Integrated cannabis company, C21 Investment (OTCMKTS:CXXIF), is engaged in cultivating, processing, distributing, and selling cannabis as well as hemp-derived consumer products in the United States. The company provides packaged as well as wholesale flower, cured extracts, vaporizer pens, edibles, tinctures as well as topicals. Known as Curlew Lake Resources Inc, the firm changed its name to C21 Investments Inc. in November 2017. Incorporated in 1987, the company is headquartered in Vancouver, Canada.
Trading Data
On Friday, CXXIF stock moved up 2.03% to $0.2867 with more than 57K shares, compared to its average volume of 45K shares. The stock moved within a range of $0.2630 – 0.3048 after opening trade at $0.2630.
C21 Investments Provides MCTO Status Update
C21 Investments Inc is giving a default status report in accordance with alternative information guidelines set in National Policy 12-203 – Management Cease Trade Orders. The firm had announced on May 30, 2022, on applying for a management cease trade order from British Columbia Securities Commission due to a delay in filing of the audited consolidated financial statement for year ending Jan 31, 2022.
The MCTO was given by BCSC on June 1, 2022 andprohibits the management from trading in securities until the time the Annual Filings are filed. It does not impact the ability of any shareholder to trade securities of the firm. The firm and its auditors will carry on working towards finishing the Annual Filings quickly. The ongoing review by auditors is to address non-operational derivative accounting as well as some other non-cash items for a restatement of previous periods.
C21 Investment confirmed that there hasn’t been any material change that hasn’t been disclosed. Furthermore, the firm confirmed that it aims to carry on satisfying provisions of the “alternative information guidelines” under NP 12-203 as well as issue bi-weekly default status reports. The company also said that there hasn’t been any default by the Company under NP 12-203, and it is not subject to any insolvency proceedings.
C21 Investment also announced the filing of unaudited interim financial statements for the three months ending April 30, 2022. Furthermore, it informed on the management analysis and discussion for the same period as well as management certifications of interim filings will be delayed beyond the filing deadline of June 29, 2022. The firm is also hoping on finishing the Interim Filings soon and is expecting to file them in the Annual Filings.
Technical Data
CXXIF stock is trading below the 20-Day and 50-Day Moving averages of $0.35 and $0.40 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.52.
