C21 Investments Announces Q2 Results with Cash Flow from Operations up 32% – Canada NewsWire

$3.7 million in Net Income highlights continued profitability

VANCOUVER, Sept. 28, 2021 /CNW/ – C21 Investments Inc. (CSE: CXXI) (OTCQX: CXXIF) (“C21” or the “Company”), a vertically integrated cannabis company, today announced unaudited results for its second quarter ended July 31, 2021. All currency reported in U.S. dollars (unless otherwise noted).

Q2 Highlights (May 1, 2021 to July 31, 2021):

Revenue of $9.0 million Gross Margin (before fair value adjustments) of 52.3% – up 367 basis points from Q1 Operating Cash Flow1 of $3.4 million – up 16% over Q1 – $6.3 million year-to-date Adjusted EBITDA1 of $3.3 million – a 36.5% EBITDA Margin – $6.3 million year-to-date Net Income of $3.7 million; Earnings Per Share of $0.03 – EPS of $0.06 year-to-date Total Liabilities reduced by $4.7 million from Q1; $10.4 million in reductions year-to-date

Management Commentary:

“C21 continues to deliver strong, profitable bottom-line performance with one of the leading cash flow margins in the industry. Cash Flow from Operations was up 32% over Q1 resulting in a reported $0.03 in Earnings per Share, and enabling further significant reduction in Total Liabilities,” said Sonny Newman, President and CEO of C21. “We completed our first phase buildout of our cultivation expansion on budget, and expect its first harvest next week, which we anticipate will increase top line results and further strengthen operating margins going forward. We continue to work diligently to deliver greater scale for the Company.”   

Q2 Financial Highlights:

Revenue for the second quarter was $9.0 million, down 1.9% from Q1, in line with similar industry trends seen in the Western markets (State of Nevada reported a 6% decline in cannabis sales from April to June 20212). Despite market conditions, C21 remained focused on sustaining the efficiency of its operations, with the Nevada

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