An anonymous director reports

C21 INVESTMENTS ANNOUNCES ISSUANCE OF CEASE TRADE ORDER DUE TO DELAY IN FILING ANNUAL FINANCIAL RESULTS

The B.C. Securities Commission has issued a cease trade order in respect of C21 Investments Inc.'s securities as a result of a delay in the company filing its audited annual financial statements and management's discussion and analysis for the financial year ended Jan. 31, 2023, and the chief executive officer and chief financial officer certificates, all as required by National Instrument 51-102 (Continuous Disclosure Obligations) and National Instrument 52-109 (Certification of Disclosure in Issuers' Annual and Interim Filings).

As stated in the unaudited year-end results news release, dated June 2, 2023, the delay in filing the documents is to allow its current and previous auditor to address an error in the tax provision for prior years. The company will be restating the figures related to the tax provision in the accounts for the year ended Jan. 31, 2022. This error is approximately $1.1-million (subject to finalization), which was reflected in the figures included in the news release dated June 2, 2023. The company was not made aware of this issue with sufficient time to secure a management cease trade order.

The company is working diligently and expeditiously with its current and previous auditors to restate the 2022 financial statements, complete the audit of the company's annual financial statements for the financial year ended Jan. 31, 2023, and file the documents.

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, including legacy Oregon brands Phantom Farms, Hood Oil and Eco Firma Farms. These brands produce and distribute a broad range of tetrahydrocannabinol and cannabidiol products from cannabis flowers, prerolls, cannabis oil, vaporizer cartridges and edibles. Additional information on C21 Investments, based in Vancouver, Canada, can be found at SEDAR and the C21 Investments website.

We seek Safe Harbor.