C21 Investments (CXXI) AI Stock Analysis

• Market Cap: $63.60M
• Dividend Yield: N/A
• Average Volume (3M): 80.21K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.84
• Revenue Growth: 21.71%
• EPS Growth: 18.75%
• Country: CA
• Employees: 114
• Sector: Healthcare
• Sector Strength: 49
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): >-0.01
• Shares Outstanding: 117,772,810
• 10 Day Avg. Volume: 149,512
• 30 Day Avg. Volume: 80,207
• PEG Ratio: N/A
• Price to Book (P/B): 0.00
• Price to Sales (P/S): 0.00
• P/FCF Ratio: 0.00
• Enterprise Value/Market Cap: 0.66
• Enterprise Value/Revenue: 1.40
• Enterprise Value/Gross Profit: 3.36
• Enterprise Value/Ebitda: 12.57
• 1Y Price Target: $0.50
• Price Target Upside: 13.07% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 1

• Rating: 56 Neutral
• Price Target: C$0.50 ▲(13.64% Upside)

C21 Investments' overall score reflects its financial instability and valuation concerns, offset by strong technical momentum and positive corporate events. The company's operational success and revenue growth are promising, but financial performance remains a critical risk.

C21 Investments Business Overview & Revenue Model

Company Description

C21 Investments Inc., an integrated cannabis company, cultivates, processes, distributes, and sells cannabis and hemp-derived consumer products in the United States. It offers packaged and wholesale flower, vaporizer pens, cured extracts, edibles, pre-rolls, tinctures, and topicals; and payroll and benefits services. The company was formerly known as Curlew Lake Resources Inc. and changed its name to C21 Investments Inc. in November 2017. C21 Investments Inc. was incorporated in 1987 and is headquartered in Vancouver, Canada.

How the Company Makes Money

C21 Investments generates revenue primarily through the sale of cannabis products across its retail and wholesale channels. The company operates several retail dispensaries, where it sells a variety of cannabis products directly to consumers. Additionally, C21 Investments supplies cannabis products to other retailers and distributors through its wholesale operations. Significant revenue streams include in-store sales at its dispensary locations and wholesale transactions with third-party retailers. The company may also leverage strategic partnerships to expand its market presence and enhance its distribution network, contributing to its overall earnings.

C21 Investments Financial Statement Overview

Summary

C21 Investments faces financial headwinds with declining revenues and inconsistent profitability. Despite a balanced debt position, declining assets and cash flow challenges highlight financial instability.

Income Statement

C21 Investments has experienced declining revenues over the past few years, with total revenue dropping from $37.7M in 2020 to $30.1M in 2025. The company has also faced challenges in maintaining profitability, as evidenced by a negative net income in recent years and a declining gross profit margin from 2022 to 2025. While there are periods of increased gross profit, such as in 2020, the overall trend shows financial instability.

Balance Sheet

The balance sheet of C21 Investments shows a moderate Debt-to-Equity ratio, indicating a balanced leverage position. However, the declining equity and increasing liabilities over time present potential risks. The company's total assets have decreased from $68.8M in 2021 to $57M in 2025, reflecting a contraction in asset base. Despite these challenges, the company has managed to maintain a positive equity ratio, suggesting some stability.

Cash Flow

C21 Investments has experienced fluctuations in free cash flow, with significant negative values in 2025. The operating cash flow has been positive but inconsistent, which, coupled with negative free cash flow growth, indicates cash management challenges. While there were periods of positive free cash flow, the inability to sustain this trend raises concerns about the company's cash-generating ability.

Breakdown	Mar 2025	Mar 2024	Mar 2023	Mar 2022	Mar 2021
Income Statement
Total Revenue	30.12M	28.29M	28.89M	32.98M	33.47M
Gross Profit	12.56M	11.15M	13.40M	18.81M	18.05M
EBITDA	2.90M	2.63M	6.98M	20.72M	5.79M
Net Income	-3.97M	-3.31M	293.21K	9.96M	-7.83M
Balance Sheet
Total Assets	57.00M	54.53M	58.31M	61.85M	68.81M
Cash, Cash Equivalents and Short-Term Investments	2.63M	2.41M	1.89M	3.07M	6.24M
Total Debt	13.15M	10.72M	12.14M	18.67M	27.30M
Total Liabilities	28.32M	23.48M	24.00M	26.87M	43.47M
Stockholders Equity	28.68M	31.05M	34.32M	34.98M	25.34M
Cash Flow
Free Cash Flow	-2.63M	5.46M	5.46M	4.27M	9.70M
Operating Cash Flow	1.19M	5.90M	5.90M	6.84M	9.92M
Investing Cash Flow	-3.12M	-390.93K	-390.93K	-1.39M	-1.10M
Financing Cash Flow	1.27M	-6.68M	-6.68M	-7.84M	-5.70M

C21 Investments Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 0.44
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:CXXI, the sentiment is Positive. The current price of 0.44 is above the 20-day moving average (MA) of 0.37, above the 50-day MA of 0.28, and above the 200-day MA of 0.25, indicating a bullish trend. The MACD of 0.07 indicates Negative momentum. The RSI at 58.76 is Neutral, neither overbought nor oversold. The STOCH value of 77.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:CXXI.

C21 Investments Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
CXXI	56 Neutral	$63.60M	―	-10.63%	―	21.71%	18.75%
Sector *	47 Neutral	C$213.29M	-1.44	-30.58%	3.10%	19.48%	-0.04%
MILFF	―	$23.00M	15.61	6.23%	―	―	―
ROMJF	―	$28.68M	―	-2.68%	―	―	―
VEXTF	―	$47.48M	―	-24.12%	―	―	―
AVCNF	―	$22.31M	―	-109.32%	―	―	―
GWAY	44 Neutral	C$27.71M	―	-18.73%	―	71.10%	56.57%

C21 Investments Corporate Events

C21 Investments Achieves 30% Revenue Growth in Q1 2025

C21 Investments reported a 30% year-over-year revenue growth for the first quarter of 2025, reaching $8.6 million, despite a decline in Nevada state sales. The growth was driven by same-store sales and increased wholesale volume. The company achieved a gross margin of 35% and reported a net income before tax of $0.1 million, although it faced a net loss primarily due to income tax provisions. C21’s operational efficiency and retail strategy have been highlighted as key factors in its robust performance, with significant growth in retail transactions and a focus on long-term sustainable growth.

C21 Investments Reports Revenue Growth Amid Market Challenges

C21 Investments Inc. reported a 3% increase in fourth-quarter revenue, reaching $8.1 million, driven by same-store sales growth across all dispensaries despite a 6.5% decline in Nevada state sales. For the fiscal year ending March 31, 2025, the company achieved a revenue of $30.1 million, marking a 6.5% increase over the previous year. The South Reno dispensary showed exceptional performance with over 100% same-store sales growth since its opening. The company’s disciplined approach resulted in sustained free cash flow and improved margins, demonstrating resilience in a challenging market environment.

C21 Investments Reports Strong Q4 Growth and Operational Success

C21 Investments announced its Q4 earnings date and provided an operational update, reporting a revenue increase to $8.1 million, a 3% rise from the previous quarter and a 24% increase year-over-year. The company highlighted strong same-store sales growth across all dispensaries, particularly noting the South Reno store’s over 100% sales growth since its opening in July 2024. This performance underscores the strength of C21’s retail brand and its strategic positioning in the cannabis market, showcasing resilience despite industry challenges.