CXXIF - C21 Reports Slight YoY Increase In Q4 Same Store Cannabis Sales As It Prepares To Wrap Up Acquisition of Deep Roots Harvests | Benzinga
Vertically integrated cannabis company C21 Investments Inc. (CSE:CXXI) (OTCQX:CXXIF) reported its unaudited financial results on Tuesday for the fiscal year ended Jan. 31, 2024.
The company reported a slight increase in same-store sales over the previous fourth quarter, despite a decline of 12% in Nevada sales over the same period. CEO and president Sonny Newman called it "a testament to our strong brand and loyal customer base that has consistently generated 500,000 customer transactions annually.”
FY 2023 Financial Highlights
- Revenue of $28.3 million, down 2% from last year, while state of Nevada sales were down 6% over the same period.
- Gross profit totaled $11.1 million, down from $13.4 million in fiscal 2023.
- Gross margin of 39.4%, down from 46.4% the previous year driven primarily by one-time items discussed below.
- Adjusted EBITDA came in positive at $4.6 million.
- Net loss was $2.5 million, compared to net income of $293,211 in 2023.
- Cash flow from operations of $3.3 million; free cash flow of $2.7 million inclusive of $1.3 million ...