C21 Investments Inc. (CSE: CXXI) (OTC: CXXIF) announced unaudited revenue of $3.2 million for the month ended May 31, 2019. Unaudited Gross margin (before fair value adjustments) is estimated to be 50%. This amount reflects revenue from the Company’s operations in Nevada and Oregon. These figures include revenue from Swell Companies, starting from the closing date of the acquisition of May 24, 2019.
According to the company statement, the company delivered $7.7m in first quarter reported sales, Q1 had 89 days which is an average of $86,500 per day. The company’s May sales increased averaging $103,000 per day. During the month, C21 Investment’s retail dispensaries completed a record 53,120 customer transactions compared to 38,076 for May 2018, prior to their acquisition by C21.
“Our operations continue to provide strong growth and C21 Investments is reaping the rewards of our vertically integrated strategy,” said Robert Cheney, President, and CEO of the Company. “We look forward to continuing to increase shareholder value as our operations expand and grow.”
The C21 Investments group of companies has 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.
Nevada Launch of Oregon brand – Hood Oil
The company is leveraging its strong Silver State retail platform to launch its “Hood Oil” vape line in Nevada. Founded in 2015 under Swell Companies, Hood Oil offers branded extract products at an affordable price and the initial product launch includes vaporizer cartridges and batteries. During the first four days of this launch, Hood Oil vapes generated approximately 13.5% of Silver State’s total unaudited gross sales.
“Hood Oil is one of the most prominent brands on retail shelves in Oregon, providing competitive quality, price, and consistency in the value segment,” said Sky Pinnick, Chief Marketing Officer for the Company. “With the same strategy of providing maximum value at a competitive price, Hood Oil vapes address the increased demand for oil-based cannabis products in Nevada.”