5:27pm EDT, July 12, 2024 | Source: C21 Investments Inc.
Vancouver, British Columbia–(Newsfile Corp. – July 12, 2024) – C21 Investments Inc. (CSE: CXXI) (OTCQX: CXXIF) (“C21” or “companyThe company, a vertically integrated cannabis company, is providing its default status reports in accordance with the alternative information guidelines set forth in State Policy 12-203. Management orders to suspend trading (“NP12-203().
As announced on May 31, 2024 (“announcement” ), the Company received a business transaction suspension order (“MCTOBritish Columbia Securities Commission (“BCSCDue to an expected delay in the filing of our audited consolidated financial statements for the year ending January 31, 2024 (“Annual Financial Statements” ), our annual management’s discussion and analysis for the same period, and our management’s certificate in our annual report (collectively, the “Annual ReportThe MCTO prohibits the sale or transfer of our shares beyond the May 31, 2024 deadline set by Canadian securities laws. The MCTO was granted by the BCSC on May 31, 2024. The MCTO prohibits our management from trading in our securities until our annual report is filed. The MCTO does not affect the ability of our other shareholders to trade in our securities.
As disclosed in the announcement, the delay in filing the annual report is due to the Company’s auditors needing additional time to complete their audit of the annual financial statements due in part to the Company’s change in fiscal year end from January 31 to March 31 and the change in auditors earlier this year. C21 and its auditors continue to work diligently and expeditiously toward completion of the annual report, which is expected to be completed on or about July 19, 2024. Once the auditors’ internal review process is complete, the annual report will be filed on SEDAR+ (www.sedarplus.ca).
The Company confirms that since the date of this announcement, (i) there have been no material changes to the information set forth in this announcement that have not been publicly disclosed; (ii) the Company has satisfied and will continue to satisfy the provisions of the “Alternative Information Guidelines” under NP 12-203 and will issue default status reports every two weeks for as long as the delays in filing the annual filings continue. Each report will be issued in the form of a news release; (iii) there are no other specific defaults by the Company under NP 12-203; (iv) the Company is not the subject of any bankruptcy proceedings; and (v) there is no material information regarding the Company’s operations that has not been publicly disclosed.
About C21 Investments Inc.
C21 Investments Inc. is a vertically integrated cannabis company that cultivates, processes and distributes high-quality cannabis and hemp-derived consumer products in the United States. The company is focused on value creation through disciplined acquisitions and integrations of core retail, manufacturing and distribution assets in strategic markets, leveraging industry-leading retail revenue with high-growth potential multi-market branded consumer packaged goods. The company owns Silver State Relief and Silver State Cultivation in Nevada, including the former brands Phantom Farms, Hood Oil and Eco Firma Farms in Oregon. These brands manufacture and distribute a wide range of THC and CBD products, including cannabis flower, pre-rolls, cannabis oils, vaporizer cartridges and edibles. Based in Vancouver, Canada, more information about C21 can be found at www.c21.com/. Click here for details and home page.
Cautionary Note Regarding Forward-Looking Information and Statements:
This news release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively, the “Forward-Looking Statements”).Forward-Looking StatementsForward-looking statements in this news release include, but are not limited to, the Company’s satisfaction of the information guidelines set forth in NP 12-203 and, following completion of the auditor’s internal review process, the filing of its annual report on or about July 19, 2024. Such forward-looking statements express the Company’s beliefs and expectations regarding future events, plans or objectives, many of which are inherently uncertain by their nature and beyond the Company’s control.
Forward-looking statements are based on assumptions, estimates, analyses and opinions at the time they are provided or made, taking into consideration the experience of the Company’s management and its perception of trends, current conditions and expected developments, as well as other factors that management believes are relevant and reasonable in the circumstances, including: (i) the scheduled filing of the Annual Report, (ii) the Company’s ability to continue to meet the information guidelines set forth in NP 12-203, (iii) the duration of the MCTO, (iv) the achievement of the expected results of the Company’s strategic plan, and (v) the general economic, financial market, regulatory and political conditions in which the Company operates.
A variety of factors, including known and unknown risks (many of which are beyond our control), could cause actual results to differ materially from the forward-looking statements in this press release, including, but not limited to, risks and uncertainties arising from delays in annual filings, our ability to satisfy the requirements of NP 12-203, the revocation and replacement of the MCTO with a cease-trading order, inability to effectively manage growth, inputs, suppliers and skilled labor being unavailable or only available at uneconomical costs, the adequacy of our capital resources and liquidity, including, but not limited to, the availability of sufficient cash flows to execute our business plan (within the expected time period or at all), changes in general economic, business and political conditions, including changes in financial markets, changes in applicable laws generally, future adverse legislative and regulatory developments related to medical and recreational marijuana, the risks of operating in the U.S. marijuana industry, and other risk factors described in our 20F filings with the U.S. Securities and Exchange Commission and Annual Information Form filings on SEDAR+.
Although the Company believes that the assumptions and factors used in preparing the forward-looking statements, and the expectations contained in the forward-looking statements, are reasonable, undue reliance should not be placed on such information and statements, and there can be no assurance that such forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. If the assumptions underlying the forward-looking statements prove inaccurate, actual results may vary materially from those intended, planned, expected, believed, estimated or expected herein.
The forward-looking statements contained in this news release are made as of the date of this news release, and the Company undertakes no obligation to update the forward-looking statements contained or referenced in this news release, except in accordance with applicable securities laws.
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/216396
