Mr. Sonny Newman reports

C21 INVESTMENTS COMPLETES REPURCHASE OF 2,051,000 COMMON SHARES FOR CANCELLATION

C21 Investments Inc. has completed a repurchase for cancellation of 2,051,000 of its common shares, representing approximately 1.7 per cent of the outstanding common shares of the company, in a private transaction.

The purchased shares were repurchased at a discount to the closing price of the company's shares on the Canadian Securities Exchange (CSE) on Feb. 14, 2025. The transaction was unanimously approved by the board of directors of the company.

"We are pleased to announce the purchase for cancellation of over two million outstanding common shares of C21, as we believe our current market valuation does not reflect the inherent value of our company given our growth trend, and proven track record of generating free cash flow over the last five years. Consistent with our strategy, this transaction represents the company, once again, taking advantage of an opportunity that, we believe, will be accretive to our shareholders," said Sonny Newman, chief executive officer. "We continue to strive to be thoughtful stewards of capital and remain focused on pursuing additional accretive growth opportunities."

The transaction does not fall under the company's normal course issuer bid because the purchased shares were bought from a shareholder who resides outside of Canada.

After the transaction and the cancellation of the purchased shares, the company will have 117,996,814 common shares outstanding.

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.

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