In connection with C21's transition from a January 31 fiscal year end to a March 31 fiscal year end, C21 reports the audited financial results for the two-month stub period from February 1, 2024 to March 31, 2024 Stub period Revenue of $4.5 million and Cash Flow from Operations of $0.9 million Subsequent to the stub period end, C21 completed the acquisition of its third Silver State Relief dispensary in Nevada, a 6,500 square-foot, purpose-built dispensary in South Reno VANCOUVER, BC, Aug. 1, 2024 /CNW/ - C21 Investments Inc. (CSE:CXXI) (OTCQX:CXXIF) ("C21" or the "Company"), a vertically integrated cannabis company, today announced the filing of its audited financial statements and management discussion and analysis for its two-month stub fiscal period ended March 31, 2024 on SEDAR+. The two-month stub period resulted from the Company's previously announced change of its fiscal year end from January 31 to March 31. The Company's financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles ("GAAP"). All currency is reported in U.S. dollars. Audited Two-Month Stub Period Financial Highlights (February 1, 2024 to March 31, 2024): Revenue of $4.5 million Gross Profit of 40% Earnings (Loss) Per Share of ($0.00) Operating Cash Flow of $0.9 million; positive Free Cash Flow1 of $0.9 million Chief Executive Officer and President of C21, Sonny Newman stated: "We are pleased to announce the release of our audited two-month stub period financial statements. 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 in a timely manner 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. With the exciting launch of our third Silver State Relief dispensary at the end of June, we are currently focused on ramping our new store and continue to pursue additional opportunities in the market." Subsequent to the period end, the Company closed an acquisition of a third dispensary in Nevada, a 6,500 square-foot, purpose-built operational cannabis dispensary located in South Reno. The dispensary was rebranded under the Silver State Relief banner and held its grand opening on June 26, 2024 (see news release dated June 10, 2024). MCTO Status Update As previously announced on May 31, 2024 (the "Announcement"), the Company applied for and was granted a management cease trade order ("MCTO") from the British Columbia Securities Commission (the "BCSC") due to an expected delay in filing of the audited consolidated financial statements for the year ended January 31, 2024, annual management's discussion and analysis for the same period and management certifications of annual filings (collectively, the "Annual Filings") beyond the deadline of May 31, 2024 prescribed by Canadian securities laws. In addition, as a result of the delay in filing the Annual Filings, the filing of the Company's audited consolidated financial statements for the 2-month stub period ended March 31, 2024, its annual management's discussion and analysis for the same period and management certifications of annual filings (collectively, the "Annual Stub Filings"), which are required in connection with the Company's recent change of its fiscal year end from January 31 to March 31, were also delayed beyond the deadline of July 29, 2024 prescribed by Canadian securities laws. The MCTO prohibits the Company's management from trading in the securities of the Company until such time as the Annual Filings and Annual Stub Filings are filed. The MCTO does not affect the ability of any other shareholders of the Company to trade securities of the Company. With the filing of the Annual Filings by the Company on July 22, 2024 and today's filing of the Annual Stub Filings, the Company believes that it has satisfied the conditions of the MCTO in order to have the MCTO revoked. Non-GAAP Measures: C21 reports its financial results in accordance with GAAP and uses a number of financial measures when assessing its results and measuring overall performance. Some of these financial measures and ratios are not calculated in accordance with GAAP. The Company refers to certain Non-GAAP financial measures such as "Free Cash Flow" in this news release. These measures do not have any standardized meanings prescribed by GAAP and may not be comparable to similar measures presented by other issuers. The Company considers these measures to be an important indicator of the financial strength and performance of its business. The Company believes the adjusted results presented provide relevant and useful information for investors because ...