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Vertically integrated cannabis company C21 Investments Inc. (CSE:CXXI) (OTCQX:CXXIF) announced its audited financial statements on Thursday as well as management discussion and analysis for its two-month stub fiscal period ended March 31, 2024.
The two-month stub period resulted from the company’s previously announced change of its fiscal year end from January 31 to March 31.
“We are pleased to announce the release of our audited two-month stub period financial statements,” CEO and president Sonny Newman said. “This transition from our previous January 31 fiscal year end to a March 31 fiscal year end will better align the company with the reporting schedule of our peers, and better equip our auditors to complete their work promptly moving forward. Our operations continued to perform well in this stub period. Retail sales run rates and margins were comparable to the previous quarter and we remained one of the only positive free cash flow public companies in U.S. cannabis.”
Subsequent to the end of the period, C21 Investments has wrapped up the previously announced $3.5 million acquisition of an operational retail cannabis dispensary in South Reno, Nevada in June.
Before that, the company closed a non-brokered private placement offering of its convertible debenture units for aggregate gross proceeds of CA$4 million ($2.9 million). C21 Investments used the net proceeds to fund the acquisition of Deep Roots Harvest, Inc.‘s assets – the Southern Reno retail cannabis dispensary – by its wholly-owned Nevada subsidiary, Silver State Relief, LLC.
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