Net Income of $2.3 Million Highlights Strong Profitability
VANCOUVER, Dec. 16, 2020 /PRNewswire/ – C21 Investments Inc. (CSE: CXXI) (OTCQX: CXXIF) (“C21” or the “Company”), a leading vertically integrated cannabis company, today announced unaudited results for its third quarter ended October 31, 2020.
Q3 Financial Highlights: (all currency in U.S. dollars)
(August 1, 2020 to October 31, 2020):
Revenue of $9.5 million – a record $8.9 million from Nevada’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 Income of $2.3 million
President and CEO Sonny Newman: “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.”
Revenue for the quarter was $9.5 million, with record revenues of $8.9 million from Nevada’s retail operations. Nevada revenues were up 5% from the strong performance reported in Q2. This resulted in Gross Profit of $5.9 million. Before fair value adjustments, Gross Profit was $4.5 million, a 47.4% Gross Margin. Nevada also reported record same-store sales and has generated a 52% Gross Margin year-to-date. Challenges within the Oregon