C21 Investments FY23 Net Income Drops 97%, What About Adjusted EBITDA?

C21 Investments Inc. (OTCQX: CXXIF) (CSE:CXXI) released its audited financial statements for its fiscal year ended January 31, 2023, revealing revenue of $28.9 million – down 12% compared to $33 million in FY 2022.

FY 2023 Financial Highlights

• Gross profit was $13.4 million compared to $18.8 million in FY 2022.

• Gross margin of 46.4% compared to 57% in FY 2022.

• Net income was $293,211, a decrease of 97% compared to $10 million in FY 2022.

• Adjusted EBITDA of $7.4 million, compared to $12.4 million in FY 2022.

• Cash at the end of the year was $1.9 million

The British Columbia Securities Commission issued a cease trade order on June 6, 2023 in respect of the company's securities in connection with the delay in the company filing its audited consolidated financial statement for the year ended January 31, 2023, annual management's discussion and analysis for the same period and management certifications of annual filings. The company has provided notice to the British Columbia Securities Commission of the completion of the annual filings and has been informed that the CTO will be revoked June 15, 2023.

"We are pleased to announce the release of our audited year-end financial statements. We appreciate the patience of our shareholders during this delay while our tax provision changes for our previous fiscal year were corrected and restated," stated CEO and president, Sonny Newman.

Photo by Giorgio Trovato on Unsplash

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