C21 Investments Inc (OTCMKTS:CXXIF) streamlined its operations in Oregon. The company ramped up the Fernley, Nevada based Silver State Relief dispensary and achieved debt reduction by 5% through improving cash flow. C21 Investments reported revenues of $37.7 million (up 1,400%) in 2020.
Reduces liabilities related to long term lease
C21 Investments has taken over real estate assets of Phantom Farms from SDP Group and reduced annual liabilities associated with long term lease by $37,000. The acquisition, which comprises Southern Oregon based 60 acres, strengthens the cash balance of C21 Investments.
C21 Investments explores options to sell non-core assets and further optimize its operations. Its Sparks dispensary has accounted for 24% of the total sales in 2020. The company has unveiled the Phantom Cannabidiol product line and flower in Nevada.
Flowers are sourced from healthy plants cultivated in nutrient-rich soil. They are of high quality and tastes great with high terpene. Customers can use cannabis flowers to cure a variety of illnesses and disorders besides enjoying a sound sleep. Cannabis flower consists of anti-inflammatory properties. Smoking of cannabidiol rich in hemp provides relief from headaches. According to recent studies, cannabidiol also provides relief from pain and cures acne and lowers BP. C21 Investments expects to post solid growth going forward using its scalable extraction and cultivation in Nevada.
Operations during Covid-19
C21 Investments has introduced curbside delivery on May 1, 2020, with easing restrictions in Nevada and Oregon. Silver State’s dispensaries have reported brisk business through curbside delivery. C21 Investment’s dispensaries have resumed normal operations with the lifting of in-store restrictions on May 9, 2020.
The revenues of Nevada based dispensaries are up by 88% in Q1 when compared to Q4 despite business disruptions caused by coronavirus. Silver State dispensaries and C21 Investments have exhibited the best performance because of its loyal customer base.
Takes Over Restructured Megawood Enterprises
C21 Investments has taken over Megawood Enterprises Inc for cash of $13,000. The company also issued its common shares of 95,849 at CAD 0.6225 each. Established by Meghan Walslatter and Matt, Megawood is a licensed cannabis retailer in Oregon.