Vext Science, Inc. · CSE:VEXT
Vext Science — Investor Presentation (August 2026)
32 slides from Vext Science's investor presentation, August 2026
Slide 1: Own. Operate. Allocate.
Own. Operate. Allocate. August 2026 CSE: VEXT | OTCQX: VEXTF Unless otherwise stated, all references to currency in this Presentation are in U.S. Dollars
Slide 2: Forward Looking Statements
Forward Looking Statements This Presentation contains forward-looking statements that relate to the Company’s current general business and economic conditions; (iv) the Company’s ability to successfully execute its expectations and views of future events and should be read together with more detaile
Slide 3: Own
Own WH AT WE H AV E We own our brands, our stores and our real estate. In a market where the shelf is licensed and scarce, owning it is the advantage.
Slide 4: Brands in Cannabis: Overhyped, Underpowered
Brands in Cannabis: Overhyped, Underpowered 72% 69% consumers choose products consumers do not have based on THC potency(1) a brand preference (1) 64% 18% consumers identify price as a key consumers report that brands factor in their product choice (1) influence purchase decision(2) Retail drives co
Slide 5: No Soil = No Roots
No Soil = No Roots Structural barriers prevent cannabis brands from achieving long-term success. No national advertising No product Fragmented standards markets State-by-state Lack of product regulations differentiation Price competition Limited marketing
Slide 6: Flower accounted for 40% of retail sales in 2024
In 2024, flower accounted for 40% of all retail sales, the top-selling product category in the industry. Top Flower Brands by State Michigan Massachusetts Nevada California Arizona 2022 – 2024: #1: #1: #1: #1: #1: The #1 flower 2022 In-house brand In-house brand In-house brand In-house brand In-hous
Slide 7: Owning stores and prioritizing retail excellence creates reliable value
House brands and brands Brands backed by retail backed by retail footprints are consistently outperform strategically positioned across markets for sustained success Celebrity brands Brand leadership is are not top temporary, and market share performers is constantly shifting Owning stores and prior
Slide 8: Retail is King: Control the Shelf, Control the Market
Retail is King: Control the Shelf, Control the Market Built-in Advertising Pricing Power Owning retail locations Retailers control product provides direct mix and pricing to consumer exposure. maximize margins. Private-Label Distribution is King Outshine Brands In a space where marketing Like grocer
Slide 9: Vext's Winning Formula
Vext’s Winning Formula Retail-First + “Right-Scaled” Footprint within Key States = Cash Flow Machine
Slide 10: Learnings from mature markets: Right-Scaled Footprint Wins
Learnings from mature markets: Right-Scaled Footprint Wins and Owned Retail is King 1. EARLY GROWTH PHASE – YEARS 2. EARLY ADULT-USE – YEARS 3. MATURITY Wholesale Demand > Supply Demand = Supply Demand < Supply Cultivation Wholesale Cultivators expand Pricing becomes key High initial margins pricing
Slide 11: Operate
Operate H OW I T MAK E S M O N E Y We run our stores as a retailer: sourcing discipline, competitive pricing and merchandising, with a cost structure that funds price without giving up margin.
Slide 12: How We Execute Retail: Demand-Driven Supply
How We Execute Retail: Demand-Driven Supply Owning the parts of the value chain where we can win. Sourcing the rest. Data-Driven Sourcing In-House Where It Wins Buy Smart, Protect Margin Continuous make-vs-buy Produce in-house where we Source externally when analysis optimizes margin at have cost or
Slide 13: Arizona: Exited When Buying Beat Growing
Arizona: Exited When Buying Beat Growing RETAIL MANUFACTURING 2 Consistent Performance Sourcing Flexibility Third Party Distribution Contract Manufacturing Operating Dispensaries Expanding external Fee-based revenue Located in high- Central Phoenix at ~1.15– Third-party sourcing sales of Arizona- fr
Slide 14: Arizona: Consistently Demonstrating Vext's Operational Strength
Arizona: Consistently Demonstrating Vext’s Operational Strength Navigating Market Challenges Solid Market Position Strategically Positioned for Growth Oversupply and increased Despite a continued market decline, Ability to add retail locations as competition. Many operators are Vext's stores sustain
Slide 15: Ohio: Investing for Growth
Ohio: Investing for Growth 25K 6 +17% Cultivation sq. ft. Operating YoY Growth in Ohio Tier I license, expandable Dispensaries Revenue in H1 2026 to 50,000 sq. ft. Growing to 8 in $16.8M vs. $14.4M; Ohio was 71% 2027(1) of Q2 2026 revenue Vertically- Adult-Use Strategic Integrated Momentum Expansion
Slide 16: Vext's Growing Retail Footprint in Ohio
Vext’s Growing Retail Footprint in Ohio Operating Near-Term Strategic Dispensaries Additions Growth Pipeline 6 1 1 • Herbal Wellness Center (Jackson) • Columbus, OH Dispensary(1, 2) • Approved to develop three dual-use dispensaries, including Fairfield and • Herbal Wellness Center (Columbus) Columbu
Slide 17: The Power of Vertical Integration in Ohio
The Power of Vertical Integration in Ohio: Maximizing Value & Growth In-House Cultivation In-House Manufacturing Retail Operations Customer Experience • Scalable, cost-efficient supply • Agile product mix, • Low-cost, high-value • Higher quality, • Zero waste, trend-responsive offerings lower prices
Slide 18: Financial Results
Financial Results Performance highlights from Q2 2026 $12.1M $3.4M Revenue Adjusted EBITDA(1) $1.2M $0.8M Cash Flow from Free Cash Flow (FCF)(1) Operations(3) 9.8% 23.5% Cash Flow Margin(2) FCF Conversion(2) (1) Non-IFRS financial measure. See Appendix “A” for disclosure pertaining to these terms. (
Slide 19: The Vext Advantage: Converting Operational Performance Into Sustainable Cash Flow
The Vext Advantage: Converting Operational Performance Into Sustainable Cash Flow
Slide 20: Deliberate Investments → Step Change In Cash Generation
Deliberate Investments → Step Change In Cash Generation One full year of adult- use in Ohio; Ohio retail footprint expansion Free Cash Flow1 from 2 to 5 locations Investments into Ohio footprint and acquisition Decline in Arizona of APP market + Market contraction in Ohio in With Ohio preparation fo
Slide 21: Allocate
Allocate WH E R E TH E M O N E Y G O E S Every dollar competes for the highest return. We invest where returns clear the bar and exit when the math no longer works.
Slide 22: The Ohio Playbook: Capital-Light Growth
The Ohio Playbook: Capital-Light Growth Existing facilities, opportunistic acquisitions and internal funding: faster cash, less dilution OHIO RETAIL FOOTPRINT 6 8 Medical Market Adult-Use Launch Consolidation Today Target Pre-2024 August 2024 2 → 5 stores 6 stores (August 2026) 8 stores in 2027 (sta
Slide 23: Expect Substantial FCF Growth 2026 & 2027
2026 & 2027 Expect Substantial FCF Growth Dual Market Optimization Arizona right-sized: cultivation exit complete, Eloy held for sale, eliminating the fixed cost of an underutilized facility Disciplined, Demand-Driven Capex Lower shelf cost in both states: Arizona buys below the cost of Capital depl
Slide 24: Capital Allocation Priorities
Capital Allocation Priorities Every dollar competes for the highest return. In order: reduce debt, complete the Ohio build-out, then evaluate returning capital to shareholders. Balance Sheet Organic Maximizing Strategic M&A Strength Investments Shareholder Value Only if it beats all three priorities
Slide 25: Balance Sheet Reflects Strength and Prudent Capital Management
Balance Sheet Reflects Strength and Prudent Capital Management $25.9M $22.4M Strategic Focus on Net Debt(1) Reduction (USD, Millions) 34.7 Real Estate Assets Long Term Debt 31.9 As at June 30, 2026 As at June 30, 2026 Owned real estate, no sale-leasebacks 27.2 25.3 Net debt reduced by more than a 20
Slide 26: Proven Leadership with Deep Industry Expertise
Proven Leadership with Deep Industry Expertise Eric Offenberger, CEO & COO Trevor Smith, CFO Scott Everett, General Counsel & Corporate Secretary • CEO since February 2020. • CFO since August 2023. • General Counsel since 2024. • 40+ years of leadership in operations, finance, and • Ten years of ope
Slide 27: Board of Directors
Board of Directors Eric Offenberger | CEO & COO Mark W. Opzoomer | Non-Executive Chairman • Experienced public company director and committee chair. • Only director to serve the full 12 years of Entertainment One Ltd.’s life as a listed company before its sale to Hasbro Inc. Thai Nguyen • An active
Slide 28: Vext: Built for Long-Term Value Creation
Vext: Built for Long-Term Value Creation Proven Operator Across Market Cycles In Arizona, Vext exited cultivation when buying beat growing and is winning traffic with sharper pricing; in Ohio, capital is going into retail expansion, driving revenue growth and cash flow. Disciplined Execution On a pa
Slide 29: Appendix
Appendix ~
Slide 30: Appendix A: Non-IFRS Financial Measures
Appendix A: Non-IFRS Financial Measures This presentation contains certain “non-IFRS Company to assess operating efficiency and EBITDA and Adjusted EBITDA financial measures” (equivalent to “non-GAAP liquidity performance without the impact of financial measures”, as such term is defined in financin
Slide 31: Appendix A: Non-IFRS Financial Measures
Appendix A: Non-IFRS Financial Measures Free Cash Flow (FCF) and Cash Flow Margin (in thousands of US dollars) FY 2025 FY 2024 FY 2023 FY 2022 FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 Sales 51,367 35,998 34,812 35,411 37,244 25,194 22,322 18,476 14,844 12,336 Net Cash Flow from Operating Acti
Slide 32: Appendix B: Share Structure
Appendix B: Share Structure(1) As at August 20, 2026 Options Outstanding Exercise Price Expiry Date Subordinate Voting Shares 185,816,341 75% 676,000 CAD 1.00 Jan 4, 2029 200,000 CAD 1.00 May 13, 2029 Subordinate Voting Shares issuable 833,334 CAD 0.75 May 12, 2030 upon conversion of Multiple voting