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JohnCM

01/06/21 9:22 AM

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C21 Investments Inc (CXXIF)

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C21 Investments Announces Q3 Results
Net Income of $2.3 Million Highlights Strong Profitability

VANCOUVER, December 16, 2020 – C21 Investments Inc. (CSE: CXXI and OTCQX: CXXIF) (“C21” or the “Company”), a leading vertically integrated cannabis company, today announced unaudited results for its third quarter ended October 31, 2020.

Q3 Financial Highlights: (all currency in U.S. dollars)

(August 1, 2020 to October 31, 2020):

Revenue of $9.5 million – a record $8.9 million from Nevada’s retail operations with same-store sales up 5% from Q2
Gross Profit of $5.9 million; Gross Margin (before fair value adjustments) of 47.4%
Adjusted EBITDA1 of $2.7 million, the seventh consecutive quarter of positive EBITDA
Cash Flow from Operations of $3.1 million; Year-to-Date results of $8.7 million, up 175% from last year
Net Income of $2.3 million

About C21 Investments Inc.

C21 Investments is a vertically integrated cannabis company that cultivates, processes, and distributes quality cannabis and hemp-derived consumer products in the United States. The Company is focused on value creation through the disciplined acquisition and integration of core retail, manufacturing, and distribution assets in strategic markets, leveraging industry-leading retail revenues with high-growth potential multi-market branded consumer packaged goods. The Company owns Silver State Relief and Silver State Cultivation in Nevada, and Phantom Farms, Swell Companies, Eco Firma Farms, and Pure Green in Oregon. These brands produce and distribute a broad range of THC and CBD products from cannabis flowers, pre-rolls, cannabis oil, vaporizer cartridges and edibles. Based in Vancouver, Canada, additional information on C21 Investments can be found at www.sedar.com and www.cxxi.ca.

http://www.cxxi.ca/about/