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C21 Investments Inc. (CXXI: CSE Buy Recommendation) C21 Investments Inc. (CXXI: CSE Buy Recommendation) March 23rd, 2019 [email protected] Report Disclaimer The following report was conducted by the administrator of Kaspar Equity Research. The opinions, conclusions and recommendations contained within this report are those of the author himself. ***As a user of this report, you are permitted to review, display or print the information for personal or non-commercial use only, provided the information is not modified and all copyright and other proprietary notices are retained. None of the information may be otherwise reproduced, republished or re-disseminated in any manner or form without the prior written permission of the author himself. *** ********************************************************************* Certain information set forth in this report contains “forward-looking information”, including “future oriented financial information” and “financial outlook”, under applicable securities laws (collectively referred to herein as forward-looking statements). Except for statements of historical fact, information contained herein constitutes forward-looking statements and includes, but is not limited to, the (i) projected financial performance of the Company; (ii) completion of, and the use of proceeds from, the sale of the shares being offered hereunder; (iii) the expected development of the Company’s business, projects and joint ventures; (iv) execution of the Company’s vision and growth strategy, including with respect to future M&A activity and global growth; (v) sources and availability of third-party financing for the Company’s projects; (vi) completion of the Company’s projects that are currently underway, in development or otherwise under consideration; (vi) renewal of the Company’s current customer, supplier and other material agreements; and (vii) future liquidity, working capital, and capital requirements. Forward-looking statements are provided to allow potential investors the opportunity to understand management’s beliefs and opinions in respect of the future so that they may use such beliefs and opinions as one factor in evaluating an investment. These statements do not guarantee future performance and undue reliance should not be placed on them. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements. Although forward-looking statements contained in this presentation are based upon what management of the Company believes are reasonable assumptions, there can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Company undertakes no obligation to update forward-looking statements if circumstances or management’s estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements. ****************************************************************************** 1 Table of Contents OVERVIEW ................................................................................................................................................... 3 THE COMPANY ............................................................................................................................................ 4 MANAGEMENT ........................................................................................................................................................... 4 Robert Cheney ...................................................................................................................................................... 4 Michael Kidd ........................................................................................................................................................ 4 Randy Torcom ...................................................................................................................................................... 4 ACQUISITIONS ............................................................................................................................................................ 5 Completed Acquisitions ........................................................................................................................................ 5 Acquisitions Pursuant to signed definitive agreement ......................................................................................... 8 FINANCIAL POSITION ................................................................................................................................ 9 ACCESS TO CAPITAL ................................................................................................................................................ 10 RELATIVE VALUATION............................................................................................................................................. 10 Comparable Companies ..................................................................................................................................... 11 U.S. CANNABIS INDUSTRY ....................................................................................................................... 11 FEDERAL AND STATE REGULATORY ENVIRONMENT ............................................................................................... 11 MARKET CHARACTERISTICS .................................................................................................................................... 13 Demand............................................................................................................................................................... 13 Supply ................................................................................................................................................................. 13 TECHNICAL ANALYSIS ............................................................................................................................ 15 CONCLUSION ............................................................................................................................................. 16 PRICE TARGET .......................................................................................................................................... 17 BIBLIOGRAPHY ......................................................................................................................................... 23 APPENDICES .............................................................................................................................................. 26 APPENDIX A (MARKET CAP.-TO-SALES VALUATION) ............................................................................................. 26 APPENDIX B (MAP OF STATE LEGISLATION) ............................................................................................................ 26 APPENDIX C (AMERICAN MARIJUANA CENSUS) ...................................................................................................... 27 APPENDIX D (33-MONTH PRICE ACTION)................................................................................................................. 27 APPENDIX E (TECHNICAL ANALYSIS INDICATORS).................................................................................................. 28 APPENDIX F (RELATIVE ESTIMATED PRICE TARGET) .............................................................................................. 28 2 Figure 1: Cannabis Superstore, Silver State Relief in Sparks, NV. Photo courtesy of C21 Investments Inc. Buy Recommendation Target Price: $4.69-6.57 To be updated as the company releases 2019 revenues. Overview C21 Investments Inc. (C21) is a vertically integrated cannabis corporation based out of Vancouver, British Columbia, who processes, manufactures, and distributes cannabis within the United States. Previously operating as a natural resource exploration and development company under the name, Curlew Lake Resources Ltd., on November 24th, 2017, the company changed its name to C21 Investments Inc. As a part of this transition, Curlew Lake Resources’ issued and outstanding shares were consolidated on a 10:1 basis, bringing the company’s post consolidation common share count to 1,979,695.1 On June 18th, 2018, the company officially changed its business into the cannabis industry and began trading on the Canadian Stock Exchange (CSE) under the ticker CXXI.2At the time of writing this report, the company had a fully diluted share count of110.34 million and was trading at a price of $1.95. This report will assess the investment quality of C21 Investments Inc. by following a bottom up approach. First, the company’s management team will be examined, followed by an analysis of recent acquisitions and the company’s financial position. Then, the U.S. Marijuana Industry will be analyzed, subsequently leading into a brief commentary on the company’s price action. Where the report will conclude with a price target estimation based on the report’s conclusions. All dollar values within the report are in Canadian dollars unless otherwise stated. For disclosure purposes, the author was 3 not a shareholder of C21 Investments Inc. at the time of writing this report and did not
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