C21 Investments (CXXI) AI Stock Analysis

• Market Cap: C$115.53M
• Dividend Yield: N/A
• Average Volume (3M): 41.58K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.77
• Revenue Growth: 23.29%
• EPS Growth: 33.65%
• Country: CA
• Employees: 114
• Sector: Healthcare
• Sector Strength: 45
• Industry: Drug Manufacturers - Specialty & Generic
• EPS (TTM): >-0.01
• Shares Outstanding: 117,971,924
• 10 Day Avg. Volume: 50,757
• 30 Day Avg. Volume: 41,578
• PEG Ratio: -1.08
• Price to Book (P/B): 0.70
• Price to Sales (P/S): 0.66
• P/FCF Ratio: -7.59
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 52 Neutral
• Price Target: C$0.49 ▲(11.36% Upside)

C21 Investments receives a score of 52, primarily due to its mixed financial performance and technical indicators. While the company shows strong free cash flow growth, it struggles with profitability and valuation metrics. The technical analysis suggests potential for upward momentum, but the stock remains in a bearish trend. The lack of earnings call data and corporate events limits additional insights.

Positive Factors

Free Cash Flow Strength

Substantial FCF growth indicates the business is increasingly generating internally available cash. Over the medium term this supports reinvestment in cultivation/retail, funds working capital, reduces external financing needs, and provides a durable buffer through regulatory or cycle volatility.

Diversified Revenue Model

A mix of retail, wholesale and potential licensing creates multiple revenue channels, lowering single-channel dependence. Structurally this improves resilience to local market disruptions, enables margin mix optimization, and supports scaling opportunities across states where cannabis is legal.

Manageable Leverage

Moderate leverage and a balanced equity ratio provide financial flexibility for capital investment and expansion without excessive solvency risk. Over 2–6 months this posture helps the company pursue growth or navigate sector regulatory costs while avoiding onerous interest burdens.

Negative Factors

Negative Net Profitability

Sustained negative net margins and falling EBIT suggest operating costs or pricing pressures are eroding profitability. Persisting losses impair retained earnings, limit internally funded growth, and may force dilutive financing or cost cuts that weaken long-term competitive positioning.

Negative Return on Equity

A negative ROE signals that deployed shareholder capital is not generating positive returns, indicating structural inefficiency or poor asset utilization. Over time this undermines investor value creation and raises questions about management's capital allocation and strategic execution.

Modest Revenue Growth

Near-flat top-line growth constrains the company’s ability to achieve scale economies and offset fixed costs typical in cultivation and retail. Without stronger sustainable revenue expansion, margin recovery and long-term earnings improvement will be harder to attain, limiting strategic optionality.

C21 Investments Business Overview & Revenue Model

Company Description

C21 Investments (CXXI) is a diversified investment company focused on the cannabis sector, particularly in the cultivation, processing, and retail of cannabis products. The company operates in various states where cannabis is legal, providing a wide range of products that include dried flower, edibles, and concentrates. C21 Investments aims to leverage its expertise in the cannabis industry to capitalize on growth opportunities and enhance shareholder value.

How the Company Makes Money

C21 Investments generates revenue primarily through the sale of cannabis products from its dispensaries and cultivation facilities. The company operates retail outlets that sell a variety of cannabis goods, which represent a significant portion of its revenue. Additionally, C21 Investments earns money from wholesale distribution to other dispensaries and businesses in the cannabis supply chain. Key revenue streams include direct sales from retail locations, wholesale transactions, and potentially licensing agreements that allow other businesses to sell C21 products. The company may also benefit from strategic partnerships with suppliers, distributors, and other players in the cannabis industry, which can enhance its market reach and operational efficiency.

C21 Investments Financial Statement Overview

Summary

C21 Investments shows mixed financial performance. Revenue growth is positive at 6.5% TTM, but profitability remains a challenge with a negative net profit margin of -10.34% TTM. The balance sheet is stable with a debt-to-equity ratio of 0.46 TTM, yet cash flow management is weak, indicated by a low operating cash flow to net income ratio of 0.14 TTM.

Income Statement

C21 Investments shows a mixed performance in its income statement. The company has a positive revenue growth rate of 6.5% TTM, indicating some recovery. However, the net profit margin is negative at -10.34% TTM, reflecting ongoing profitability challenges. The gross profit margin is moderate at 42.13% TTM, but the EBIT and EBITDA margins are relatively low, suggesting limited operational efficiency.

Balance Sheet

The balance sheet of C21 Investments presents a stable debt-to-equity ratio of 0.46 TTM, indicating manageable leverage. However, the return on equity is negative at -11.32% TTM, highlighting profitability issues. The equity ratio is not explicitly calculated, but the company's equity position appears stable relative to its assets.

Cash Flow

C21 Investments faces challenges in cash flow management. The free cash flow growth rate is significantly negative, and the operating cash flow to net income ratio is low at 0.14 TTM, indicating cash flow constraints. The free cash flow to net income ratio is positive, suggesting some ability to generate cash relative to net losses.

Breakdown	TTM	Dec 2025	Dec 2023	Dec 2022	Dec 2022	Dec 2020
Income Statement
Total Revenue	33.04M	30.12M	28.29M	32.98M	28.89M	37.70M
Gross Profit	14.52M	12.56M	11.15M	18.81M	13.40M	13.32M
EBITDA	5.07M	2.90M	2.63M	20.72M	6.98M	-19.56M
Net Income	-2.96M	-3.97M	-3.31M	9.96M	293.21K	-32.56M
Balance Sheet
Total Assets	56.16M	57.00M	54.53M	61.85M	58.31M	61.45M
Cash, Cash Equivalents and Short-Term Investments	2.80M	2.63M	2.41M	3.07M	1.89M	3.08M
Total Debt	11.32M	13.15M	10.72M	18.67M	12.14M	36.07M
Total Liabilities	28.82M	28.32M	23.48M	26.87M	24.00M	47.87M
Stockholders Equity	27.34M	28.68M	31.05M	34.98M	34.32M	13.58M
Cash Flow
Free Cash Flow	2.26M	-2.63M	5.46M	4.27M	5.46M	5.00M
Operating Cash Flow	2.49M	1.19M	5.90M	6.84M	5.90M	5.51M
Investing Cash Flow	498.59K	-3.12M	-390.93K	-1.39M	-390.93K	-4.54M
Financing Cash Flow	-2.28M	1.27M	-6.68M	-7.84M	-6.68M	-7.10M

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 below the 20-day moving average (MA) of 0.50, below the 50-day MA of 0.46, and above the 200-day MA of 0.37, indicating a bullish trend. The MACD of 0.02 indicates Negative momentum. The RSI at 53.84 is Neutral, neither overbought nor oversold. The STOCH value of 74.54 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
XLY	67 Neutral	C$195.25M	4.23	31.46%	―	27.38%	―
CXXI	52 Neutral	C$115.53M	-14.81	-9.90%	―	23.29%	33.65%
CWEB	52 Neutral	C$75.72M	-2.77	-109.83%	―	-4.23%	37.33%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
PLTH	49 Neutral	C$89.48M	-0.79	-83.55%	―	2.19%	-91.41%
JUSH	47 Neutral	C$161.29M	-1.77	―	―	3.17%	-24.07%
LEEF	45 Neutral	C$47.72M	-0.86	―	―	―	―

C21 Investments Corporate Events

C21 Investments Renews Share Buyback Program to Boost Shareholder Value

C21 Investments Inc. has announced the renewal of its normal course issuer bid (NCIB), allowing the company to purchase up to 5% of its common shares over a 12-month period. This move is aimed at increasing long-term shareholder value by capitalizing on what the company perceives as an undervaluation of its shares. The purchases will be funded with cash on hand and conducted through the Canadian Securities Exchange. The company believes this strategy is an appropriate use of its financial resources and has appointed Haywood Securities Inc. to manage the transactions.

The most recent analyst rating on (TSE:CXXI) stock is a Hold with a C$0.44 price target. To see the full list of analyst forecasts on C21 Investments stock, see the TSE:CXXI Stock Forecast page.

C21 Investments Reports Strong Q2 Financial Performance Amid Market Challenges

C21 Investments reported a strong financial performance in its second quarter, with a 13% increase in revenue to $8.5 million, driven by a 15% rise in same store sales. Despite a challenging market and a 16% decline in Nevada sales, the company achieved a record number of retail transactions and improved its gross margin to 50.4%. The company’s strategic shift to reduce wholesale exposure and focus on retail sales resulted in a substantial improvement in adjusted EBITDA and positive free cash flow, highlighting its robust business model and growth trajectory.

The most recent analyst rating on (TSE:CXXI) stock is a Hold with a C$0.50 price target. To see the full list of analyst forecasts on C21 Investments stock, see the TSE:CXXI Stock Forecast page.

C21 Investments to Announce Q2 Financial Results

C21 Investments Inc. announced it will release its second-quarter financial results on November 11, 2025. This announcement is significant for stakeholders as it provides insights into the company’s financial health and performance, which could impact its operations and market positioning in the cannabis industry.

The most recent analyst rating on (TSE:CXXI) stock is a Hold with a C$0.50 price target. To see the full list of analyst forecasts on C21 Investments stock, see the TSE:CXXI Stock Forecast page.