Announcement • Jun 17
Vireo Growth Inc. (CNSX:VREO) entered into a definitive agreement to acquire C21 Investments Inc. (CNSX:CXXI) for $34.88 million. Vireo Growth Inc. (CNSX:VREO) entered into a definitive agreement to acquire C21 Investments Inc. (CNSX:CXXI) for $34.88 million on June 15, 2026. The consideration consists of 2.72 million common equity of Vireo Growth Inc. at a ratio of 0.023052 per common equity of C21 Investments Inc. As part of consideration, an undisclosed value is paid towards common equity of C21 Investments Inc. In case of termination of transaction, seller will pay a termination fee of $3 million.
The transaction is subject to subject to court approval, approval by regulatory board, approval of merger agreement by target board, approval of offer by acquirer board and approval of offer by target shareholders. The Board of Directors of C21 Investments Inc. formed a special committee for the transaction. The deal has been unanimously approved by the board. The transaction is expected to close in the third quarter of 2026.
Needham & Company, LLC acted as fairness opinion provider and Koffman Kalef LLP, Dorsey & Whitney LLP and DLA Piper LLP acted as legal advisors for C21 Investments Inc. Eversheds Sutherland LLP acted as legal advisor for Vireo Growth Inc. Reported Earnings • Jun 12
Full year 2026 earnings released: US$0.027 loss per share (vs US$0.031 loss in FY 2025) Full year 2026 results: US$0.027 loss per share (improved from US$0.031 loss in FY 2025). Revenue: US$32.6m (up 8.3% from FY 2025). Net loss: US$3.24m (loss narrowed 14% from FY 2025). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. New Risk • Apr 15
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 19% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Earnings have declined by 50% per year over the past 5 years. Minor Risk Market cap is less than US$100m (CA$43.6m market cap, or US$31.7m). Reported Earnings • Feb 11
Third quarter 2026 earnings released: US$0.005 loss per share (vs US$0.01 loss in 3Q 2025) Third quarter 2026 results: US$0.005 loss per share (improved from US$0.01 loss in 3Q 2025). Revenue: US$8.14m (flat on 3Q 2025). Net loss: US$609.2k (loss narrowed 60% from 3Q 2025). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 3% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Feb 02
Now 33% overvalued Over the last 90 days, the stock has fallen 9.8% to CA$0.46. The fair value is estimated to be CA$0.35, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last 3 years. Meanwhile, the company became loss making. New Risk • Dec 13
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 23% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (23% average weekly change). Earnings have declined by 9.2% per year over the past 5 years. Minor Risk Market cap is less than US$100m (CA$45.4m market cap, or US$33.0m). Buy Or Sell Opportunity • Dec 02
Now 27% overvalued The stock has been flat over the last 90 days, currently trading at CA$0.45. The fair value is estimated to be CA$0.35, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last 3 years. Meanwhile, the company became loss making. New Risk • Nov 14
New major risk - Revenue and earnings growth Earnings have declined by 9.2% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 9.2% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (19% average weekly change). Market cap is less than US$100m (CA$51.9m market cap, or US$37.0m). Reported Earnings • Nov 14
Second quarter 2026 earnings released: US$0.004 loss per share (vs US$0.01 loss in 2Q 2025) Second quarter 2026 results: US$0.004 loss per share (improved from US$0.01 loss in 2Q 2025). Revenue: US$8.47m (up 4.5% from 2Q 2025). Net loss: US$486.7k (loss narrowed 68% from 2Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. Announcement • Sep 09
C21 Investments Inc. announced that it has received $0.0001 million in funding C21 Investments Inc. announced a private placement to issue 100,000,000 subordinated voting shares at an issue price of $0.000001 per subordinate voting share for gross proceeds of $100 on September 8, 2025. The transaction includes participation from Michael Kidd. Each subordinate voting share is convertible into 0.000001 of a common share of the company. The company also has the right to redeem all or some of the subordinate voting shares for either cash, at a price per common share equal to the conversion ratio multiplied by the average volume weighted average trading price of the common shares on the Canadian Securities Exchange for the ten trading days immediately prior to the date the company delivers the redemption notice to the holder; or common shares at the conversion ratio. Prior to the closing of the transaction, the placee had beneficial ownership of 38,055 common shares and no subordinate voting shares, representing approximately 0.03% of the issued and outstanding common shares; and assuming exercise in full of the 350,000 stock options exercisable for common shares held by the placee, the placee would have held 388,055 common shares, representing approximately 0.33% of the issued and outstanding common shares on a partially-diluted basis. After giving effect to the transaction, the placee has beneficial ownership of 38,055 common shares and 100,000,000 subordinate voting shares, representing approximately 0.03% of the issued and outstanding common shares and 100% of the issued and outstanding subordinate voting shares; assuming exercise in full of the 350,000 stock options exercisable for common shares held by the placee, the placee would have held 388,055 common shares and 100,000,000 subordinate voting shares, representing approximately 0.33% of the issued and outstanding common shares on a partially diluted basis and 100% of the issued and outstanding subordinate voting shares; and assuming exercise in full of the 350,000 stock options exercisable for common shares held by the placee and conversion of the subordinate voting shares held by the placee, the placee would have held 388,155 common shares, representing approximately 0.33% of the issued and outstanding common shares on a partially-diluted and as-converted basis. Reported Earnings • Aug 03
First quarter 2026 earnings released: US$0.006 loss per share (vs US$0.001 loss in 1Q 2025) First quarter 2026 results: US$0.006 loss per share (further deteriorated from US$0.001 loss in 1Q 2025). Revenue: US$8.55m (up 92% from 1Q 2025). Net loss: US$757.0k (loss widened US$682.6k from 1Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 93 percentage points per year, which is a significant difference in performance. Announcement • Jul 08
C21 Investments Inc., Annual General Meeting, Sep 15, 2025 C21 Investments Inc., Annual General Meeting, Sep 15, 2025. Location: british columbia, vancouver Canada Reported Earnings • Jun 25
Full year 2025 earnings released Full year 2025 results: US$0.031 loss per share. Revenue: US$30.1m (up 12% from FY 2024). Net loss: US$3.76m (loss widened US$3.45m from FY 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 109 percentage points per year, which is a significant difference in performance. Announcement • May 23
C21 Investments Inc. to Report Q4, 2025 Results on Jun 24, 2025 C21 Investments Inc. announced that they will report Q4, 2025 results on Jun 24, 2025 New Risk • Mar 31
New major risk - Revenue and earnings growth Revenue has declined by 7.7% over the past year. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 7.7% over the past year. Minor Risks Latest financial reports are more than 6 months old (reported March 2024 fiscal period end). Share price has been volatile over the past 3 months (14% average weekly change). Market cap is less than US$100m (CA$28.3m market cap, or US$19.8m). New Risk • Nov 19
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 17% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (17% average weekly change). Minor Risk Market cap is less than US$100m (CA$36.6m market cap, or US$26.0m). Announcement • Oct 21
C21 Investments Inc. to Report Q2, 2025 Results on Nov 15, 2024 C21 Investments Inc. announced that they will report Q2, 2025 results on Nov 15, 2024 Announcement • Sep 24
C21 Investments Inc., Annual General Meeting, Dec 06, 2024 C21 Investments Inc., Annual General Meeting, Dec 06, 2024. Location: british columbia, vancouver Canada Board Change • Sep 04
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. No highly experienced directors. Director Todd Harrison was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Jun 06
C21 Investments Inc. announced delayed 20-F filing On 06/04/2024, C21 Investments Inc. announced that they will be unable to file their next 20-F by the deadline required by the SEC. Reported Earnings • May 09
Full year 2024 earnings released: US$0.021 loss per share (vs US$0.012 profit in FY 2023) Full year 2024 results: US$0.021 loss per share (down from US$0.012 profit in FY 2023). Revenue: US$28.3m (down 2.1% from FY 2023). Net loss: US$2.47m (down 279% from profit in FY 2023). Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Announcement • May 08
C21 Investments Inc. announced that it has received CAD 4 million in funding On May 6, 2024, C21 Investments Inc., closed the transaction. Buy Or Sell Opportunity • Apr 12
Now 29% undervalued Over the last 90 days, the stock has risen 3.8% to CA$0.41. The fair value is estimated to be CA$0.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.6% over the last 3 years. Meanwhile, the company became loss making. New Risk • Mar 29
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 18% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (18% average weekly change). Minor Risk Market cap is less than US$100m (CA$57.6m market cap, or US$42.6m). Buy Or Sell Opportunity • Mar 25
Now 21% undervalued Over the last 90 days, the stock has risen 54% to CA$0.46. The fair value is estimated to be CA$0.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.6% over the last 3 years. Meanwhile, the company became loss making. Announcement • Mar 15
C21 Investments Inc. announced that it expects to receive CAD 4 million in funding C21 Investments Inc announces non-brokered private placement of secured convertible debenture units for gross proceeds of CAD 4,000,000 on March 15, 2024. Each Convertible Debenture Unit will consists of one convertible debenture of the Company secured against the Nevada operations of the Company in the principal amount of CAD 1,000 and 1,000 detachable Common Share purchase warrants. Each Warrant exercisable for one Common Share at a price of CAD 0.55 per share for a period of 30 months from the issue date of the Convertible Debenture Units. The convertible debentures bear a interest rate of 12%, payable quarterly and will mature on the date that is 30 months from the Issue Date. The debentures can be convertible into common shares at a conversion price of CAD 0.45 per common share. Buy Or Sell Opportunity • Feb 29
Now 21% undervalued Over the last 90 days, the stock has risen 36% to CA$0.46. The fair value is estimated to be CA$0.57, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.6% over the last 3 years. Meanwhile, the company became loss making. Announcement • Feb 10
C21 Investments Inc., Annual General Meeting, Apr 26, 2024 C21 Investments Inc., Annual General Meeting, Apr 26, 2024. Buy Or Sell Opportunity • Jan 23
Now 20% undervalued Over the last 90 days, the stock has risen 17% to CA$0.42. The fair value is estimated to be CA$0.53, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.6% over the last 3 years. Meanwhile, the company became loss making. Buying Opportunity • Jan 17
Now 22% undervalued Over the last 90 days, the stock is up 3.8%. The fair value is estimated to be CA$0.53, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.6% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Dec 15
Third quarter 2024 earnings released: US$0.003 loss per share (vs US$0.002 profit in 3Q 2023) Third quarter 2024 results: US$0.003 loss per share (down from US$0.002 profit in 3Q 2023). Revenue: US$6.88m (down 4.5% from 3Q 2023). Net loss: US$357.2k (down 251% from profit in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 42% per year, which means it is significantly lagging earnings. Reported Earnings • Sep 22
Second quarter 2024 earnings released: US$0.003 loss per share (vs US$0.013 profit in 2Q 2023) Second quarter 2024 results: US$0.003 loss per share (down from US$0.013 profit in 2Q 2023). Revenue: US$7.16m (flat on 2Q 2023). Net loss: US$396.7k (down 126% from profit in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 90% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Announcement • Sep 08
C21 Investments Inc. Announces Appointment of Aron Swan as Chief Operating Officer C21 Investments Inc. announced it has promoted its current Head of Nevada Operations, Aron Swan, to the newly created role of Chief Operating Officer. C21 established the COO role to support the Company's long-term growth objectives. Aron Swan has been the long-standing Head of Operations, and was responsible for the build-out and expansion of C21's Nevada operations, including managing a team of more than 100 employees, developing strong vendor relationships, and ensuring rigorous compliance standards. Board Change • Sep 02
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 2 non-independent directors. Independent Non-Executive Chairman D. MacDonald was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jun 04
C21 Investments Inc. announced delayed 20-F filing On 06/02/2023, C21 Investments Inc. announced that they will be unable to file their next 20-F by the deadline required by the SEC. Announcement • May 13
C21 Investments Inc., Annual General Meeting, Jul 27, 2023 C21 Investments Inc., Annual General Meeting, Jul 27, 2023. Reported Earnings • Dec 15
Third quarter 2023 earnings released: EPS: US$0.002 (vs US$0.028 in 3Q 2022) Third quarter 2023 results: EPS: US$0.002 (down from US$0.028 in 3Q 2022). Revenue: US$7.21m (down 12% from 3Q 2022). Net income: US$237.4k (down 93% from 3Q 2022). Profit margin: 3.3% (down from 41% in 3Q 2022). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 112% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Announcement • Dec 02
C21 Investments Inc. to Report Q3, 2022 Results on Dec 15, 2022 C21 Investments Inc. announced that they will report Q3, 2022 results on Dec 15, 2022 Reported Earnings • Sep 22
Second quarter 2023 earnings released: EPS: US$0.013 (vs US$0.031 in 2Q 2022) Second quarter 2023 results: EPS: US$0.013 (down from US$0.031 in 2Q 2022). Revenue: US$7.18m (down 20% from 2Q 2022). Net income: US$1.51m (down 59% from 2Q 2022). Profit margin: 21% (down from 41% in 2Q 2022). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Announcement • Jun 02
C21 Investments Inc. announced delayed 20-F filing On 06/01/2022, C21 Investments Inc. announced that they will be unable to file their next 20-F by the deadline required by the SEC. Announcement • May 14
C21 Investments Inc., Annual General Meeting, Jul 28, 2022 C21 Investments Inc., Annual General Meeting, Jul 28, 2022. Reported Earnings • Dec 18
Third quarter 2022 earnings: Revenues and EPS in line with analyst expectations Third quarter 2022 results: EPS: US$0.028 (up from US$0.024 in 3Q 2021). Revenue: US$8.16m (down 14% from 3Q 2021). Net income: US$3.35m (up 45% from 3Q 2021). Profit margin: 41% (up from 24% in 3Q 2021). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 01
First quarter 2022 earnings released: EPS US$0.037 (vs US$0.019 loss in 1Q 2021) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2022 results: Revenue: US$9.15m (up 12% from 1Q 2021). Net income: US$4.37m (up US$6.16m from 1Q 2021). Profit margin: 48% (up from net loss in 1Q 2021). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Reported Earnings • Jun 02
Full year 2021 earnings released: US$0.058 loss per share (vs US$0.42 loss in FY 2020) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2021 results: Revenue: US$36.1m (down 4.2% from FY 2020). Net loss: US$6.11m (loss narrowed 81% from FY 2020). Announcement • Jan 31
C21 Investments Inc. Announces Board Changes C21 Investments Inc. announced that CB1 Capital Management's Chief Investment Officer, Todd Harrison, will join the Company's Board of Directors. Mr. Harrison brings a wealth of knowledge and insight to the Company's Board, both through his near 30 years on Wall Street—as VP at Morgan Stanley to President of Cramer Berkowitz—as well as through his current role as Chief Investment Officer of CB1 Capital Management. The Company also announced the resignation of Board member and former CEO, Robert Cheney. Announcement • Dec 03
C21 Investments Inc. to Report Q3, 2021 Results on Dec 16, 2020 C21 Investments Inc. announced that they will report Q3, 2021 results at 11:32 AM, GMT Standard Time on Dec 16, 2020 Announcement • Jul 19
C21 Investments Inc. Auditor Raises 'Going Concern' Doubt C21 Investments Inc. filed its 20-F on Jul 14, 2020 for the period ending Jan 31, 2020. In this report its auditor, Davidson & Company, gave an unqualified opinion expressing doubt that the company can continue as a going concern.