C21 Investments Archives - Green Market Report

StaffDecember 16, 2020


 C21 Investments Inc. (CSE: CXXI) (OTCQX: CXXIF) announced unaudited results for its third-quarter ending October 31, 2020, with revenue of $9.5 million. Most of the revenues came from Nevada’s retail operations which rose 5% sequentially to $8.9 million. C21 also delivered a net income of $2.3 million for the quarter. The company’s strong results delivered $0.014 earnings per share in the third quarter and an earnings-positive result year-to-date with net income of $475,000.

President and CEO Sonny Newman said, “C21 has achieved a number of record results this quarter as evidenced by our strong earnings. With our recently announced note restructuring and debenture backstop, we have fortified our balance sheet.  We are now focused on the next logical step of our growth strategy – the expansion of our Nevada cultivation and production facility. This puts us in an excellent position to extend our retail footprint in the state. We have built a profitable, scalable business and remain focused on expanding our share of the Nevada market where we have a proven track record of success and on delivering results for our shareholders.”

Nevada also reported record same-store sales and has generated a 52% Gross Margin year-to-date. Challenges within the Oregon operations resulted in lower revenue and gross margin being reported this quarter. Adjusted EBITDA  was $2.7 million in the quarter (28% EBITDA margin), and adjusted EBITDA  year-to-date totaled $6.5 million (24% margin). For the third quarter, SG&A was $1.7 million. On a year-to-date basis, SG&A expenses were $5.2 million (19% of revenue) versus prior year-to-date of $8.4 million (30% of revenue).

Continued strong cash flow from operations delivered $3.1 million in the quarter. Year-to-date, cash flow from operations of $8.7 million was up 175% from last year, also surpassing the prior full-year results of $5.5 million. This enabled C21 to pay down $5.4 million of debt in the nine-month period. The company said in its statement that it has continued to pay down its debt, reducing the principal amount of its notes payable by an additional $1.1 million, bringing the year to date total paid down by cash flow from operations to $6.5 million.

C21 recently announced the planned expansion of its licensed cultivation and production facility in Nevada – a 40,000 square foot buildout to existing operations, including eleven new flowering rooms and two new vegetative rooms. “This 200% of the additional canopy is expected to yield an incremental 7,500 pounds of premium indoor flower and 3,000 pounds of trim/biomass annually. The Company expects the expansion to be funded internally at a cost of approximately $6 million.”


StaffAugust 13, 2020


C21 Investments Inc. (OTCQB: CXXIF) announced unaudited results for its first quarter ending April 30, 2020, with revenue of $8.15 million, an increase of 5% over the same time period for last year. The revenue jumped 86% over the fourth quarter.

The income from operation was $542,000 for the first quarter, which fell dramatically from the fourth quarter’s income of $1.1 million. C21 recorded a one-time, non-cash restructuring charge of $1.2 million from the final settlement of the acquisition of Phantom Farms. The net loss per share for the first quarter was ($0.02). Excluding the one-time, non-cash restructuring costs, the net loss per share was ($0.00).

C21 President and CEO, Sonny Newman said, “We met the challenges imposed by the pandemic head-on and thanks to the hard work of the team, we have strengthened the company for the future.  We have seen the impact of these efforts in our Q2 sales results, where we rebounded to record revenue at our Nevada dispensaries.”

Newman was referring to Nevada regulators who limited statewide cannabis sales to delivery-only due to the COVID-19 pandemic. C21 shifted to six weeks of operating with “delivery-only” at the Nevada dispensaries. The company also increased its third-party delivery, and established an in-house delivery capability.

He added, “As restrictions eased at the end of the quarter, the company engineered curbside pickup as its third sales channel.  C21 continued to streamline its Oregon operations and in February acquired the Phantom Farms real estate associated with its outdoor farms in Southern Oregon.” The company has continued to roll-out its Oregon brands into Nevada with Hood Oil and Phantom Farms flower performing as top-selling products in the retail stores.

The company’s gross margin was $2.9 million (36%), before fair value adjustments.  This reflects the increased sales costs resulting from the six week period of “delivery-only” operations and costs associated with integrating the Oregon operations.

William SumnerAugust 8, 2019


It’s time for your Daily Hit of cannabis financial news for August 7, 2019.

On the Site

Cronos Group

Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) reported financial results in Canadian dollars for the second quarter and first-half ending June 30, 2019, with net revenue climbing 202% to $10.2 million over last year’s $3.4 million. The revenue increased 58% sequentially from $6.5 million in the first quarter of 2019. The company attributed the increase to sales in CBD oil, which carries no excise tax reduction and increased sales of dry flower.


Today, GrowGeneration Corp. (OTCQX: GRWG) announced the release of the financial results for the fiscal quarter ending on June 30, 2019. Net revenue for the quarter was $19.48 million, up from $7.15 million in the same period of the previous year. The company attributes the increase in revenue to the addition of 14 new retail stores

SOL Global

SOL Global Investments (CSE: SOL)(OTCPK: SOLCF) is changing from an international cannabis investment company to a U.S. multi-state cannabis operator (MSO) under the Life Sciences category of the Canadian Securities Exchange. In addition to the business designation change, the company is also changing its name to Bluma Wellness.

In Other News

Diego Pellicer

Diego Pellicer Worldwide, Inc. (OTCQB: DPWW) announced that its Denver licensee reported record sales for the month of July and that its sales average has risen by 8.56%. “Diego Pellicer – Colorado has clearly proven that premium products plus outstanding customer service and a world-class shopping experience is a winning formula for success,” said Diego Pellicer CEO Ron Throgmartin.

Planet 13

Planet 13 Holdings Inc. (CSE: PLTH) (OTCQX: PLNHF) announced that in July it served on average 1,937 customers per day with an average sale of $90.41 from the Planet 13 Las Vegas Cannabis Entertainment Complex. In May, the company accounted for roughly 10% of all cannabis sales in the state of Nevada, with a customer conversion rate of 60%. “We continue to drive impressive results from the SuperStore’s original 16,000 sq. ft. dispensary footprint in advance of the Phase II,” said Larry Scheffler, Co-CEO of Planet 13. “In May we reached an impressive milestone, the SuperStore accounted for 10% of all dispensary sales in Nevada. I’m optimistic we will see this trend continue once the department of taxation releases June and July numbers.”

C21 Investments

C21 Investments Inc. (CSE: CXXI) (OTC: CXXIF) released its unaudited financial results for the quarter ending on July 31, 2019. Unaudited revenue grew from $7.7 million to $9.8 million, representing a quarter-over-quarter increase of 27%. The unaudited gross margin rose from 43% to 49%. The company will release its certified financial results on or around September 12, 2019.

Cresco Labs

Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) announced that it has received approval to acquire 100% 100% of the membership interests of Gloucester Street Capital, LLC, the parent company of Valley Agriceuticals (Valley AG). Valley AG is one of ten vertically integrated medical cannabis license holders in the state of New York. The license will give Cresco the right to operate one cultivation facility and four dispensaries in the state. The acquisition is expected to close by the end of the August.

StaffAugust 13, 2018


C21 Investments Inc. (CSE: CXXI)  has entered into an agreement to acquire Oregon-based premium cannabis edible companies Grön Chocolate and Grön Confections. The deal is expected to close by November 1, 2018. C21 has agreed to pay Grön unitholders $6.8 million plus the bonus earn-out shares of $4.375 million

Edibles are one of the fastest growing segments of the cannabis space,” said Robert Cheney, Chief Executive Officer, C21 Investments.  “Grön is a critical addition to C21’s growth strategy to acquire operations that can vertically integrate in each state and compete aggressively in the US$11 billion cannabis market in the United States.”

According to the company statement, This is the sixth acquisition agreement announced by C21 Investments in the past year and will be accretive to earnings of C21 Investments.  Other agreements include Silver State Relief in Nevada, as well as Phantom Farms, Swell Companies, and Eco Firma Farms in Oregon.  C21 Investments has been successful in ensuring that the talent of each operation continues to perform and grow in order to provide a strong culture for its group of companies.


Grön was founded by Christine Smith in 2014, who named the company after the Swedish word for green and is a tribute to Christine’s architecture studies in Denmark and love for all things sustainable and Scandinavian. The brand is considered one of Oregon’s largest and most respected edible brands and known as the most prolific chocolate bar in Oregon. Grön has secured shelf space in over 400 retail stores with immediate plans to expand into California and Nevada. Grön has two licensed manufacturing facilities totaling over 7,000 square feet as well as a small retail/tasting room with an emphasis on CBD education.  In 2018, Grön launched the first fully licensed CBD café in North America with the introduction of their CBD lifestyle/wellness line.

C21 Investments

Vancouver-based C21 Investments Inc. is a vertically integrated cannabis corporation that cultivates, processes, and distributes quality cannabis and hemp-derived consumer products in the United States.  The company has definitive agreements to acquire cannabis companies in Oregon and Nevada that, when closed, will make C21 one of the largest public cannabis companies by revenue in the world.


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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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