Cannabis Co. C21 Investments Reports Fifth Consecutive Year Of Positive Free Cash Flow, Following $3.5M Deep Roots Harvest Acquisition
Portfolio Pulse from Jelena Martinovic
C21 Investments Inc. (OTCQX:CXXIF) reported its fifth consecutive year of positive free cash flow, despite a slight revenue decline. The company completed a $3.5 million acquisition of a retail cannabis dispensary in South Reno, Nevada, which is expected to drive future revenue growth. Shares of C21 Investments traded down 11% following the announcement.
July 22, 2024 | 3:56 pm
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C21 Investments Inc. reported its fifth consecutive year of positive free cash flow and completed a $3.5 million acquisition of a retail cannabis dispensary in South Reno, Nevada. Despite these positive developments, the company's shares traded down 11%.
The acquisition of a new retail dispensary in a high-traffic area is expected to drive future revenue growth and improve margins. However, the immediate market reaction was negative, with shares trading down 11%. This could be due to the slight revenue decline and lower gross margins reported.
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