CXXIF - Drive-Thru Cannabis Sales Help C21: Same-Store Sales Up But Revenue Down In Q3 | Benzinga
C21 Investments Inc. (CSE:CXXI) (OTCQX:CXXIF) announced on Thursday its unaudited interim financial results for the third quarter ended Oct. 31, revealing a year-over-year and sequential decrease of 4.5% and 3.9%, respectively, in revenue to $6.9 million.
However, the Vancouver-based vertically integrated company reported a sequential increase in same-store sales.
"We experienced a second consecutive quarter of increased same-store sales, reflecting our strong brand and loyal customer base," Sonny Newman, the company's CEO and president, said. "We are also pleased with the success of our drive-thru initiative that commenced during the quarter, which has added new efficiencies to our operations.”
Q3 2023 Financial Highlights
- Gross profit totaled $2.7 million, down from $3.9 million in the prior year's quarter.
- Gross margin was 40%, representing an ...