Vertically integrated cannabis company C21 Investments Inc. (CSE:CXXI) (OTCQX: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
