Latest news with #C21InvestmentsInc
Malaysian Reserve
31-07-2025
- Business
- Malaysian Reserve
C21 Investments Reports First Quarter Financial Results
+30% Q1 Revenue Growth Year-Over-Year Highlights Continued Outlier Growth VANCOUVER, BC, July 31, 2025 /CNW/ – C21 Investments Inc. (CSE: CXXI) (OTCQX: CXXIF) ('C21' or the 'Company'), a vertically integrated cannabis company, today announced the filing of its interim financial statements and management discussion and analysis for its first quarter ending June 30, 2025, on SEDAR. The Company's financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles ('GAAP'). All currency is reported in U.S. dollars. First Quarter Highlights (April 1, 2025 to June 30, 2025): Revenue of $8.6 million – up 30% year-over-year and up 6% sequentially – driven by continued same store sales growth across all dispensaries; State of Nevada sales were down 14% year-over-year and flat from the sequential comparative periods1 Gross Margin of 35% – up 410 basis points year-over-year Income from Operations of $0.2 million – up $1 million from Q1 last year, driven by higher retail sales and lower SG&A costs Earnings (Loss) Per Share of ($0.01) – flat year-over-year, primarily impacted by Income Tax provisions; Net Income Before Tax of $0.1 million Adjusted EBITDA2 of $1.1 million – up 244% from Q1 last year Free Cash Flow2, before working capital changes and taxes, of $0.9 million; $0.8 million Income Tax paid in Q1 Retail Transaction Growth up 45% from the Q1 last year and 5% sequentially Purchased 184,500 common shares for cancellation pursuant to the NCIB _______________________________ 1 State of Nevada cannabis sales: 2 Refer to 'Non-GAAP Measures' disclosure at the end of this news release for a description and calculation of these measures Q1 Management and Operational Commentary: CEO and President, Sonny Newman: '30% revenue growth in Q1 underscores the soundness of our retail strategy and ability to deliver exceptional results in a challenging market. We are pleased with yet another quarter of robust same-store sales growth across all of our dispensaries. Our flagship Sparks store, celebrating its 10th anniversary as Nevada's first licensed dispensary, reported impressive results with a 5% increase in customer transactions quarter-over-quarter. Our South Reno location continues to outperform, achieving 120% same-store sales growth over its first full year of operations. Despite industry-wide price compression and the decline in overall Nevada state sales, we have delivered sequential revenue growth and another quarter of positive free cash flow. These results reflect the strength of our business model, the capabilities of our team, and focus on operational efficiency. Looking ahead, we remain committed to our long-term goal of sustainable growth.' Q1 revenue of $8.6 million was up 30% over the previous year, despite a 14% decline in Nevada sales over the comparative period1. Revenue was up 6% from the previous quarter. Increases were driven by same store sales growth in each of Silver State's three dispensaries as well as higher wholesale volume. Gross Margin of 35% in the first quarter was up 410 basis points year-over-year but down sequentially, impacted by seasonality around 4/20 discounts and an increase in wholesale activity. C21 reported Income from Operations of $0.2 million in the first quarter, up $1.0 million from the previous Q1 and down sequentially, primarily due to lower gross margin. SG&A costs were down 3% year-over-year and relatively flat sequentially despite the material increase in revenue. The Company reported a Net Loss of $0.8 million in the first quarter, or ($0.01) per share, versus a Net Loss of $1.4 million in the previous first quarter. Q1's Net Loss was primarily due to Income Tax provisions. The Company generated $0.1 million Net Income Before Tax for Q1. Q1 Adjusted EBITDA2 was $1.1 million, up 244% from the previous Q1 but down sequentially. The increase in Adjusted EBITDA year-over-year was driven by the 30% increase in retail sales, improved gross margin, and lower SG&A costs. Q1 Free Cash Flow2 before working capital changes was $0.9 million, up $1.0 million from the previous Q1 and down sequentially. Cash at the end of Q1 was flat from Q4 notwithstanding $0.8 million in Income Tax paid, a $0.3 million debenture principal repayment, and shares purchased for cancellation in the quarter. Based on legal interpretations and opinions that challenge its tax liability under Section 280E Internal Revenue Code of 1986, the Company has taken the position that it does not owe taxes attributable to the application of this Section of the Code. The Company plans on refiling amended U.S. federal income tax returns for the years ended January 31, 2022, January 31, 2023, January 31, 2024, and the two months ended March 31, 2024. Management exercises significant judgment when assessing the probability of successfully sustaining the Company's tax filing positions, and in determining whether a contingent tax liability should be recorded and, if so, estimating the amount. See disclosure of Risk Factors in the MD&A. Non-GAAP Measures: C21 reports its financial results in accordance with GAAP and uses a number of financial measures when assessing its results and measuring overall performance. Some of these financial measures and ratios are not calculated in accordance with GAAP. The Company refers to certain non-GAAP financial measures such as 'Free Cash Flow', 'Adjusted EBITDA' and 'same store sales'. These measures do not have any standardized meanings prescribed by GAAP and may not be comparable to similar measures presented by other issuers. The Company considers these measures to be an important indicator of the financial strength and performance of its business. The Company believes the adjusted results presented provide relevant and useful information for investors because they clarify the Company's actual operating performance, make it easier to compare the Company's results with those of other companies and allow investors to review performance in the same way as the management of the Company. Since these measures are not calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, the Company's reported results as indicators of the Company's performance, and they may not be comparable to similarly named measures from other companies. The tables below provide reconciliations of non-GAAP financial measures to the most directly comparable GAAP measures. 'Free Cash Flow' is defined as Cash Provided by Operating Activities from Continuing Operations adding back income tax expense and before changes in working capital, minus capital expenditures. Management believes that Free Cash Flow, which measures our ability to generate cash from our continuing business operations, is an important financial measure for use in evaluating the Company's financial performance. Free Cash Flow should be considered in addition to, rather than as a substitute for, consolidated net income as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Q1 Free Cash Flow: Q1 Q4 Q3 Q2 Q1 Quarter Ended (except as noted) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Cash Provided by Operating Activities before taxes and changes in working capital (continuing operations) $ 942,348 $ 1,582,088 $ 1,726,751 $ 1,045,505 $ 77,815 Purchase of Property and Equipment (37,329) (31,434) (144,908) (60,731) (169,660) Free Cash Flow $ 905,019 $ 1,550,654 $ 1,581,843 $ 984,774 $ (91,845) 'Adjusted EBITDA' is defined as EBITDA (earnings before depreciation and amortization, depreciation and interest in cost of sales, income taxes, and interest) less accretion, loss from discontinued operations, one-time transaction costs and all other non-cash items. The Company has presented 'Adjusted EBITDA' because its management believes it is a useful measure for investors when assessing and considering the Company's continuing operations and prospects for the future. Furthermore, 'Adjusted EBITDA' is a commonly used measurement in the financial community when evaluating the market value of similar companies. Q1 Adjusted EBITDA: Q1 Q4 Q3 Q2 Q1 June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Net Income (Loss) $ (758,820) $ (1,581,297) $ (130,941) $ (845,132) $ (1,412,172) Interest & accretion 180,598 196,905 231,358 238,531 136,752 Provision for Income Taxes 825,500 2,232,750 722,800 828,400 367,700 Depreciation and Amortization 445,616 445,042 445,992 435,456 379,522 Depreciation and Interest in COGS 203,092 203,091 – 406,184 203,091 EBITDA $ 895,986 $ 1,496,491 $ 1,269,209 $ 1,063,439 $ (325,107) Change in FV of derivative liability – (52,257) – – – Share based compensation 93,945 136,757 143,493 147,091 422,218 Loss (gain) from discontinued operations 1,861 51,712 49,663 85,714 25,724 One-time special project costs 118,770 70,000 – – 117,543 Production curtailment, non-cash inventory adjustments – – – – 28,700 Other gain (loss) (41,726) (10,602) 105,234 (927) 41,740 Adjusted EBITDA $1,068,836 $ 1,692,102 $ 1,567,599 $ 1,295,317 $ 310,818 Q1 Balance Sheet Summary: (US$) June 30, 2025 March 31, 2025 Assets Cash 2,655,208 2,625,461 Inventory 4,163,477 4,051,425 Other current, assets held for sale 790,078 827,229 Current Assets 7,608,763 7,504,115 Note receivable 778,966 802,766 Fixed Assets/Goodwill/Intangibles 48,007,884 48,692,868 Total Assets 56,395,613 56,999,749 Liabilities Accounts payable 2,541,590 2,148,153 Convertible Debentures (current portion) 1,104,829 977,817 Income taxes payable 2,142,540 2,833,991 Other notes, current lease, liabilities held for sale 2,039,487 1,997,082 Current Liabilities 7,828,446 7,957,043 Convertible Debentures 442,402 710,367 Lease liabilities 9,621,827 9,771,124 Uncertain tax position 10,539,748 9,822,797 Derivative liability, Deferred tax 64,136 62,641 Total Liabilities 28,496,559 28,323,972 Shareholders' Equity 27,899,054 28,675,777 Total Liabilities and Shareholders' Equity 56,395,613 56,999,749 Q1 Summary Income Statement: Q1 Q4 Q3 Q2 Q1 (US$) June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Revenue 8,553,373 8,105,512 7,907,812 7,508,547 6,596,009 Cost of Sales 5,569,382 4,477,048 4,272,868 4,243,714 4,565,310 Gross Profit 2,983,991 3,628,464 3,634,944 3,264,833 2,030,699 Gross Margin% 35 % 45 % 46 % 43 % 31 % Total Expenses 2,776,578 2,791,252 2,656,830 2,958,247 2,870,955 Income from Operations 207,413 837,212 978,114 306,586 (840,256) Income Tax Expense (825,500) (2,232,750) (722,800) (828,400) (367,700) Net Income (Loss) (755,098) (1,581,297) (130,941) (845,132) (1,412,172) Earnings (Loss) Per Share (0.01) (0.01) (0.00) (0.01) (0.01) About C21 Investments Inc.C21 Investments Inc. 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, including legacy Oregon brands Phantom Farms, Hood Oil and Eco Firma Farms. 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 can be found at and Cautionary Note Regarding Forward-Looking Information and Statements: This news release contains certain 'forward-looking information' within the meaning of applicable Canadian securities legislation and may constitute 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, 'Forward-Looking Statements'). Forward-Looking Statements in this news release include but are not limited to the Company's focus on actively pursuing additional accretive opportunities while maintaining its relentless focus on driving shareholder value and the Company's intention to refile amended U.S. federal income tax returns for the years ended January 31, 2022, January 31, 2023, January 31, 2024, and the two months ended March 31, 2024 in connection with the Company's position that it does not owe taxes attributable to the application of Section 280E of the Internal Revenue Code of 1986. Such Forward-Looking Statements represent the Company's beliefs and expectations regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Forward-Looking Statements are based on assumptions, estimates, analyses and opinions of management of the Company at the time they were provided or made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including: achieving the anticipated results of the Company's strategic plans; and general economic, financial market, regulatory and political conditions in which the Company operates. A variety of factors, including known and unknown risks, many of which are beyond the Company's control, could cause actual results to differ materially from the Forward-Looking Statements in this news release. Such factors include, without limitation: risks and uncertainties arising from: the inability to effectively manage growth; inputs, suppliers and skilled labour being unavailable or available only at uneconomic costs; the adequacy of the Company's capital resources and liquidity, including but not limited to, availability of sufficient cash flow to execute the Company's business plan (either within the expected timeframe or at all); changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws generally and adverse future legislative and regulatory developments involving medical and recreational marijuana; the risks of operating in the marijuana industry in the United States, risks associated with the Company's position that it does not owe taxes attributable to the application of Section 280E of the Internal Revenue Code of 1986 and those other risk factors discussed in the Company's 20F filing with the U.S. Securities and Exchange Commission, and the Company's latest annual information form and management's discussion and analysis as filed under the Company's profile on SEDAR+. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the Forward-Looking Statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such Forward-Looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Should assumptions underlying the Forward-Looking Statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. The Forward-Looking Statements contained in this news release are made as of the date of this news release, and the Company does not undertake to update any Forward-Looking Statements that are contained or referenced herein, except in accordance with applicable securities laws. Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cision Canada
23-06-2025
- Business
- Cision Canada
C21 Investments Reports Fourth Quarter and Fiscal Year End Financial Results
VANCOUVER, BC, June 23, 2025 /CNW/ - C21 Investments Inc. (CSE: CXXI) (OTCQX: CXXIF) (" C21" or the " Company"), a vertically integrated cannabis company, today announced the filing of its audited financial statements and management discussion and analysis for its fourth quarter and fiscal year ending March 31, 2025, on SEDAR. The Company's financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (" GAAP"). All currency is reported in U.S. dollars. The Company recently changed its fiscal reporting period to a March 31 st year-end (see news release dated August 1, 2024 for audited two-month stub period). With this change, the comparative period in our audited financial statements will not reflect the same calendar months. Fourth Quarter Highlights (January 1, 2025 to March 31, 2025): Revenue of $8.1 million - up 3% from Q3 – driven by same store sales growth across all dispensaries; State of Nevada sales were down 6.5% from the sequential comparative period 1; Compared to the previously reported Q4 (ended Jan. 31, 2024), revenue grew by 24% Gross Margin of 45% - relatively flat from Q3 Income from Operations of $0.8 million – down $0.1 million from Q3 due to one-time SG&A costs Earnings (Loss) Per Share of ($0.01) – down from Q3's ($0.00), primarily due to income tax adjustments; Net Income Before Tax of $0.7 million Adjusted EBITDA 2 of $1.7 million - up 8% quarter-over-quarter and up 60% over the previous Q4 Free Cash Flow 2 before working capital changes and taxes of $1.6 million – flat from Q3 Purchased and cancelled over 2 million shares (see news release dated February 19, 2025) Fiscal Year Highlights (April 1, 2024 to March 31, 2025) Revenue of $30.1 million – up 6.5% over the previously reported fiscal year (ended January 31, 2024) Gross Margin of 42% - up 230 basis points from the previous year despite one-time costs in Q1 associated with opening the South Reno store Income from Operations of $1.3 million, driven by an 11% operating margin in the second half of the fiscal year, partially offset by one-time costs in Q1 Earnings (Loss) Per Share of ($0.03), primarily driven by income taxes and one-time costs opening the South Reno dispensary; Net Income Before Tax of $0.4 million Adjusted EBITDA 2 of $4.9 million – up 7% over the prior fiscal year Free Cash Flow 2 before working capital changes and taxes of $4.0 million – up 41% from the prior fiscal year Customer Transactions increased 38% over the fiscal year, from 126,449 in Q1 to 174,611 in Q4 Q4 and Fiscal Year End Management and Operational Commentary: CEO and President, Sonny Newman: "I'm excited to share our strong results this quarter, a typically slow period for the industry, which showcases the hard work we've put into driving continued organic, same-store sales growth. We have seen fourth quarter sales surge by 24% over the previous Q4, fuelled by a 38% increase in customer transactions over the year. Despite the 6.5% sequential decline in Nevada state sales, our Q4 revenue grew 3% quarter-over-quarter. Our South Reno store has now delivered over 100% same-store sales growth from its first full operational month in July 2024 to March 2025. Despite industry-wide price compression, we have witnessed a 26% retail sales increase from Q1 to Q4, which has significantly improved margins. The Company's disciplined approach to growth has allowed us to achieve another year of sustained free cash flow 2. Our consistently strong results are a testament to C21's unique model and incredible team. We remain committed to actively pursuing additional accretive opportunities while maintaining our relentless focus on driving shareholder value." Given the previously reported change in fiscal year end from January 31 to March 31, it is important to note that there is no equivalent time period to this Q4 report in the Company's historical results. Q4 revenue of $8.1 million was up 3% from Q3, despite the 6.5% decline in Nevada sales over the comparative period 1. The increase in retail sales was driven by same store sales growth in each of Silver State's three dispensaries. The South Reno dispensary continues ramping its sales with exceptional performance, with monthly sales of $580,000 in March, up from $273,000 in July, achieving over 100% same store sales growth since its first operational month. For the fiscal year, Revenue was $30.1 million, with 26% retail sales growth reported from Q1 to Q4. Gross Margin of 45% in the fourth quarter was relatively flat from Q3. For the year, Gross Margin was 42% and improved 230 basis points from the previous fiscal year (ended January 31, 2024). The improvement was driven by increased retail revenues, and greater operational synergies and cost efficiencies associated with integrating the new dispensary, partially offset by one-time costs in Q1 associated with opening the South Reno store. C21 reported Income from Operations of $0.8 million in the fourth quarter. This continued strong operating margin was driven by the increase in retail sales while slightly offset by one-time costs in the period related to the refiling of income taxes for the previous three years. For the year, Income from Operations was $1.3 million, driven by an 11% operating margin in the second half of the year, and partially offset by one-time costs in Q1 associated with the new dispensary. The Company reported a Net Loss of $1.6 million in the fourth quarter, or ($0.01) per share. Q4's Net Loss was primarily due to increased Income Tax provisions. The Company generated $0.7 million Net Income Before Tax for Q4. For the year, Net Loss was $4.0 million or ($0.03) per share, impacted by $4.2 million in Income Tax and further by one-time costs in Q1 associated with opening the new dispensary in South Reno. Net Income Before Tax for the year was $0.4 million. Q4 Adjusted EBITDA 2 was $1.7 million, up 8% from Q3. The increase in Adjusted EBITDA was driven by the improved retail sales for the quarter. For the year, Adjusted EBITDA was $4.9 million, up 7% from the previous fiscal year (ended January 31, 2024). Q4 Free Cash Flow 2 before working capital changes was $1.6 million, flat from Q3. For the year, Free Cash Flow 2 before working capital changes was $4.0 million, up 41% over the previous fiscal year (ended January 31, 2024). Cash at the end of Q4 was up $0.1 million from Q3 notwithstanding $0.8 million in Income Tax paid, a $0.3 million debenture principal repayment, and $0.3 million in share repurchases in the quarter. Total Liabilities increased due to the addition of Uncertain Tax Provisions. For the year, Income Tax paid in cash was $1.5 million. In the fourth quarter, the Company announced the repurchase and cancellation of 2.05 million shares, at an average price of $0.125 per share (see news release dated February 19, 2025). As of June 23, 2025, the Company has 117,862,314 shares outstanding. Based on legal interpretations and opinions that challenge its tax liability under Section 280E Internal Revenue Code of 1986, the Company has taken the position that it does not owe taxes attributable to the application of this Section of the Code. The Company plans on refiling amended U.S. federal income tax returns for the years ended January 31, 2022, January 31, 2023, January 31, 2024, and the two months ended March 31, 2024. Management exercises significant judgment when assessing the probability of successfully sustaining the Company's tax filing positions, and in determining whether a contingent tax liability should be recorded and, if so, estimating the amount. See disclosure of Risk Factors in the MD&A. Non-GAAP Measures: C21 reports its financial results in accordance with GAAP and uses a number of financial measures when assessing its results and measuring overall performance. Some of these financial measures and ratios are not calculated in accordance with GAAP. The Company refers to certain Non-GAAP financial measures such as "Free Cash Flow", "Adjusted EBITDA" and "same store sales". These measures do not have any standardized meanings prescribed by GAAP and may not be comparable to similar measures presented by other issuers. The Company considers these measures to be an important indicator of the financial strength and performance of its business. The Company believes the adjusted results presented provide relevant and useful information for investors because they clarify the Company's actual operating performance, make it easier to compare the Company's results with those of other companies and allow investors to review performance in the same way as the management of the Company. Since these measures are not calculated in accordance with GAAP, they should not be considered in isolation of, or as a substitute for, the Company's reported results as indicators of the Company's performance, and they may not be comparable to similarly named measures from other companies. The tables below provide reconciliations of Non-GAAP financial measures to the most directly comparable GAAP measures. "Free Cash Flow" is defined as Cash Provided by Operating Activities from Continuing Operations adding back income tax expense and before changes in working capital, minus capital expenditures. Management believes that Free Cash Flow, which measures our ability to generate cash from our continuing business operations, is an important financial measure for use in evaluating the Company's financial performance. Free Cash Flow should be considered in addition to, rather than as a substitute for, consolidated net income as a measure of our performance and net cash provided by operating activities as a measure of our liquidity. Q4 Free Cash Flow: Fiscal Year Free Cash Flow: " Adjusted EBITDA" is defined as EBITDA (earnings before depreciation and amortization, depreciation and interest in cost of sales, income taxes, and interest) less accretion, loss from discontinued operations, one-time transaction costs and all other non-cash items. The Company has presented "Adjusted EBITDA" because its management believes it is a useful measure for investors when assessing and considering the Company's continuing operations and prospects for the future. Furthermore, "Adjusted EBITDA" is a commonly used measurement in the financial community when evaluating the market value of similar companies. Q4 Adjusted EBITDA: Q4 Q3 Q2 Q1 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Net Income (Loss) $ (1,581,297) $ (130,941) $ (845,132) $ (1,412,172) Interest & accretion 196,905 231,358 238,531 136,752 Provision for Income Taxes 2,232,750 722,800 828,400 367,700 Depreciation and Amortization 445,042 445,992 435,456 379,522 Depreciation and Interest in COGS 203,091 - 406,184 203,091 EBITDA $ 1,496,491 $ 1,269,209 $ 1,063,439 $ (325,107) Change in FV of derivative liability (52,257) - - - Share based compensation 136,757 143,493 147,091 422,218 Loss (gain) from discontinued operations 51,712 49,663 85,714 25,724 One-time special project costs 70,000 - - 117,543 Production curtailment, non-cash inventory adjustments - - - 28,700 Other gain (loss) (10,602) 105,234 (927) 41,740 Adjusted EBITDA $ 1,692,102 $1,567,599 $1,295,317 $ 310,818 Fiscal Year Adjusted EBITDA Year Ended Two Months Ended Year Ended March 31, 2025 March 31, 2024 January 31, 2024 Net Income (Loss) $ (3,969,542) $ (74,404) $ (3,305,285) Interest & accretion 803,546 - 35,210 Provision for Income Taxes 4,151,650 372,743 3,482,125 Depreciation and Amortization 1,706,012 207,225 1,408,976 Depreciation and Interest in COGS 812,366 135,395 812,368 EBITDA $ 3,504,032 $ 640,959 $ 2,433,394 Change in FV of derivative liability (52,257) (22,189) 451,372 Share based compensation 849,559 - 22,128 Loss (gain) from discontinued operations 212,813 22,965 81,817 One-time special project costs 187,543 - 159,000 Production curtailment, non-cash inventory adjustments 28,700 - 656,000 Other gain/loss 135,446 (9,209) 726,789 Adjusted EBITDA $ 4,865,836 $ 632,526 $ 4,530,500 Q4 Balance Sheet Summary: (US$) March 31, 2025 March 31, 2024 January 31, 2024 Assets Cash 2,625,461 3,260,568 2,408,526 Inventory 4,051,425 2,866,054 2,708,721 Other current, assets held for sale 827,229 2,011,700 2,125,107 Current Assets 7,504,115 8,138,322 7,242,354 Note receivable 802,766 - - Fixed Assets/Goodwill/Intangibles, deferred tax 48,692,868 47,087,514 47,286,580 Total Assets 56,999,749 55,225,836 54,528,934 Liabilities Accounts payable 2,148,153 2,593,195 2,215,956 Convertible Debentures (current portion) 977,817 - - Income taxes payable 2,833,991 10,230,423 9,719,872 Other notes, current lease, liabilities held for sale 1,997,082 2,223,539 2,229,312 Current Liabilities 7,957,043 15,047,157 14,165,140 Lease liabilities 9,771,124 9,120,396 9,192,588 Convertible Debentures 710,367 - - Derivative liability, Deferred tax 62,641 84,871 124,198 Uncertain tax position 9,822,797 - - Total Liabilities 28,323,972 24,252,424 23,481,926 Shareholders' Equity 28,675,777 30,973,412 31,047,008 Total Liabilities and Shareholders' Equity 56,999,749 55,225,836 54,528,934 Q4 Summary Income Statement: Q4 Q3 Q2 Q1 Two Month Stub (US$) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 Revenue 8,105,512 7,907,812 7,508,547 6,596,009 4,464,950 Cost of Sales 4,477,048 4,272,868 4,243,714 4,565,310 2,688,650 Gross Profit 3,628,464 3,634,944 3,264,833 2,030,699 1,776,300 Gross Margin% 45 % 46 % 43 % 31 % 40 % Total Expenses 2,791,252 2,656,830 2,958,247 2,870,955 1,486,394 Income from Operations 837,212 978,114 306,586 (840,256) 289,906 Income Tax Expense (2,232,750) (722,800) (828,400) (367,700) (372,304) Net Income (Loss) (1,581,297) (130,941) (845,132) (1,412,172) (74,404) Earnings (Loss) Per Share (0.01) (0.00) (0.01) (0.01) (0.00) About C21 Investments Inc. C21 Investments Inc. 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, including legacy Oregon brands Phantom Farms, Hood Oil and Eco Firma Farms. 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 can be found at and Cautionary Note Regarding Forward-Looking Information and Statements: This news release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation and may constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, " Forward-Looking Statements"). Forward-Looking Statements in this news release include but are not limited to the Company's focus on actively pursuing additional accretive opportunities while maintaining its relentless focus on driving shareholder value and the Company's intention to refile amended U.S. federal income tax returns for the years ended January 31, 2022, January 31, 2023, January 31, 2024, and the two months ended March 31, 2024 in connection with the Company's position that it does not owe taxes attributable to the application of Section 280E of the Internal Revenue Code of 1986. Such Forward-Looking Statements represent the Company's beliefs and expectations regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of the Company's control. Forward-Looking Statements are based on assumptions, estimates, analyses and opinions of management of the Company at the time they were provided or made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, including: achieving the anticipated results of the Company's strategic plans; and general economic, financial market, regulatory and political conditions in which the Company operates. A variety of factors, including known and unknown risks, many of which are beyond the Company's control, could cause actual results to differ materially from the Forward-Looking Statements in this news release. Such factors include, without limitation: risks and uncertainties arising from: the inability to effectively manage growth; inputs, suppliers and skilled labour being unavailable or available only at uneconomic costs; the adequacy of the Company's capital resources and liquidity, including but not limited to, availability of sufficient cash flow to execute the Company's business plan (either within the expected timeframe or at all); changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws generally and adverse future legislative and regulatory developments involving medical and recreational marijuana; the risks of operating in the marijuana industry in the United States, risks associated with the Company's position that it does not owe taxes attributable to the application of Section 280E of the Internal Revenue Code of 1986 and those other risk factors discussed in the Company's 20F filing with the U.S. Securities and Exchange Commission, and the Company's latest annual information form and management's discussion and analysis as filed under the Company's profile on SEDAR+. Although the Company believes that the assumptions and factors used in preparing, and the expectations contained in, the Forward-Looking Statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such Forward-Looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Should assumptions underlying the Forward-Looking Statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. The Forward-Looking Statements contained in this news release are made as of the date of this news release, and the Company does not undertake to update any Forward-Looking Statements that are contained or referenced herein, except in accordance with applicable securities laws. Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
