Record June Run Rate; Temporary Regulatory Filing Relief for Q1
VANCOUVER, BC, June 29, 2020 /PRNewswire/ – C21 Investments Inc. (the “Company”) (CSE: CXXI) and (OTCQB: CXXIF) today announced the following (currency in US Dollars):
CEO, Sonny Newman, extends for a 3-year term Debt Deferral Arrangement and Fernley Lease Extension Record Revenue Run Rate in June at Nevada Dispensaries
CEO 3-Year Term Extension, Debt Deferral, and Fernley Lease Extension:
The Company is pleased to announce that its President and CEO, Sonny Newman, has agreed to extend his term for an additional 3 years. Under Mr. Newman’s leadership, C21 has successfully integrated and streamlined its operating assets resulting in positive cashflow from operations for the Company.
Mr. Newman stated “I am pleased to commit the next three years to pursuing a prudent growth strategy for C21. With the continued assistance of the Company’s strategic advisors, CB1 Capital Advisors and Eight Capital, we are optimistic C21 will soon secure a favorable, non-dilutive debt financing arrangement. This financing would allow the Company to meet its current debt obligations, provide growth capital to fund acquisitions in Nevada, and be serviceable with existing cash flows.”
Maturity of the outstanding principal balance of the note totalling $18,200,000 held by Mr. Newman and due July 1, 2020 has been deferred until January 1, 2021. Monthly payments will continue pursuant to the existing terms of the note. In addition, the term of the lease for the Silver State Relief premises in Fernley, Nevada has been extended until July 31, 2023 on the existing terms and conditions, including the Company’s option to purchase the leased premises.
The Company’s Nevada dispensaries are experiencing a record run rate for June, which is on track to beat the record month of August 2019. The run rate for June is currently trending 26% higher than