SEDAR Interim Financial Statements

[
  {
    "companyName": "C21 INVESTMENTS INC.",
    "reportingPeriodEnd": "2025-12-31",
    "reportStatus": "Unaudited",
    "auditorName": null,
    "auditorKeyMatters": [],
    "balanceSheet": {
      "cash": 2418561,
      "receivables": 141408,
      "inventory": 4257041,
      "prepaidExpensesAndDeposits": 655927,
      "noteReceivableCurrentPortion": 826045,
      "assetsClassifiedAsHeldForSale": null,
      "totalCurrentAssets": 8298982,
      "propertyAndEquipment": 2313727,
      "rightOfUseAssets": 8917117,
      "intangibleAssets": 6820094,
      "goodwill": 28541323,
      "noteReceivable": null,
      "totalNonCurrentAssets": 46592261,
      "totalAssets": 54891243,
      "accountsPayableAndAccruedLiabilities": 1607168,
      "convertiblePromissoryNotes": null,
      "convertibleDebenturesCurrentPortion": 1030000,
      "settlementLiabilityCurrentPortion": 1200000,
      "incomeTaxesPayable": 1544415,
      "deferredRevenue": 302418,
      "leaseLiabilitiesCurrentPortion": 607631,
      "totalCurrentLiabilities": 6291632,
      "convertibleDebentures": null,
      "settlementLiability": 400000,
      "leaseLiabilities": 9309119,
      "uncertainTaxPosition": 11988073,
      "derivativeLiability": 29184,
      "deferredTaxLiability": 34817,
      "totalNonCurrentLiabilities": 21761193,
      "totalLiabilities": 28052825,
      "commonStock": 107272102,
      "subordinateShares": 72,
      "commitmentToIssueShares": 439443,
      "accumulatedOtherComprehensiveLoss": -2196041,
      "deficit": -78677158,
      "totalShareholdersEquity": 26838418,
      "totalLiabilitiesAndShareholdersEquity": 54891243,
      "cashPerShare": 0.0205,
      "workingCapitalPerShare": 0.0170
    },
    "incomeStatement": {
      "revenue": 25164417,
      "costOfSales": 14800984,
      "grossProfit": 10363433,
      "sellingGeneralAndAdministrativeExpenses": 8573488,
      "incomeFromOperations": 1789945,
      "accretionExpense": -306769,
      "interestExpense": -156295,
      "lossOnSettlementOfLegalProceedings": -442543,
      "gainLossOnDisposalOfAssets": 7446,
      "otherIncomeLoss": 36085,
      "netIncomeLossFromContinuingOperationsBeforeIncomeTaxExpense": 927869,
      "incomeTaxExpense": -2775700,
      "netLossFromContinuingOperationsAfterIncomeTaxExpense": -1847831,
      "netLossFromDiscontinuedOperationsAfterIncomeTaxExpense": -8384,
      "netLoss": -1856215,
      "cumulativeTranslationAdjustment": -57843,
      "comprehensiveLoss": -1914058,
      "basicAndDilutedLossPerShareFromContinuingOperations": -0.02,
      "basicAndDilutedLossPerShareFromDiscontinuedOperations": -0.00,
      "basicAndDilutedLossPerShare": -0.02,
      "weightedAverageNumberOfCommonSharesOutstandingBasic": 117874964,
      "weightedAverageNumberOfCommonSharesOutstandingDiluted": 118430757
    },
    "cashFlowStatement": {
      "netLossFromContinuingOperationsAfterIncomeTaxExpense": -1847831,
      "accretionExpense": 306769,
      "amortizationOfRightOfUseAssets": 490465,
      "depreciationAndAmortization": 1333610,
      "interestExpense": 156295,
      "interestAndAccretionIncomeIncludedInOtherIncome": -48779,
      "lossOnExtinguishmentOfEFFLiability": 442543,
      "gainLossOnDisposalOfAssets": -7446,
      "shareBasedCompensation": 194211,
      "changesInReceivables": 35287,
      "changesInInventory": 160027,
      "changesInPrepaidExpensesAndDeposits": -5393,
      "changesInAccountsPayableAndAccruedLiabilities": 81587,
      "changesInSettlementLiability": -800000,
      "changesInIncomeTaxesPayable": -1289576,
      "changesInUncertainTaxPosition": 2165276,
      "changesInDeferredRevenue": -7474,
      "changesInLeaseLiabilities": -399605,
      "cashProvidedByOperatingActivitiesOfContinuingOperations": 959966,
      "cashUsedInOperatingActivitiesOfDiscontinuedOperations": -8384,
      "purchasesOfPropertyAndEquipment": -102365,
      "purchasesOfIntangibleAssets": null,
      "proceedsFromDisposalOfAssets": 25000,
      "cashUsedInInvestingActivitiesOfContinuingOperations": -77365,
      "proceedsFromIssuanceOfDebentureUnits": null,
      "interestPaymentsReceivedOnNoteReceivable": 25500,
      "principalRepaymentsOnConvertibleDebentures": -936259,
      "interestPaidInCash": -156295,
      "repurchaseAndCancellationOfShares": -32430,
      "cashUsedInProvidedByFinancingActivitiesOfContinuingOperations": -1099484,
      "cashUsedInFinancingActivitiesOfDiscontinuedOperations": null,
      "effectOfForeignExchangeOnCash": 18367,
      "changeInCashDuringThePeriod": -206900,
      "cashBeginningOfPeriod": 2625461,
      "cashEndOfPeriod": 2418561,
      "incomeTaxPaidInCash": 1900000,
      "interestPaymentsReceivedOnNoteReceivableSupplemental": 25500,
      "interestPaidInCashSupplemental": 156295
    },
    "investmentsAndOtherAssets": [
      {
        "type": "Note Receivable",
        "description": "Promissory note issued in connection with the sale of a building. Principal $850,000, interest at 4% per annum, maturing September 30, 2026. Initially recorded at fair value of $802,766.",
        "ownershipPercentage": null,
        "value": 826045,
        "notes": "Evaluated for collectability; no indicators of impairment as of Dec 31, 2025."
      },
      {
        "type": "Intangible Assets",
        "description": "Licenses, Brands, Customer Relationships.",
        "ownershipPercentage": null,
        "value": 6820094,
        "notes": "Net of accumulated amortization. Includes licenses acquired in asset acquisition (Note 4)."
      },
      {
        "type": "Goodwill",
        "description": "Goodwill allocated to the Nevada reporting unit.",
        "ownershipPercentage": null,
        "value": 28541323,
        "notes": "No impairment identified during the period."
      }
    ],
    "shareStructure": {
      "authorizedShares": "unlimited common shares; unlimited subordinate voting shares",
      "issuedShares": 118091567,
      "classesOfShares": [
        "Common shares (no par value)",
        "Subordinate voting shares (no par value, convertible to common shares at a rate of 0.000001 per common share)"
      ],
      "warrants": [
        {
          "number": 4000000,
          "exercisePrice": 0.55,
          "expiryDate": "2026-11-06"
        }
      ],
      "options": [
        {
          "number": 5425000,
          "exercisePrice": 0.53,
          "expiryDate": "2027-05-13"
        }
      ],
      "rightsConvertibleInstruments": "Convertible debentures (principal and interest convertible into common shares at C$0.45 per share). Earn out shares (derivative liability, 1,207,200 shares remaining). Commitment to issue 555,793 shares related to EFF settlement."
    },
    "managementCompensation": {
      "currency": "USD",
      "periods": {
        "threeMonthsEndedDec312025": {
          "consultingFeesPaidToADirector": 10000,
          "amountsPaidToCEOOrCompaniesControlledByCEOForLeases": 197797,
          "amountsPaidToCEOOrCompaniesControlledByCEOForRemuneration": 46154,
          "salaryPaidToDirectorsAndOfficers": 121118,
          "shareBasedCompensation": 31676
        },
        "nineMonthsEndedDec312025": {
          "consultingFeesPaidToADirector": 40000,
          "amountsPaidToCEOOrCompaniesControlledByCEOForLeases": 589474,
          "amountsPaidToCEOOrCompaniesControlledByCEOForRemuneration": 146154,
          "salaryPaidToDirectorsAndOfficers": 379732,
          "shareBasedCompensation": 123328
        }
      },
      "namedIndividuals": [],
      "otherRelatedPartyTransactions": [
        {
          "counterparty": "Company controlled by the CEO",
          "description": "Lease liabilities",
          "amount": 4381862,
          "period": "As at December 31, 2025"
        },
        {
          "counterparty": "CFO",
          "description": "Reimbursable expenses",
          "amount": 457,
          "period": "As at December 31, 2025"
        }
      ]
    },
    "subsequentEvents": [
      {
        "eventDate": "January 2026",
        "description": "Repurchased 51,500 common shares under its Normal Course Issuer Bid (NCIB) program through open market transactions at an average price of $0.30 per share, for a total cost of $15,242. The repurchased shares were subsequently cancelled.",
        "impactValue": -15242
      }
    ]
  }
]