C21 Investments Announces Unaudited Revenue of US$7.7 Million for First Quarter of 2020 Fiscal Year

Published: May 7, 2019

C21 Investments Inc. announced unaudited revenue of US$7.7 million for the 1st quarter ended April 30, 2019. This amount reflects revenue from the Company’s operations in Nevada and Oregon. Unaudited gross margin (before fair value adjustments) is estimated to be 54%. Gross margin has decreased from previously reported figures due to a reclassification of excise taxes which the company now believes to be deductible for tax purposes as cost of goods sold. During the quarter, C21’s retail dispensaries completed 140,000 customer transactions. These figures do not include revenue from Swell Companies, which is an acquisition expected to close this month.

The Company’s next revenue report will be for the 2nd quarter ending July 31, 2019. The audited financial statements for the 2019 fiscal year ended January 31, 2019 are due to be released prior to the end of May. Unaudited results for the 1st quarter of fiscal 2020 for the period February 1 to April 30, 2019 will be released by the end of June 2019.

After the completion of the acquisition of Swell Companies, the C21 Investments group of companies will have 140,000 sq. ft. of cultivation space (both indoor and outdoor) with another 165,000 sq. ft. available for cultivation, extraction or wholesale distribution; 11,000 sq. ft. of wholesale distribution; 13,000 sq. ft. of extraction; and 17,000 sq. ft of retail distribution.

The Company today announced its shares have been approved by FINRA to be quoted on the Over-the-Counter Markets (OTC) and the shares are currently trading under the ticker symbol “CXXIF.” C21 continues to trade on the Canadian Securities Exchange under the ticker symbol “CXXI.”