VANCOUVER, Dec. 2, 2020 /CNW/ - PRESS RELEASE - C21 Investments Inc., a vertically integrated cannabis company, today announced the planned expansion of its licensed cultivation and production facility in Nevada.
Expansion Highlights (All currency is in U.S. dollars):
- 40,000-square-foot buildout to existing operations at the Nevada facility, including 11 new flowering rooms and two new vegetative rooms.
- This 200% of additional canopy is expected to yield an incremental 7,500 pounds of premium indoor flower and 3,000 pounds of trim/biomass annually.
- Upon completion of the buildout, 60% of the 100,000+ square foot licensed facility will be utilized. Significant capacity remains to accommodate future growth.
CEO and President Sonny Newman said, "With our recently announced debt restructuring and debenture backstop now complete, we are excited to move into this next phase of growth. This expansion will give us significant economies of scale and the ability to deliver even stronger margins. Cultivation expansion supports our plan to increase the degree of vertical integration for in-house products, as well as take advantage of wholesale opportunities in the state for premium indoor flower. Most importantly, this positions us well for accretive expansion of our retail footprint in Nevada."
The company expects the expansion to be funded internally at a cost of approximately $6 million. Plans for its licensed Nevada facility are subject to local building permit approvals and the xcompany anticipates completion of the project in the second half of 2021.
Release Date of Third Quarter Financial Results:
C21 plans to release its third quarter (fiscal period ending Oct. 31, 2020) unaudited financial results on Dec. 16, 2020.
