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GLDN 0.055 +0.0% BRON 0.040 +0.0% BTO 5.43 −0.7% ESK 0.365 −2.7% AUMN 0.275 +0.0% GGX 0.040 +0.0% S 0.155 +29.2% NNX 0.035 +0.0% ABX 51.90 −0.6% TTS 2.40 −4.0% FCI 0.400 −9.1% GR 0.075 +0.0% AII 23.38 +12.4% TUNG 1.72 +1.8% LGO 1.01 −2.9% EMM 0.080 +0.0% GLDN 0.055 +0.0% BRON 0.040 +0.0% BTO 5.43 −0.7% ESK 0.365 −2.7% AUMN 0.275 +0.0% GGX 0.040 +0.0% S 0.155 +29.2% NNX 0.035 +0.0% ABX 51.90 −0.6% TTS 2.40 −4.0% FCI 0.400 −9.1% GR 0.075 +0.0% AII 23.38 +12.4% TUNG 1.72 +1.8% LGO 1.01 −2.9% EMM 0.080 +0.0%
Earnings Neutral

C21 Investments Reports Fourth Quarter and Fiscal Year End Financial Results

Steady execution in a tough tax environment, but valuation remains stretched relative to persistent GAAP losses.

By The Northwire Desk — AI Analysis Jun 11, 2026 · 18:57 CXXI · 0.385 C21 Investments Inc.
Executive Summary
  • C21 Investments reported Q4 and full-year 2026 financial results, highlighting an 8.3% year-over-year revenue increase to $32.6 million.
  • Fiscal year net income before tax rose 249% to $1.4 million, driven by improved operating margins and stable costs, though GAAP EPS remains negative at ($0.03) due to a $4.6 million income tax expense.
  • Q4 revenue was $7.5 million, down 8% sequentially due to seasonality and price compression, but gross margin expanded to 43.5% (+530 bps QoQ) on strong in-house product demand.
  • Adjusted EBITDA reached $5.5 million (+13% YoY), with free cash flow of $4.6 million (+13% YoY).
  • Customer transactions hit a record 725,000 (+16% YoY), with Q4 exceeding 175,000.
  • The company repurchased 479,000 shares via NCIB during the fiscal year and reduced current liabilities by $1.6 million.
  • Management highlighted a 143% organic sales growth at the new South Reno location and noted resilience despite a 10% decline in Nevada state sales.
  • The company continues to challenge Section 280E tax liability, having refilled amended U.S. federal returns for 2022-2024.
Material Impact
  • The news is Routine - Neutral. The results demonstrate steady operational execution, margin expansion, and strong FCF generation, but do not contain genuinely new market-relevant information that would re-rate the business. The stock was flat into the print, indicating low expectations. The underlying facts (tax drag, Nevada macro weakness) diverge slightly from management's optimistic framing, but the cash generation profile remains intact. There is no asymmetric upside or downside catalyst in this print.
CXXI · Price
Company Overview
  • C21 Investments Inc. is a cannabis retail operator focused on high-quality products, a trusted retail experience, and loyal customer bases. The company has expanded its footprint with a new South Reno location and is driving growth through in-house product development and market share gains in a challenging Nevada macro environment.
Read the original news release →

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