Continued restructuring efforts reduce cost base by $5.4 million
VANCOUVER , Sept. 12, 2019 /CNW/ – C21 Investments Inc. (“C21”) (CSE: CXXI and OTC: CXXIF) today announced unaudited financial results for the second quarter of fiscal 2020 ending July 31, 2019 . Unless otherwise stated, all currency is in US dollars and the results are unaudited.
Revenue for Q2 was $9.86 million , an increase of 27% versus the prior quarter. This revenue generated adjusted EBITDA of $0.8 million , an increase of 393% over Q1. C21 also maintained a strong gross margin of 44% (43% in Q1).1 C21 achieved approximately $3.7 million in annual run rate savings by the end of Q2, and has now increased the annual savings to approximately $5.4 million . The one-time costs of achieving these savings have