VANCOUVER – C21 Investments Inc. (CSE: CXXI) (OTCQX: CXXIF) (“C21” or the “Company”), a leading vertically integrated cannabis company, today announced the planned expansion of its licensed cultivation and production facility in Nevada.
Expansion Highlights (All currency is in U.S. dollars):
- 40,000 square foot buildout to existing operations at the Nevada facility, including eleven new flowering rooms and two new vegetative rooms.
- This 200% of additional canopy is expected to yield an incremental 7,500 pounds of premium indoor flower and 3,000 pounds of trim/biomass annually.
- Upon completion of the buildout, 60% of the 100,000+ square foot licensed facility will be utilized. Significant capacity remains to accommodate future growth.
CEO and President, Sonny Newman: “With our recently announced debt restructuring and debenture backstop now complete, we are excited to move into this next phase of growth. This expansion will give us significant economies of scale and the ability to deliver even stronger margins. Cultivation expansion supports our plan to increase the degree of vertical integration for in-house products, as well as take advantage of wholesale opportunities in the state for premium indoor flower. Most importantly, this positions us well for accretive expansion of our retail footprint in Nevada.”
The Company expects the expansion to be funded internally at a cost of approximately $6 million. Plans for its licensed Nevada facility are subject to local building permit approvals and the Company anticipates completion of the project in the second half of 2021.
About C21 Investments Inc.
C21 Investments is a vertically integrated cannabis company that cultivates, processes, and distributes quality cannabis and hemp-derived consumer products in the United States. The Company is focused on value creation through the disciplined acquisition and integration of core retail, manufacturing, and distribution assets in strategic markets, leveraging industry-leading retail revenues with high-growth potential multi-market branded consumer packaged goods. The Company owns Silver State Relief and Silver State Cultivation in Nevada, and Phantom Farms, Swell Companies, Eco Firma Farms, and Pure Green in Oregon. These brands produce and distribute a broad range of THC and CBD products from cannabis flowers, pre-rolls, cannabis oil, vaporizer cartridges and edibles. Based in Vancouver, Canada, additional information on C21 Investments can be found at www.sedar.com and www.cxxi.ca.
