C21 Investments Announces Year End Results – Canada NewsWire

Strong performance highlighted by Operating Cash Flow up 73%, adjusted EBITDA up 82% Year-over-Year

VANCOUVER, BC, May 27, 2021 /CNW/ – C21 Investments Inc. (CSE: CXXI) (OTCQX: CXXIF) (“C21” or the “Company”), a vertically integrated cannabis company, today announced unaudited results for its fiscal year ended January 31, 2021. Upon completion of its auditor’s internal review process, the Company’s audited financials will be filed on SEDAR (www.sedar.com). All currency reported in U.S. dollars (unless otherwise noted).

Fiscal Year Financial Highlights (February 1, 2020 to January 31, 2021):

Revenue of $36.1 million – same store sales in Nevada up 6% despite impact of Q1 state-mandated pandemic restrictions Gross Profit of $18.7 million – Gross Margin (before fair value adjustments) of 47% Income from Operations of $7.5 million – a $8.7 million improvement over last year Operating Cash Flow1 of $12.0 million – up 73% over last year – OCF Margin of 33% Working Capital improvement of $27 million Adjusted EBITDA1 of $9.8 million – up 82% over last year

Q4 Highlights (November 1, 2020 to January 31, 2021):

Revenue of $9.1 million – same store sales in Nevada up 10% over Q4 last year Gross Profit of $5.5 million – Gross Margin (BFVA) of 54% – up 630 bps over Q3 Income from Operations of $3.0 million Operating Cash Flow[1] of $3.8 million – up 21% over Q3 Current Liabilities reduced by $19.7 million from last quarter Adjusted EBITDA1 of $2.9 million – up 10% over Q3 – a 32% EBITDA Margin Announced planned cultivation expansion in Nevada – expects to increase canopy and production capacity by 200% Announced divestment of select non-core assets in Oregon Appointed Todd Harrison to the Company’s Board of Directors

Management

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