C21 Investments Stock Price, News & Analysis

C21 Investments Inc. (OTCQX: CXXIF; CSE: CXXI) is a vertically integrated cannabis company operating in the medicinal and botanical manufacturing space within the broader manufacturing sector. According to the company’s disclosures, C21 cultivates, processes, and distributes cannabis and hemp-derived consumer products in the United States while being based in Vancouver, British Columbia, Canada.

The company describes its strategy as focusing on value creation through the disciplined acquisition and integration of core retail, manufacturing, and distribution assets in strategic markets. C21 highlights that it seeks to leverage retail revenues with branded consumer packaged goods that have high-growth potential across multiple markets.

Business model and operations

C21 Investments states that it is vertically integrated, meaning it participates in several stages of the cannabis value chain. The company reports that it:

• Cultivates cannabis, including through its Silver State Cultivation operations in Nevada.
• Processes cannabis and hemp-derived material into finished consumer products.
• Distributes these products through retail and other channels in the United States.

C21 owns Silver State Relief and Silver State Cultivation in Nevada. It also reports ownership of legacy Oregon brands Phantom Farms, Hood Oil and Eco Firma Farms. The company states that these brands produce and distribute a broad range of THC and CBD products, including cannabis flowers, pre-rolls, cannabis oil, vaporizer cartridges and edibles.

Geographic footprint and brands

Based on company descriptions in its news releases, C21’s operating footprint includes:

• Nevada: Ownership of Silver State Relief and Silver State Cultivation, which encompass cultivation and retail operations.
• Oregon legacy brands: Phantom Farms, Hood Oil and Eco Firma Farms, which the company identifies as legacy brands associated with its product portfolio.
• Corporate base in Canada: The company is based in Vancouver, British Columbia, and identifies itself as a foreign private issuer in the United States for securities law purposes.

The company emphasizes that its brands collectively produce and distribute THC and CBD products across several form factors, including flowers, pre-rolls, cannabis oil, vaporizer cartridges and edibles.

Capital markets and regulatory profile

C21 Investments Inc. trades on the Canadian Securities Exchange under the symbol CXXI and on the OTCQX market in the United States under the symbol CXXIF. The company has indicated that it qualifies as a foreign private issuer under U.S. securities regulations and has taken steps to maintain that status, including amending its share structure to create a class of subordinate voting shares.

As a foreign private issuer, C21 files reports on Form 6-K and Form 20-F with the U.S. Securities and Exchange Commission. A Form 6-K dated November 2025 notes the submission of interim condensed consolidated financial statements, management’s discussion and analysis, and related CEO and CFO certifications for the three and six months ended September 30, 2025.

Share structure and subordinate voting shares

In a news release describing a transaction completed in 2025, C21 reported that it amended its authorized share structure and articles to create a new class of subordinate voting shares. The company disclosed that:

• An unlimited number of subordinate voting shares without par value were created.
• Each subordinate voting share is initially convertible, under certain circumstances and subject to restrictions, into 0.000001 of a common share, referred to as the conversion ratio.
• The company may require conversion of subordinate voting shares into common shares if it is no longer a foreign private issuer or if its board determines that the subordinate voting shares are no longer necessary or required.
• The company has the right to redeem subordinate voting shares for cash or common shares, using a formula based on the conversion ratio and the volume-weighted average trading price of the common shares on the Canadian Securities Exchange over a specified period.
• Transfers of subordinate voting shares require the consent of the board of directors.
• Holders of subordinate voting shares are entitled to receive notice of and attend shareholder meetings (other than meetings limited to another class or series) and to vote based on the number of common shares into which their subordinate voting shares are convertible, which is initially 0.000001 of a vote per subordinate voting share.

The company states that the subordinate voting shares do not change the rights and privileges of holders of common shares. Holders of common shares remain entitled to vote at shareholder meetings, receive dividends as determined by the board, and receive remaining property and assets upon liquidation, dissolution or winding-up. C21 also notes that each subordinate voting share is the functional equivalent of 0.000001 of a common share, subject to adjustment in certain circumstances.

Financial reporting and year-end change

In a 2024 news release, C21 announced a change to its financial year-end from January 31 to March 31. The company stated that it would file a transition report on Form 20-F providing audited financial statements for the two-month period from February 1, 2024 to March 31, 2024, and that its next financial year would cover the period from April 1, 2024 to March 31, 2025.

C21 also disclosed that it experienced delays in filing audited annual financial statements and related management discussion and analysis for the year ended January 31, 2024, and for a two-month stub period, due in part to the change in year-end and a change of auditors. The company applied for and received a management cease trade order from the British Columbia Securities Commission, which restricted trading in the company’s securities by management until the required filings were made. The company stated that this order did not affect the ability of other shareholders to trade its securities.

Operational updates

In an operational update released in 2024, C21 highlighted that it had opened a new Silver State Relief dispensary in South Reno, Nevada. The company described this as its third dispensary in Nevada and noted that the South Reno location contributed to growth in sales for a reported quarter. This update was framed in the context of the company’s Nevada operations and its focus on scaling within that market.

Industry positioning

Across multiple news releases, C21 consistently characterizes itself as a vertically integrated cannabis company focused on cannabis and hemp-derived consumer products. It emphasizes its role in cultivating, processing and distributing these products, its ownership of retail and cultivation assets in Nevada, and its portfolio of legacy Oregon brands. The company also highlights its approach of acquiring and integrating retail, manufacturing and distribution assets in strategic markets and aligning its financial reporting with peers in its sector.

Frequently asked questions (FAQ)

The following questions and answers summarize key points from C21 Investments Inc.’s public disclosures.