Mr. Michael Kidd reports

C21 INVESTMENTS ANNOUNCES RENEWED NORMAL COURSE ISSUER BID

C21 Investments Inc. intends to commence a renewed normal course issuer bid (the NCIB), under which it may purchase up to 5,898,596 common shares of the company, representing approximately 5 per cent of the company's issued and outstanding common shares.

The company may purchase common shares under the NCIB over a 12-month period beginning on Dec. 9, 2025, and ending on Dec. 9, 2026. All common shares purchased under the NCIB will be purchased on the open market through the facilities of the Canadian Securities Exchange (the CSE) or alternative trading systems at the prevailing market price of the common shares at the time of purchase and in accordance with the policies of the CSE and applicable Canadian securities laws. The company will finance the purchases of common shares under the NCIB with cash on hand. The exact timing and amount of any purchases of common shares made pursuant to the NCIB will depend on market conditions and other factors. The company is not obligated to acquire any common shares and may suspend or discontinue purchases under the NCIB at any time. Any common shares purchased by the company under the NCIB will be cancelled upon their purchase.

Under the NCIB, the company may purchase up to such number of common shares equal to 2 per cent of its issued and outstanding common shares over any 30-trading day period.

The company intends to commence the NCIB as it believes that the market price of the common shares may not fully reflect the value of its business and prospects, and as such it believes that purchasing its own common shares for cancellation is an appropriate strategy for increasing long-term shareholder value and represents an appropriate use of the company's financial resources.

The company has appointed Haywood Securities Inc. as its broker to conduct the NCIB transactions on its behalf.

The company recently concluded a normal course issuer bid for the purchase of up to 6,002,390 common shares (the 2025 NCIB) which commenced on Dec. 2, 2024, and expired on Dec. 2, 2025. Pursuant to the 2025 NCIB, the company repurchased for cancellation an aggregate of 224,000 common shares at an average price of approximately 20 cents per share. All repurchases of common shares pursuant to the 2025 NCIB were made through the facilities of the CSE.

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 THC and CBD products from cannabis flowers, prerolls, cannabis oil, vaporizer cartridges and edibles.

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