It states a railroad employee looked around at the barren desert sometime in the mid 1800’s and said, “Eloi, Eloi, lama sabachthani?” which if you’re down on your Bible (or your ancient Aramaic) is from Psalm 22, when someone is crying out for relief from torment, and also Jesus last words on the cross. “My God, my God, why hast thou forsaken me?”
Which is probably how most of the kids living in Eloy feel surrounded as they are by the prison industrial complex. Well, now they have the local weed plant to look forward too. There’s a victory.
“We are very pleased that Vext has selected the City of Eloy to be a partner in its continued expansion. This is another win for economic development for the city and will bring additional high-quality jobs for Eloy residents. I know I speak on behalf of city council and entire staff, when I say we are looking forward to continue working with Vext to get the facility up and running,” Micah Powell, mayor of Eloy said.
Vext Science is down $0.04 today and trading at $0.89.