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by Stockwatch Business Reporter
The Canadian Securities Exchange Composite Index gained 8.07 points to 387.68 Monday. Sonny Newman's C21 Investments Inc. (CXXI) lost eight cents to 78 cents on 790,000 shares after releasing its results for the fiscal third quarter ended Oct. 31, 2019. The United States-based cannabis producer lost $5.1-million (U.S.) on revenue of $10.5-million (U.S.) in Q3, down from a loss of $2.9-million (U.S.) on revenue of $9.8-million (U.S.) in fiscal Q2. While the Q3 loss was worse, it included a $4.1-million (U.S.) asset writedown. In fact, C21's expenses in the third quarter were $3.2-million (U.S.), down from $4.3-million (U.S.) in Q2.
Today's fall puts C21's stock back near 75 cents, where it started 2019. It has been a rocky year for C21 shareholders. As was the case for many cannabis companies, C21 surged in the first three months of the year. It hit a high of $2.52 at the end of March, but those gains did not last long. The company tumbled to a low of 45 cents in October and has since rebounded to 78 cents.
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