Vertically integrated cannabis company, C21 Investments Inc. (CSE:CXXI) (OTCQX:CXXIF), announced the filing of its audited financial statements on Monday for its fiscal year ended January 31, 2024.

The company previously disclosed its unaudited financial results for the year ended January 31, 2024 in its May 7, 2024 news release.

"We are pleased to announce the release of our audited year-end financial statements. The Company engaged new auditors this year and have changed our fiscal reporting period to better align with the reporting schedule of our peers," CEO and president Sonny Newman said. "We appreciate the patience of our shareholders during this delay. We anticipate reporting and completing the March 31, 2024filings in the next two weeks."

Read Also: Drive-Thru Cannabis Sales Help C21: Same-Store Sales Up, But Revenue Down In Q3

Audited FY 2023 Financial Highlights

• Revenue of $28.3 million, down 2% from last year with the state of Nevada sales down 6% over the same period.
• Gross margin of 39.4%, down from 46.4% the previous year driven primarily by one-time items.
• Adjusted EBITDA came in positive at $4.5 million.
• Cash flow from operations of $3.3 million.
• Free cash flow of $2.7 million inclusive of $1.3 million taxes paid in the year.

Deep Roots Harvest Acquisition

C21 Investments has wrapped up the previously announced $3.5 million acquisition of a 6,500 square-foot, purpose-built, operational retail cannabis dispensary located in South Reno, Nevada in June.

Before that, the company closed a non-brokered private placement offering of its convertible debenture units for aggregate gross proceeds of CA$4 million ($2.9 million). C21 Investments used the net proceeds to fund the acquisition of Deep Roots Harvest, Inc.'s assets – the Southern Reno retail cannabis dispensary – by its wholly-owned Nevada subsidiary, Silver State Relief, LLC.

"This large, purpose-built store, with its desirable location in a high-traffic, burgeoning area in South Reno, compliments our existing retail storefronts and will leverage our strong brand presence in the state," Newman said at the time. "We anticipate meaningful revenue growth, improved margins and expect this acquisition will be highly accretive to C21's bottom line. Rebranded under our Silver State Relief banner, we look forward to our new dispensary being operational in short order and will continue to actively pursue additional retail channels to build further shareholder value."

CXXIF Price Action

C21 Investments' shares traded 11% down at $0.2403 per share at the time of writing on Monday morning.

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