fbpx
QQQ
+ 0.30
314.05
+ 0.1%
DIA
-1.42
311.53
-0.46%
SPY
-1.28
379.86
-0.34%
TLT
+ 0.32
150.90
+ 0.21%
GLD
-0.80
174.03
-0.46%

C21 Expands Cannabis Cultivation Facility In Nevada, Expects To Triple Flower Output

December 2, 2020 11:29 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
C21 Expands Cannabis Cultivation Facility In Nevada, Expects To Triple Flower Output

Cannabis company C21 Investments Inc. (CSE:CXXI) (OTCQX:CXXIF) has plans to development its cultivation and production facility in Nevada.

The Vancouver-based company aims to add 40,000 square-feet, including 11 new flowering rooms and two vegetative rooms.

This should increase the space by 200% and enable the facility to produce around 7,500 pounds of indoor flower — plus 3,000 pounds of trim/biomass — per year.

The expansion is expected to be finalized during the second half of 2021.

The projected price for the expansion is roughly $6 million, which the company plans to support internally.

C21 chairman Bruce MacDonald told Benzinga that this expansion, which should triple flower production, is “the next logical phase of C21’s growth strategy.”

“We know there is untapped demand for our in-house products, as well as wholesale opportunities in the state," he said. "Extending our existing high margin business and achieving greater economies of scale not only flows to the bottom line, it puts us in a strong position to expand our retail footprint.”

C21 CEO and president Sonny Newman said he is thrilled to take this step as part of a growth plan.

“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," Newman stated. "Most importantly, this positions us well for accretive expansion of our retail footprint in Nevada."

In addition, C21 said it will release its third-quarter unaudited financial results on Dec. 16.

Related Links:

C21 Investments Debuts On OTCQX

Cannabis Cultivator C21 Backstops Repayment Of Convertible Debentures

Courtesy image


Related Articles

Village Farms Announces $135M Registered Direct Offering

Village Farms International Inc. (NASDAQ: VFF) (TSX: VFF) has raised some $135 million through a direct offering of about 10.9 million shares. Each share at the offering has a price target of $12.40. read more

Cannabis Stock Gainers And Losers From January 14, 2021

GAINERS: Flower One Hldgs (OTCQX: FLOOF) shares closed up 37.3% at $0.21 read more

Cannabis SPACs Will Remain Popular In 2021 Despite Several Challenges

Cannabis companies continue to face restrictions on most national exchanges. Special-purpose acquisition companies (SPACs) help fill the funding void. These types of deals are occurring more often as a less costly and more efficient go-public strategy. read more

Cannabis Brand Cookies Expands Into Non-Psychoactive Mushroom Space With Caps

Cannabis brand Cookies is expanding its line to include non-psychoactive mushroom formulations. The California-based company is rolling out a capsule line called "Caps." The three-in-one item combines mushrooms with cannabinoids and terpenes. read more

Dispensary Update: Trulieve, Jushi And Cloud Cannabis Each Have New Stores

Trulieve Opens Second Store In Gainesville Cannabis company Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) has cut the ribbon on its second Gainesville, Florida-based dispensary. read more