Vext Science (VEXT.C) announced it has signed a Memorandum of Understanding with SōRSE Technology to exclusively produce and sell SōRSE’s MAJOR cannabis-infused beverages in Arizona.
Arizona only just legalized recreational use of cannabis back in November through a ballot initiative (hopefully if the Arizona GOP’s idiotic and quixotic quest to overturn Biden’s win there ever does anywhere they leave the legal weed referendum untouched, also they are actually still trying to do that for what it’s worth). Vext expects to start selling MAJOR beverages in August of this year.
MAJOR is designed as a high dose THC beverage that delivers a consistent and enjoyable cannabis experience with no cannabis taste or smell, which come in200ml serving sizes, with 100mg of THC. MAJOR is available in five flavours: Orange Mango, Pink Lemonade, Blue Raspberry, Passion Fruit, and Grape.
Under the terms of the MOU, SōRSE will provide all the know-how and formulations for the creation of the MAJOR THC beverages and Vext produce the beverages. As part of the deal, Vext will pay SōRSE an initial royalty of $100,000 USD and will pay a fixed price for SōRSE emulsion and per unit produced to SōRSE. They also have the option of producing to manufacture SōRSE’s other existing formulations or use SōRSE emulsions to develop additional products under the Vapen brand, although if they do that they will have to pay SōRSE another royalty.
“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,” commented Eric Offenberger, CEO of Vext.
Being able to exclusively produce and sell SōRSE beverages is a major deal (get it, cause the product is called MAJOR?).
No, not funny?
Anyways, it actually is a big deal, because, according Headset, MAJOR is the top selling cannabis beverage in the US. According to their report, $3.8 million USD worth of MAJOR THC beverages were sold in just the first quarter of the 2021 alone, with the top selling flavour being the Sunset Pink Lemonade. And it’s not just the top seller – it’s dominant. That same Headset report says MAJOR accounts for nearly 50% of sales in its category.
Imagine this: You’re at an energy vortex in Sedona, it’s hot out and you want to get high. You see a bottle marked Sunset Pink Lemonade, with 100 mg of THC. Well, that could be a reality by August.
Following today’s news, shares of Vext are down 5 cents and are currently trading at $0.73.