{"id":400728,"date":"2020-12-16T07:03:43","date_gmt":"2020-12-16T12:03:43","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=400728"},"modified":"2020-12-16T07:03:43","modified_gmt":"2020-12-16T12:03:43","slug":"c21-investments-announces-q3-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/c21-investments-announces-q3-results\/","title":{"rendered":"C21 Investments Announces Q3 Results"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p class=\"prntac\">\n        <b>Net Income of <span class=\"xn-money\">$2.3 Million<\/span> Highlights Strong Profitability<\/b>\n      <\/p>\n<p>\n        <span class=\"xn-location\">VANCOUVER<\/span>, <span class=\"xn-chron\">Dec. 16, 2020<\/span> \/PRNewswire\/ &#8211; C21 Investments Inc. (CSE: CXXI)\u00a0(OTCQX: CXXIF) (&#8220;C21&#8221; or the &#8220;Company&#8221;), a leading vertically integrated cannabis company, today announced unaudited results for its third quarter ended October 31,\u00a02020.\u00a0 <\/p>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder1\">\n<p>\n          <a href=\"https:\/\/mma.prnewswire.com\/media\/1387147\/C21_Investments_Inc__C21_Investments_Announces_Q3_Results.html\" target=\"_blank\" rel=\"nofollow noopener noreferrer\"><br \/>\n            <img decoding=\"async\" src=\"https:\/\/mma.prnewswire.com\/media\/1387147\/C21_Investments_Inc__C21_Investments_Announces_Q3_Results.jpg\" title=\"C21 Investments Logo (CNW Group\/C21 Investments Inc.)\" alt=\"C21 Investments Logo (CNW Group\/C21 Investments Inc.)\" \/><br \/>\n          <\/a>\n        <\/p>\n<\/p><\/div>\n<p>\n        <b>Q3 Financial Highlights:<\/b>\u00a0(all currency in <b>U.S. dollars<\/b>)<\/p>\n<p>\n        <u>(<span class=\"xn-chron\">August 1, 2020<\/span> to <span class=\"xn-chron\">October 31, 2020<\/span>):<\/u>\n      <\/p>\n<ul type=\"disc\">\n<li>Revenue of <span class=\"xn-money\">$9.5 million<\/span> \u2013 a record <span class=\"xn-money\">$8.9 million<\/span> from <span class=\"xn-location\">Nevada&#8217;s<\/span> retail operations with same-store sales up 5% from Q2 <\/li>\n<li>Gross Profit of <span class=\"xn-money\">$5.9 million<\/span>; Gross Margin (before fair value adjustments) of 47.4% <\/li>\n<li>Adjusted EBITDA<sup>1<\/sup> of <span class=\"xn-money\">$2.7 million<\/span>, the seventh consecutive quarter of positive EBITDA <\/li>\n<li>Cash Flow from Operations of <span class=\"xn-money\">$3.1 million<\/span>; Year-to-Date results of <span class=\"xn-money\">$8.7 million<\/span>, up 175% from last year <\/li>\n<li>Net Income of <span class=\"xn-money\">$2.3 million<\/span><\/li>\n<\/ul>\n<p \/>\n<p>President and CEO <span class=\"xn-person\">Sonny Newman<\/span>: &#8220;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.\u00a0 We are now focused on the next logical step of our growth strategy \u2013 the expansion of our <span class=\"xn-location\">Nevada<\/span> 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 <span class=\"xn-location\">Nevada<\/span> market where we have a proven track record of success and on delivering results for our shareholders.&#8221;<\/p>\n<p>\n        <b>Management Commentary:<\/b>\n      <\/p>\n<p>Revenue for the quarter was <span class=\"xn-money\">$9.5 million<\/span>, with record revenues of <span class=\"xn-money\">$8.9 million<\/span> from <span class=\"xn-location\">Nevada&#8217;s<\/span> retail operations. <span class=\"xn-location\">Nevada<\/span> revenues were up 5% from the strong performance reported in Q2. This resulted in Gross Profit of <span class=\"xn-money\">$5.9 million<\/span>. Before fair value adjustments, Gross Profit was <span class=\"xn-money\">$4.5 million<\/span>, a 47.4% Gross Margin.\u00a0 <span class=\"xn-location\">Nevada<\/span> also reported record same-store sales and has generated a 52% Gross Margin year-to-date. Challenges within the <span class=\"xn-location\">Oregon<\/span> operations resulted in lower revenue and gross margin being reported this quarter.<\/p>\n<p>Adjusted EBITDA<sup>1<\/sup> was <span class=\"xn-money\">$2.7 million<\/span> in the quarter (28% EBITDA margin), and adjusted EBITDA<sup>1<\/sup> year-to-date totalled <span class=\"xn-money\">$6.5 million<\/span> (24% margin). For the third quarter, SG&amp;A was <span class=\"xn-money\">$1.7 million<\/span>. On a year-to-date basis, SG&amp;A expenses were <span class=\"xn-money\">$5.2 million<\/span> (19% of revenue) versus prior year-to-date of <span class=\"xn-money\">$8.4 million<\/span> (30% of revenue).<\/p>\n<p>Continued strong cash flow from operations delivered <span class=\"xn-money\">$3.1 million<\/span> in the quarter. Year-to-date, cash flow from operations of <span class=\"xn-money\">$8.7 million<\/span> was up 175% from last year, also surpassing the prior full year results of <span class=\"xn-money\">$5.5 million<\/span>. This enabled C21 to pay down <span class=\"xn-money\">$5.4 million<\/span> of debt in the nine-month period.<\/p>\n<p>C21 reported Net Income of <span class=\"xn-money\">$2.3 million<\/span> for the quarter, also a record for the Company. The Company&#8217;s strong results delivered <span class=\"xn-money\">$0.014<\/span> Earnings Per Share in Q3 and an earnings-positive result year-to-date with Net Income of <span class=\"xn-money\">$475,000<\/span>. <\/p>\n<p>\n        <b>Subsequent to the Third Quarter<\/b>:<\/p>\n<p>The Company has continued to pay down its debt, reducing the principal amount of its notes payable by an additional <span class=\"xn-money\">$1.1 million<\/span>, bringing the year to date total paid down by cash flow from operations to <span class=\"xn-money\">$6.5 million<\/span>.<\/p>\n<p>In the press release, dated <span class=\"xn-chron\">November 19<\/span>, the Company announced that the principal amount of the Company&#8217;s senior secured note held by CEO <span class=\"xn-person\">Sonny Newman<\/span> had been restructured for repayment over a 30-month term. The Company also announced it had secured a commitment from three investment managers \u2014 Wasatch Global Investors, JW Asset Management and CB1 Capital Management \u2014 who, in addition to CEO <span class=\"xn-person\">Sonny Newman<\/span>, provided an equity commitment for repayment of all of the Company&#8217;s existing convertible debentures which remain outstanding at maturity. The Pro Forma Balance Sheet table below (see further in MD&amp;A) assumes these changes were they to have occurred before quarter end.<\/p>\n<p>In the press release, dated <span class=\"xn-chron\">December 2<\/span>, C21 announced the planned expansion of its licensed cultivation and production facility in <span class=\"xn-location\">Nevada<\/span> \u2013 a 40,000 square foot buildout to existing operations, including eleven new flowering rooms and two new vegetative rooms. This 200% of 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 <span class=\"xn-money\">$6 million<\/span>.<\/p>\n<p>\n        <b>Pro-Forma Balance Sheet:<\/b>\n      <\/p>\n<p>As noted above, on <span class=\"xn-chron\">Nov 19, 2020<\/span> the Company announced deals with respect to two significant debts, both classified as current liabilities on the Company&#8217;s Balance Sheet.\u00a0 The repayment of the convertible debentures maturing on <span class=\"xn-chron\">December 31, 2020<\/span> and <span class=\"xn-chron\">January 30, 2021<\/span> has been guaranteed by a group of investors, and the promissory note owed to the Company&#8217;s CEO has been amortized over 30 months. <\/p>\n<p>Below we are presenting a Pro-Forma Balance Sheet as at <span class=\"xn-chron\">October 31<\/span>, 2020.\u00a0 This Pro-Forma Balance Sheet recognizes these developments as follows:<\/p>\n<ul type=\"disc\">\n<li>the promissory note restructuring as if it were effective at <span class=\"xn-chron\">Oct 31, 2020<\/span>. <\/li>\n<li>The guarantee of the debentures ensures that the debentures will all be converted to shares at each of the maturity dates. This Pro-Forma Balance sheet reflects this conversion to shares of all the <span class=\"xn-chron\">December 31, 2020<\/span> and <span class=\"xn-chron\">January 30, 2021<\/span> convertible debentures outstanding as if this occurred at <span class=\"xn-chron\">Oct 31, 2020<\/span>. <\/li>\n<li>For continuity, we also present the <span class=\"xn-chron\">October 31, 2020<\/span> balance sheet as presented in the accompanying Q3 interim financial statements. <\/li>\n<\/ul>\n<p \/>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Balance Sheet<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Q3 Reported<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Pro-Forma<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">October 31, 2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">October 31, 2020<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Assets<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Cash<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,402,871<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,402,871<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Biological and Inventory<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,353,923<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,353,923<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other current<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,308,042<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,308,042<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Current Assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,064,836<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,064,836<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Goodwill \/ Intangibles \/ Fixed assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">48,920,007<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">48,920,007<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total Assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">59,984,843<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">59,984,843<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Liabilities<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accounts payable<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,272,309<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,272,309<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other notes etc.<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,570,532<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,570,532<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Convertible debentures<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,574,107<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>&#8211;<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Promissory note<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">15,800,000<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>6,079,992<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income tax<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,183,699<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,183,699<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Current Liabilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">35,400,647<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>19,106,532<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,733,647<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,733,647<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Promissory note<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">&#8211;<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,720,008<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Derivative<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,434,350<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,434,350<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total Liabilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">42,568,644<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>35,994,537<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Equity<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">17,416,199<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>23,990,306<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen2\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total Liabilities and Shareholder&#8217;s Equity<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">59,984,843<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">59,984,843<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p \/>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Q3 Summary Income Statement<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" class=\"prnsbts prnrbrs prnvab prnsbbs prntac prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">FYE 2021<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prnsbt1 prnsbr1 prnvab prnsbbs prntar prnpl6 prnsbls prnpr6\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prnsbt1 prnsbr1 prnvab prnsbbs prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(US$ 000&#8217;s)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Q3<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Nine Months <br \/>ended Oct. 31 31st<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\" \/>\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenue<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen4\">\n              \n            <\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a09,469<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a0 \u00a0 \u00a026,981<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" class=\"prngen11\">\n              \n            <\/td>\n<td class=\"prnsbtb0 prnrbrs prnvab prnsbtb0 prntar prnpl6 prnsbls prnpr6\">\n              \n            <\/td>\n<td class=\"prngen13\">\n              \n            <\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Cost of Sales<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,977<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14,823<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prnsbts prnrbrs prnvab prnsbbs prnpl6 prnsbls prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Gross Profit (before FV adjustments)<\/span>\n              <\/p>\n<p class=\"prnml100\">\n                <span class=\"prnews_span\">GM% (BFVA)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,492<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>47.4%<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">12,158<\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>45%<\/i><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\" \/>\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Gross Profit<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,886<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">13,129<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total Expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,618<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,241<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\" \/>\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income from Operations<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,269<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,887<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\" \/>\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net Income (Loss)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2,303<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>589<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen18\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Basic and Diluted Income per Share<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen19\">\n<p class=\"prnews_p\">\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">0.00<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prnsbt1 prnsbr1 prnvab prnsbbs prnpl6 prnsbls prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjusted EBITDA<sup>1<\/sup><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,654<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen16\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,547<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen4\">\n              \n            <\/td>\n<\/tr>\n<\/table><\/div>\n<p \/>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen5\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">ADJUSTED EBITDA<\/span>\n              <\/p>\n<\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\" \/>\u00a0<\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Three Months ended Oct 31<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prnsbts prnrbrs prnvab prnsbb1 prntar prnpl6 prnsbl1 prnpr8\">\n              \n            <\/td>\n<td colspan=\"2\" nowrap=\"nowrap\" class=\"prngen22\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Nine Months ended Oct 31<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prnsbt1 prnrbrs prnvab prnsbbs prntar prnpl6 prnsbls prnpr8\">\n              \n            <\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen26\">\n              \n            <\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2020<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen25\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2019<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prnsbt1 prnsbr1 prnvab prnsbb1 prntar prnpl6 prnsbls prnpr8\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen28\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prnsbts prnrbrs prnvab prnsbbd prnpl6 prnsbls prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Income (loss) from operations<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen31\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a03,268,603<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen31\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a01,018,558<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen31\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen31\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ \u00a05,887,248<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prnsbts prnrbrs prnvab prnsbbd prntar prnpl6 prnsbl1 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$ (1,514,407)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prnsbt1 prnrbrs prnvab prnsbbd prntar prnpl6 prnsbls prnpr8\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen34\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen34\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen34\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen34\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen34\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Net impact, fair value on biological assets<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,394,419)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">141,842<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(970,586)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,953,524<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Depreciation and amortization<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">557,985<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">956,980<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,653,979<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,893,001<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen35\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Share based compensation<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">334,307<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">94,182<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">397,108<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen29\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">339,447<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prnsbt1 prnrbrs prnvab prnsbbd prnpl6 prnsbls prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Less: rent classified as lease amortization,<br \/>included in depreciation and amortization<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(112,560)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(161,007)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen34\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(420,643)<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen20\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(417,020)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen17\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>\u00a0Adjusted EBITDA <\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ 2,653,916<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a02,050,555<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a06,547,106<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen26\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>$ \u00a03,254,545<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p \/>\n<p>About C21 Investments Inc. <br \/>C21 Investments is a vertically integrated cannabis company that cultivates, processes, and distributes quality cannabis and hemp-derived consumer products in <span class=\"xn-location\">the United States<\/span>. 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 <span class=\"xn-location\">Nevada<\/span>, and Phantom Farms, Swell Companies, Eco Firma Farms, and Pure Green in <span class=\"xn-location\">Oregon<\/span>. 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 <span class=\"xn-location\">Vancouver, Canada<\/span>, additional information on C21 Investments can be found at <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3014689-1&amp;h=850583654&amp;u=http%3A%2F%2Fwww.sedar.com%2F&amp;a=www.sedar.com\" rel=\"nofollow noopener noreferrer\">www.sedar.com<\/a>\u00a0and <a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3014689-1&amp;h=2229876935&amp;u=http%3A%2F%2Fwww.cxxi.ca%2F&amp;a=www.cxxi.ca\" rel=\"nofollow noopener noreferrer\">www.cxxi.ca<\/a>.<\/p>\n<p>\n        <b><br \/>\n          <u>Cautionary Statement:<\/u><br \/>\n        <\/b>\n      <\/p>\n<p>\n        <i>Certain statements contained in this news release may constitute forward-looking statements within the meaning of applicable securities legislation. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Forward looking statements in this news release include the Company&#8217;s positioning in <span class=\"xn-location\">the United States<\/span> cannabis industry, the assumptions and developments included in the Company&#8217;s pro-forma balance sheet as at <span class=\"xn-chron\">October 31, 2020<\/span>, the ability of the Company&#8217;s <span class=\"xn-location\">Nevada<\/span> retail locations to operate at record run rates, the performance of the Company&#8217;s operations generally, and specifically its <span class=\"xn-location\">Nevada<\/span> retail operations, during the pendency of the COVID-19 pandemic, the continued profitability of the Company&#8217;s <span class=\"xn-location\">Nevada<\/span> operations as a standout in the cannabis sector, the Company&#8217;s ability to continue to service its debt through operating cash flows, the Company&#8217;s ability to pursue growth opportunities and generate future growth for the Company by scaling and replicating its profitable model in <span class=\"xn-location\">Nevada<\/span>, including the expansion of its existing cultivation and production facility, the ability of the Company to secure a non-dilutive debt financing, the performance of the Company&#8217;s brands and the continued demand for cannabis products, and the nature and extent of the impact of the COVID-19 pandemic.<\/i>\n      <\/p>\n<p>\n        <i>The forward-looking statements contained in this news release are based on certain key expectations and assumptions made by the Company, including the ability of the Company to restructure its secured debt and to service its restructured debt. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the consequences of not restructuring its secured debt, the ability to service its debt, if restructured, risks and uncertainties arising from the impact of the COVID-19 pandemic on the Company&#8217;s operations, and other factors, many of which are beyond the control of the Company. <\/i>\n      <\/p>\n<p>\n        <i>The forward-looking statements contained in this news release represent the Company&#8217;s expectations as of the date hereof, and are subject to change after such date. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.<\/i>\n      <\/p>\n<div>\n<table id=\"convertedTableae2f\" cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td colspan=\"2\" class=\"prnsbtb0 prnrbrb0 prnvab prnsbb1 prntal prnpl6 prnsblb0 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">________________________<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prnsbtb0 prnrbrb0 prnvat prnsbb1 prntar prnpl6 prnsblb0 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1<\/span>\n              <\/p>\n<\/td>\n<td class=\"prnsbtb0 prnrbrb0 prnvab prnsbtb0 prnpl6 prnsblb0 prnpr6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Adjusted EBITDA is a non-IFRS financial measure, in which IFRS does not prescribe any standard definitions.\u00a0 As a result, the Company&#8217;s Adjusted EBITDA included herein is not necessarily comparable to similar measures presented by other issuers.<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p \/>\n<div class=\"PRN_ImbeddedAssetReference\" id=\"DivAssetPlaceHolder2\"><\/div>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=VA25737&amp;sd=2020-12-16\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/c21-investments-announces-q3-results-301193944.html\">http:\/\/www.prnewswire.com\/news-releases\/c21-investments-announces-q3-results-301193944.html<\/a><\/p>\n<p>SOURCE  C21 Investments Inc.<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=VA25737&amp;Transmission_Id=202012160700PR_NEWS_USPR_____VA25737&amp;DateId=20201216\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire Net Income of $2.3 Million Highlights Strong Profitability VANCOUVER, Dec. 16, 2020 \/PRNewswire\/ &#8211; C21 Investments Inc. (CSE: CXXI)\u00a0(OTCQX: CXXIF) (&#8220;C21&#8221; or the &#8220;Company&#8221;), a leading vertically integrated cannabis company, today announced unaudited results for its third quarter ended October 31,\u00a02020.\u00a0 Q3 Financial Highlights:\u00a0(all currency in U.S. dollars) (August 1, 2020 to October 31, 2020): Revenue of $9.5 million \u2013 a record $8.9 million from Nevada&#8217;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 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/c21-investments-announces-q3-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;C21 Investments Announces Q3 Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-400728","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>C21 Investments Announces Q3 Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/c21-investments-announces-q3-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"C21 Investments Announces Q3 Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire Net Income of $2.3 Million Highlights Strong Profitability VANCOUVER, Dec. 16, 2020 \/PRNewswire\/ &#8211; C21 Investments Inc. (CSE: CXXI)\u00a0(OTCQX: CXXIF) (&#8220;C21&#8221; or the &#8220;Company&#8221;), a leading vertically integrated cannabis company, today announced unaudited results for its third quarter ended October 31,\u00a02020.\u00a0 Q3 Financial Highlights:\u00a0(all currency in U.S. dollars) (August 1, 2020 to October 31, 2020): Revenue of $9.5 million \u2013 a record $8.9 million from Nevada&#8217;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 &hellip; Continue reading &quot;C21 Investments Announces Q3 Results&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/c21-investments-announces-q3-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-16T12:03:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mma.prnewswire.com\/media\/1387147\/C21_Investments_Inc__C21_Investments_Announces_Q3_Results.jpg\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"8 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/c21-investments-announces-q3-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/c21-investments-announces-q3-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"C21 Investments Announces Q3 Results\",\"datePublished\":\"2020-12-16T12:03:43+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/c21-investments-announces-q3-results\\\/\"},\"wordCount\":1542,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/c21-investments-announces-q3-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/mma.prnewswire.com\\\/media\\\/1387147\\\/C21_Investments_Inc__C21_Investments_Announces_Q3_Results.jpg\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/c21-investments-announces-q3-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/c21-investments-announces-q3-results\\\/\",\"name\":\"C21 Investments Announces Q3 Results - 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(CSE: CXXI)\u00a0(OTCQX: CXXIF) (&#8220;C21&#8221; or the &#8220;Company&#8221;), a leading vertically integrated cannabis company, today announced unaudited results for its third quarter ended October 31,\u00a02020.\u00a0 Q3 Financial Highlights:\u00a0(all currency in U.S. dollars) (August 1, 2020 to October 31, 2020): Revenue of $9.5 million \u2013 a record $8.9 million from Nevada&#8217;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 &hellip; Continue reading \"C21 Investments Announces Q3 Results\"","og_url":"https:\/\/www.marketnewsdesk.com\/index.php\/c21-investments-announces-q3-results\/","og_site_name":"Market Newsdesk","article_published_time":"2020-12-16T12:03:43+00:00","og_image":[{"url":"https:\/\/mma.prnewswire.com\/media\/1387147\/C21_Investments_Inc__C21_Investments_Announces_Q3_Results.jpg","type":"","width":"","height":""}],"author":"Newsdesk","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Newsdesk","Est. reading time":"8 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/c21-investments-announces-q3-results\/#article","isPartOf":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/c21-investments-announces-q3-results\/"},"author":{"name":"Newsdesk","@id":"https:\/\/www.marketnewsdesk.com\/#\/schema\/person\/482f27a394d4fda80ecb5499e519d979"},"headline":"C21 Investments Announces Q3 Results","datePublished":"2020-12-16T12:03:43+00:00","mainEntityOfPage":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/c21-investments-announces-q3-results\/"},"wordCount":1542,"image":{"@id":"https:\/\/www.marketnewsdesk.com\/index.php\/c21-investments-announces-q3-results\/#primaryimage"},"thumbnailUrl":"https:\/\/mma.prnewswire.com\/media\/1387147\/C21_Investments_Inc__C21_Investments_Announces_Q3_Results.jpg","inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/www.marketnewsdesk.com\/index.php\/c21-investments-announces-q3-results\/","url":"https:\/\/www.marketnewsdesk.com\/index.php\/c21-investments-announces-q3-results\/","name":"C21 Investments Announces Q3 Results - 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