Fernley location in prosperous, under-served market
VANCOUVER, Jan. 18, 2019 /CNW/ - C21 Investments Inc. (CSE: CXXI) today announced that it has opened a 6,000 square foot dispensary located in Fernley, Nevada. The Fernley dispensary is located in an area experiencing rapid economic growth with housing and business development and there are no other licensed dispensary operations within a 50-kilometer radius.
"The potential for the Fernley location was the vision of Sonny Newman, founder of Silver State Relief, and C21 Investments' largest shareholder," said Robert Cheney, President and CEO, C21 Investments. "Our local team in Nevada did a terrific job opening a first-class retail location that offers customers a superior experience."
This newly opened dispensary is in addition to the 8,000 square foot cannabis "super store" operated by C21 Investments in Sparks, a suburb of Reno. The Sparks location has been one of the top three revenue producing dispensaries in Nevada for the past 36 consecutive months.
The Fernley dispensary has a high-quality retail layout similar to the existing dispensary in Sparks and offers 10 points of sale and fully stocked inventory of over 500 branded products. The Fernley location will offer the same high-quality products and services as our Sparks location and is a Superstore location offering all of Nevada's best and most popular products. The opening of the new dispensary offers revenue and earnings growth to C21 Investments' existing Nevada businesses.
"The Silver State brand is very strong in Nevada and the new Fernley location expands our reach and allows C21 Investments to serve even more Nevada customers with quality products at the most competitive prices in the state," said Sonny Newman. "With C21 Investments, we look forward to developing the Fernley location into a significant revenue and profit center to compliment the already strong retail location we operate in Sparks."
ABOUT C21 INVESTMENTS
C21 Investments Inc. (CSE: CXXI) is a vertically integrated cannabis company that cultivates, processes, and distributes quality cannabis and hemp-derived consumer products in the United States. The Company owns Silver State Relief in Nevada, Eco Firma Farms, and has definitive agreements in place to acquire Phantom Farms, Pure Green and Swell in Oregon. These brands produce and distribute a broad range of THC and CBD products from cannabis flowers, pre-rolls, cannabis oil, vaporizer cartridges and edibles. C21 Investments is also in active discussions to acquire additional operations. These developments are expected add to the Company's ability to compete aggressively in the rapid growth of the cannabis industry and to grow revenue and EBITDA. Based in Vancouver, Canada, additional information on C21 Investments can be found at www.sedar.com and www.cxxi.ca.
Certain statements contained in this news release may constitute forward-looking statements within the meaning of applicable securities legislation. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "plan", "expect", "may", "will", "intend", "should", and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Forward looking statements in this news release include: (i) net proceeds from the Offering are intended to be used primarily to complete previously announced acquisitions in the United States, and to upgrade and expand the acquired businesses; and (ii) closing of the Offering is expected to occur on November 28, 2018, and is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the Canadian Securities Exchange; (iii) the Company owns Eco Firma Farms in Oregon, and has definitive agreements in place that are expected to close prior to the Company's year end of January 31, 2019 to acquire Silver State Relief and Silver State Cultivation in Nevada and Phantom Farms, Pure Green and Swell in Oregon, and Letters of Intent to acquire and expected to also close prior to year-end with two dispensaries in Oregon.
The forward-looking statements contained in this news release are based on certain key expectations and assumptions made by C21. Although C21 believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because C21 can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to obtain necessary regulatory approvals or satisfy the conditions to closing the Offering, C21's inability to complete previously announced acquisitions or, if completed, to upgrade and expand the acquired business as planned, competitive factors in the industries in which C21 operates, prevailing economic and regulatory conditions, and other factors, many of which are beyond the control of C21.
The forward-looking statements contained in this news release represent C21's expectations as of the date hereof, and are subject to change after such date. C21 disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
The CSE has not accepted responsibility for the adequacy or accuracy of this release.
SOURCE C21 Investments Inc.