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VANCOUVER, Jan. 10, 2019 /CNW/ – C21 Investments Inc. (CSE: CXXI) today announced that it has received approval from the Nevada Department of Taxation for the transfer of the licenses of Silver State Relief and Silver State Cultivation. Together these businesses are an established and profitable, vertically integrated cannabis cultivation, processing and retailing operation with trailing 12-month revenue of US$24.5 million. The formal closing and transfer procedures are scheduled to be completed on Tuesday, January 15.
“Completion next week will represent C21’s largest acquisition and is aligned with our long-term growth objectives,” Robert Cheney, President and CEO, C21 Investments. “The Silver State businesses will immediately contribute solid revenue and earnings and we anticipate two more announced acquisitions to close before the end of the month.”
C21 Investments is acquiring the operations of the 155,000 square-foot fully licensed cultivation and processing facility and the 8,000-square foot retail dispensary, located in Sparks, Nevada. The retail dispensary is a “cannabis superstore”, with 21 points of sale that serves over 36,000 customers per month. The Sparks dispensary is one of the top three revenue producing dispensaries in Nevada for the past 36 months in a row.
C21 Investments will also acquire on closing a second 6,000 square foot dispensary located in Fernley, Nevada. The Fernley dispensary is located in an area experiencing rapid economic growth and housing/business development. Fernley is expected to go into operation in the next four weeks. The opening of the second dispensary location offers significant revenue and earnings growth potential to the existing business.
The Silver State transactions are part of a larger plan by C21 Investments to expand significantly in the cultivation, processing and wholesale and retail distribution of branded products throughout the State of Nevada.
“The Silver State operations are a very well managed business led by well-known Nevada entrepreneur Sonny Newman,” added Mr. Cheney, “and it has strong potential for significant expansion on all levels.”
“The Silver State brands and products are a strong complement to C21’s existing business,” said Sonny Newman, founder and sole owner of Silver State. “With C21Investments, we look forward to expanding our reach within Nevada and nationwide.”