Mr. Rob Cheney reports
C21 INVESTMENTS ANNOUNCES ALIGNMENT OF MANAGEMENT OF OREGON OPERATIONS, TERMINATION OF DISCUSSIONS WITH 7 LEAF DISPENSARY AND RESTRUCTURING OF ECO FIRMA FARMS REAL ESTATE RIGHTS
C21 Investments Inc. is integrating management of its Oregon operations to better align the organization's strategic focus and maximize operational efficiencies. Under the new structure, Eric Shoemaker has been appointed head of operations, with Skyler Pinnick remaining as C21's board representative with strategic responsibility for the operations. In addition, Mr. Shoemaker was appointed president of Eco Firma Farms (EFF).
C21 also announced that it is terminating further discussions with 7 Leaf Dispensaries in Oregon.
C21 further announced that it has exercised and restructured certain real estate rights connected with its EFF operations. Under the restructured arrangement, C21 will formally acquire the real estate assets housing EFF's operations under a vendor finance arrangement that will convert current rental payments into mortgage interest payments, with a straight-line amortization of the $3.8-million (U.S.) purchase price in cash or shares over two years. C21 retains the right to accelerate payments at its discretion.
"The changes announced today will enhance C21's ability as a top competitor in the Oregon market, driving true vertical integration of our Oregon assets into a single strategic unit," said Rob Cheney, chief executive officer of C21. "Under Eric and Sky's leadership, we are well positioned to profitably deliver premium brands and products to the Oregon marketplace."
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 owns Eco Firma Farms in Oregon, and has definitive agreements in place that are expected to close prior to the company's year-end of Jan. 31, 2019, to acquire Silver State in Nevada, and Phantom Farms, Pure Green and Swell in Oregon. These brands produce and distribute a broad range of THC (tetrahydrocannabinol) and CBD (cannabidiol) products from cannabis flowers, prerolls, cannabis oil, vaporizer cartridges and edibles. C21 is also in active discussions to acquire additional operations in the United States and globally, which include the first CBD licence issued in Ukraine.
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