Vext Science : Investor Presentation - June 2024

(CSE: VEXT and OTCQX: VEXTF)

A growing, profitable cannabis company with operations in Arizona and Ohio

All references to currency in this Presentation are in U.S. Dollars

Forward Looking Statements

This Presentation contains forward-looking statements that relate to the Company's current expectations and views of future events and should be read together with more detailed information and financial data and statements. This Presentation does not contain all the information you should consider before purchasing securities of Vext Science, Inc. (the "Company" or "Vext"). In some cases, these forward-looking statement can be identified by words or phrases such as "may", "might", "will", "expect", "anticipate", "estimate", "intend", "plan", "indicate", "seek", "believe", "predict" or "likely". Or negative of these terms, or other similar expressions intended to identify forward- looking statements. The Company has based these forward-looking statements on its current expectations and projections about future events and financial trends that it believes might affect its financial condition, results of operations, business strategy and financial needs. These forward-looking statements include, among other, things, statements relating to: the Company's expectations regarding its revenue, expenses and operations; the Company's expectations regarding timing of the completion of the construction and related construction costs; the Company's anticipated cash needs and its needs for additional financing; the Company's intention and ability to grow the business and its operations: including its ability to complete business development and integrate multi-state operations: the Company's expectations regarding harvesting of products and precut sales prices; expectations with respect to future production costs and capacity; expectations regarding our growth rates and growth plans and strategies; expectations with respect to the approval of the Company's cannabis license holders; expectations with respect to the future growth of its medical and recreational cannabis services with license

holders, and any commentary related to the legalization of adult-use, recreational cannabis and the timing related to such legalization, the Company's expected business objectives for the next twelve months. Forward-looking statements are based on certain assumptions and analyses made by the Company considering the experience and perception of historical trends, current conditions and expected future developments and other factors it believes are appropriate and are subject to risks and uncertainties. In making the forward-looking statements included in this Presentation, the Company has made various material assumptions, including but not limited to (i) obtaining the necessary regulatory approvals; (ii) that regulatory requirements will be maintained; (iii) general business and economic conditions; (iv) the Company's ability to successfully execute its plans and intentions; (v) the availability of financing on reasonable terms; (vi) the Company's ability to attract and retain skilled staff; (vii) market competition; (viii) the products and technology offered by the Company's competitors; and (ix) that our current good relationships with our suppliers, service providers and other third parties will be maintained. Although we believe that the assumptions underlying these statements are reasonable, they may prove to be incorrect, and we cannot assure that the actual results will be consistent with these forward-looking statements. Given these risks, uncertainties and assumptions, prospective purchasers of the Company's securities should not place undue reliance on these forward-looking statements. Whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to several known and unknown risks, uncertainties, assumptions and other factors.

The Company's forward-looking statements are based on the reasonable beliefs, expectations and opinions of management. Although the Company has attempted to identify important factors that could cause actual results to differ materially form those contained in forward-looking statement, there may be other factors that cause results not to be as anticipated, estimated or intended. There is no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. We do not undertake to update or revise any forward-looking statements, except as, and to the extent required by, applicable securities laws in Canada.

The Company's common shares (subordinated voting shares) have not been and may never be registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any other securities laws. As a result, the common stock may not be offered or sold within the United States or to, or for the account or benefit of, "U.S. persons" (as defined in Regulations under the U.S. Securities Act), except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act and any other applicable securities laws.

2

Proven operator. Growing Cash flow. Building Value.

• Focused on large markets with potential to develop sustainable	• Consistent execution - optimizing volume/gross margin balance,
competitive advantage - limited license states across the U.S.	lean cost structure, culture of progressive efficiencies and active
• Established, vertically integrated operations in Arizona and Ohio -	working capital management
unique footprint vs. other small/mid cap Multi State Operators	• Solid balance sheet entering 2024; $2 million credit facility offers
(MSOs)	additional financial flexibility
• Most planned growth capex in Arizona and Ohio already invested or	• Management team with experience in building and operating
funded - free cash flow poised to grow.	profitable multi-state manufacturing/distribution footprints
• Model designed to generate sustainable ROIC - modular cultivation	• Stable shareholder base with 56% of the shares controlled under 8
footprint and manufacturing assets focused on demand from Vext-	person shareholders' agreement. 23.11% of shares owned by
owned retail locations	members of Vext's management team and board of directors

3

Vext by the Numbers

OPERATIONS - ARIZONAFINANCIAL PERFORMANCE

Fully Vertically Integrated AZ Q1 2024

				$8.4M
					Revenue
Two Operated	26,000	Fully built-out
Dispensaries	cultivation and
		SQ. FT	facility	$1.9M	23.3%
			manufacturing
Medical use			Adult-use	Adj. EBITDA1	Adj. EBITDA Margin1
2010 legalized		2021 sales begin
OPERATIONS - OHIO			CASH FLOW
Fully Vertically Integrated	OH

OH

KY

AZ

ADDITIONAL MARKET OPPORUNITIES

Kentucky CBD - JV (50%)

Two Operated

Dispensaries

Two Dispensaries under Definitive Agreement3

25,000

SQ. FT

(Can expand to 50K sq.ft.

in 2024 if needed)

Fully built-out cultivation and manufacturing facility

Operating Cash Flow poised

to grow in 2024

• Fully built-out manufacturing facility
• Cultivation facility of up to 10,000 sq.ft. on site
• Wholesale - Vapen products in market

Medical use

Medical use

Medical use	2023
2016 legalized

Adult-Use legalized

2023 approved 2025 legislation expected

to take effect

1. "Adjusted EBITDA" and "Adjusted EBITDA Margin" are non-IFRS Financial measures. See
   Appendix "A" for disclosure pertaining to these terms.

1. Operating Cash Flow ("OCF") is calculated as: CFO without the impact of working capital changes. OCF Margin is defined as OCF divided by Revenue for TTM.

3) Vext has executed an asset purchase agreement (the "Asset Purchase Agreement"), together with other definitive agreements (together with the Asset
Purchase Agreement, the "Definitive Agreements"), with the members of Big Perm's Dispensary Ohio, LLC ("Big Perm") to acquire from Big Perm two
cannabis dispensaries located in Ohio, as well as all licenses and assets related to the business of such dispensaries for cash consideration of $9.4	4
million, subject to adjustments in certain circumstances (the "Ohio Expansion Transaction"). Subject to receipt of required regulatory approvals and other

customary conditions precedent, the Company expects that closing of the Ohio Expansion Transaction will occur in 2024.

Established Vertically

Integrated Footprint in the

Arizona Market

5

Fully Vertically Integrated Footprint in Arizona Market

RETAIL

CULTIVATION & MANUFACTURING

• Operating since August 2013
• Located in the high traffic industrial center of Phoenix.
• Total area: ~1,700 sq.ft. and 3,000 sq. ft. customer waiting area/café)

4126 W Indian School Road, Phoenix, Arizona		Eloy cultivation facility

BRANDS

• Operating since August 2020
• Located near high traffic shopping and business centers
• Total area:~2,000 sq. ft.
• Both operating dispensaries have been optimized for rapid customer service through express pickup windows and

1720 E Deer Valley Road, Phoenix, Arizona	online ordering.

• 26,000 sq. ft. indoor canopy
• Fully built out and operating manufacturing facility
• Modular Eloy cultivation facility, utilizes new equipment and technology, allowing Vext to expect improved results like higher yield and plant health
• First harvest achieved in Q1 2024
• Vapen brand is one of Arizona's top performers
• Revibe - line of premium cannabis edibles
• Full suite of products - Flower, Concentrates, Extracts, Edibles, Beverages, CBD

AZ	Vext's home state of Arizona is a large limited license adult -use state with solid long-term
fundamentals.

6

One of Arizona's Top Brand Portfolios

Full range of products across formats and price points

• Available across dispensary shelves in the state
• Full suite of products - Flower, Concentrates, Extracts, Edibles, Beverages, CBD
• Revibe - Line of premium edibles including chocolates, gummies, dessert toppings and beverages
• Exclusive distribution of key brands such as Major

7

Modular Cultivation Footprint to Meet Owned Dispensary Needs

CULTIVATION

	Current Canopy		Available Future
			Expansion
Phoenix	9,000 sf	̶

Eloy (Phase I)	17,000 sf	̶
Eloy (Phase II)	̶	~17,000 sf
(As needed)
Total indoor cultivation	26,000 sf	~43,000 sf

8

Scaling a Fully Vertically

Integrated Footprint in Ohio

The Ohio medical market recorded nearly 175,484 active patients as of the end of 20231.

Ohio voted to pass adult-use cannabis legalization through state ballot measure in November 2023. Adult-use sales are expected to commence in second half of 2024.

The transition to adult-use sales estimated to make

Ohio a $4 billion market by 20282.

1. Ohio State Data

9

2. Marijuana Business Daily

Photo by Ellie Brownon Unsplash

Vext's Class I license and verticality gives it a competitive advantage against potential new

market entrants. 1 Ohio Medical Marijuana Control Program

2 Vext has executed an asset purchase agreement (the "Asset Purchase Agreement"), together with other definitive agreements (together with the Asset Purchase Agreement, the "Definitive Agreements"), with the members of Big Perm's Dispensary Ohio, LLC ("Big Perm") to acquire from Big Perm two cannabis dispensaries located in Ohio, as well as all licenses and assets related to the business of such dispensaries for cash consideration of $9.4 million, subject to adjustments in certain circumstances (the "Ohio Expansion Transaction"). Subject to receipt of required regulatory approvals and other customary conditions precedent, the Company expects that closing of the Ohio Expansion Transaction will occur in 2024.

3 Dispensaries with Certificate of Operation as of April 2024

The Ohio Opportunity

Medical cannabis sales reached

$484 million in 20231

Active patient count of

~175,484 at end of 2023

Joint Committee on Agency Rule Review allowed dual

licensing program in May 2024

Ohio Market Structured Optimally

Limited number of licenses available and the State has capped cultivation size, limited opportunities for over cultivation and over supply

123 Retail Doors3

Owning storefronts will enable operators to maximize margins

More retail doors expected to be added as new legislation takes shape

Vext's Ohio Footprint

2 operating retail storefronts

Agreements to acquire 2 additional

stores2

Tier I cultivation license

23 Tier I Cultivation Licenses Issued; 21 operational as of 2023

Ohio transitioned to adult-use

in November 2023 and regulators will begin issuing licenses to medical operators within 9 months

OH

Operators Can Own 8 Dispensaries, Per New Adult-Use Statutes

Once law is finalized and upon closing of pending acquisitions, Vext expects to have the opportunity to operate 7 dispensaries in Ohio

(25,000 ft expandable to 50,000 ft)

Operating Tier I cultivation and manufacturing facility

10