Vertically integrated cannabis company C21 Investments Inc. CXXI CXXIF announced its unaudited results on Thursday for the third quarter ended October 31, 2021.
"C21 continues to deliver positive free cash flow and profitable bottom-line performance," Sonny Newman, the company's president and CEO said. "Despite challenging markets in the quarter, our focus on efficiency delivered $0.03 in earnings per share, and allowed us to make further significant reductions to Total Liabilities."
Q3 2021 Financial Results
- Revenue totaled $8.2 million, down by 9% from the second quarter.
- Year-to-date Nevada revenue was up 3% over last year.
- Gross Profit amounted to $4.4 million.
- Gross Margin of 43% before fair value adjustments
- Adjusted EBITDA came in positive at $2.2 million and $8.6 million year-to-date.
- Nevada EBITDA was positive at $3.8 million, up 14% sequentially
- Net Income was $3.3 million, with earnings per share of $0.03 for the third quarter and $0.09 year-to-date.
- Cash flow from operations was $1 million for the period, representing the tenth consecutive quarter of positive cash flow from operations.
- Cash flow from operations totaled $5.5 million year-to-date, including $3.1 million in income tax paid.
- Total liabilities reduced by $4.2 million from the second quarter with $14.7 million in reductions year-to-date.
"As planned, we are now selling flower in the Nevada wholesale market, which we expect will drive topline growth moving forward," Newman explained.
The Vancouver-based company said it plans to announce plans to transition to U.S. GAAP after the quarter-end.
CXXIF Price Action
C21 Investments' shares traded 4.49% higher at $0.5068 per share at the time after the market close on Wednesday.
Photo: Courtesy of Nataliya Vaitkevich from Pexels
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