C21 Investments Announces Renewed Normal Course Issuer Bid

Executive Summary

• C21 Investments Inc. announces the commencement of a renewed Normal Course Issuer Bid (NCIB) to repurchase up to 5,898,596 common shares (≈5% of outstanding shares) over a 12‑month period starting Dec 9 2025.
• The NCIB will be funded with cash on hand; purchases will be made on the open market via the CSE or alternative trading systems and cancelled upon acquisition.
• The company previously completed a 2025 NCIB, repurchasing 224,000 shares at an average price of ≈C$0.20 per share.

Key Details

• Maximum Shares: Up to 5,898,596 common shares (≈5% of issued and outstanding shares).
• Purchase Period: Dec 9 2025 – Dec 9 2026 (12 months).
• Daily Purchase Limit: Up to 2% of outstanding shares may be bought in any 30‑trading‑day window.
• Funding Source: Cash on hand; no external financing required.
• Execution Method: Purchases will occur on the open market through the Canadian Securities Exchange (CSE) or alternative trading systems at prevailing market prices, in accordance with CSE policies and applicable securities laws.
• Broker: Haywood Securities Inc. appointed to conduct NCIB transactions.
• Previous NCIB (2025): Ran Dec 2 2024 – Dec 2 2025; repurchased 224,000 shares at an average price of ≈C$0.20 per share.
• Purpose Statement: Management believes the market price does not fully reflect intrinsic value and that share cancellations will enhance long‑term shareholder value and represent an appropriate use of financial resources.

Notable Quotes

• “We intend to commence the NCIB as we believe the market price may not fully reflect the value of our business and prospects, and purchasing our own shares for cancellation is an appropriate strategy for increasing long‑term shareholder value.” – C21 Investments Inc. Management

Materiality Assessment: Material – Positive (the share repurchase program represents a significant use of cash that can affect share price and shareholder equity).