‘Inflationary Pressures Continue To Impact” Cannabis Industry, Says C21 As It Reports Net Loss And Decline In Nevada Sales
C21 Investments Inc. (CSE:CXXI) (OTCQX:CXXIF) reported its financial results Friday for its first quarter of June 30, 2023. Revenue amounted to $6.6 million, up 1% compared to the fourth quarter (ended January 31, 2024) despite a 1% decline in Nevada sales over the comparative period. Retail revenues remained relatively stable, with continued robust retail transaction volume at C21’s two legacy dispensaries offset by a decline in basket size as inflationary pressures continue to impact the industry with a “trade down” effect in purchases for lower-priced products.
The vertically integrated cannabis company recently changed its fiscal reporting period to a March 31st year-end (see news release dated August 1, 2024, for audited two-month stub period) and does not have traditional sequential or year-over-year comparable reporting periods.
“Our company reported a slight increase in revenue …