Mr. Michael Kidd reports

C21 INVESTMENTS ANNOUNCES FULL REPAYMENT OF $30 MILLION SENIOR SECURED NOTE

C21 Investments Inc. has completed the full repayment of its $30-million senior secured note owing to Sonny Newman, the company's president and chief executive officer.

The promissory note was originally issued in January, 2019, in connection with the company's acquisition of 100 per cent of the membership interests of both Silver State Relief LLC and Silver State Cultivation LLC, both Nevada limited liability companies, from Sonny Newman, the sole owner of Silver State. The promissory note carried an annual interest rate of 10 per cent (subsequently reduced to 9.5 per cent) and was secured against the Silver State companies and their assets.

In connection with the debt retirement, the security against Silver State has been fully discharged. The debt retirement eliminates the company's annual principal repayment obligation of $6.0-million plus interest.

Chairman of the board of directors Bruce Macdonald commented: "With our final $500,000 monthly principal payment on June 1, we have completed full repayment of our $30-million senior secured note to our CEO, Sonny Newman. Over the past four years, our ability to generate consistent, meaningful free cash flow has afforded us the opportunity to repay the debt without the need for a dilutive or high-cost capital raise. The company is now better positioned to extend our retail footprint to align with our recent cultivation expansion. The board would like to thank Sonny for his strong belief and commitment to the company and we look forward to working closely together to build the next phase of C21."

About C21 Investments Inc.

C21 Investments is a vertically integrated cannabis company that cultivates, processes, and distributes quality cannabis and hemp-derived consumer products in the United States. The company is focused on value creation through the disciplined acquisition and integration of core retail, manufacturing, and distribution assets in strategic markets, leveraging industry-leading retail revenues with high-growth potential multimarket branded consumer packaged goods. The company owns Silver State Relief and Silver State Cultivation in Nevada, and Phantom Farms and Eco Firma Farms in Oregon. These brands produce and distribute a broad range of tetrahydrocannabinol and cannabidiol products from cannabis flowers, prerolls, cannabis oil, vaporizer cartridges and edibles.