C21 Investments

What C21 Investments does

C21 Investments Inc. (CSE: CXXI; OTCQX: CXXIF) is a vertically integrated cannabis corporation headquartered in Vancouver, BC, Canada, with operating assets concentrated in the U.S. states of Nevada and Oregon. The company cultivates, processes, manufactures, and distributes cannabis and hemp-derived consumer products through a portfolio of wholly owned subsidiary brands: Silver State Relief and Silver State Cultivation (Nevada), and Phantom Farms, Swell Companies, Eco Firma Farms, Pure Green Dispensary, and 7 Leaf (Oregon). Operations span ~158,000 sq ft of cultivation and processing capacity, with the 155,000 sq ft Sparks, Nevada facility serving as a flagship asset that combines cultivation, processing, and a cannabis superstore (21 points of sale) handling 36,000+ customer transactions monthly. B2B wholesale distribution is handled through C21 Supply Co., which places branded products in 275+ Oregon retail locations.

The business operates through two primary revenue streams: direct-to-consumer retail dispensary sales (Silver State Relief in Nevada; Pure Green and 7 Leaf in Oregon) and B2B wholesale distribution (Swell branded products and Phantom Farms flower via C21 Supply Co. and cultivated output from Eco Firma). Cultivation is anchored in Clean Green Certified outdoor operations at Phantom Farms (80,000 sq ft outdoor plus indoor expansion) and a state-of-the-art 7,700 sq ft indoor grow in Central Oregon. Extraction capacity at the Swell Portland facility reaches 5,000 lbs of raw material per month (220,000-270,000 grams of oil-based extracts), with an additional 1,200 lbs/month Bend facility. The combined business serves both medical and recreational cannabis consumers via retail and wholesale channels, with FY2020 revenue of $37.7M and Q3 FY2026 quarterly revenue of $8.1M.

Revenue mechanics are transaction-based across consumer POS sales and wholesale distributor relationships, with gross margin pressure in retail (Q3 FY2026 gross margin 38.2%) reflecting Nevada market pricing dynamics. Customer concentration is highly distributed across the long-tail consumer base (725,000 annual customer transactions) and 275+ wholesale retail partners, reducing single-customer dependency. C21 also holds the first CBD license issued by Ukraine's SSUMDC for importation, processing, wholesale distribution and re-export of CBD products, providing a regulatory-first-mover position outside the core U.S. footprint. The company completed a transformation from a 2017-founded shell entity into an integrated operator through 2018-2019 acquisitions of Silver State, Phantom Farms, and Swell, and announced in June 2026 a definitive agreement to be acquired by multi-state operator Vireo Growth Inc. in a Q3 2026 expected closing.

Name

C21 Investments

Legal name

C21 Investments Inc.

Website

https://cxxi.ca

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

11–50 employees

Short description

C21 Investments Inc. is a vertically integrated U.S. cannabis corporation (operating in Nevada and Oregon) that cultivates, processes, manufactures, and distributes cannabis consumer products through wholly owned brands including Silver State Relief, Phantom Farms, Swell, and Pure Green, serving both recreational/medical consumers via retail dispensaries and third-party retailers via wholesale.

Ownership category

akta.pro rank

Headquarters

HQ city

Vancouver

HQ country

Canada

HQ region

North America

Offices9 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Supply Chain, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. Retail Dispensary Sales: Direct sales of cannabis products to consumers through company-owned Silver State Relief dispensaries in Nevada (3 high-volume locations). Revenue from point-of-sale transactions with end consumers.
2. Wholesale Distribution: B2B sales of branded cannabis products including flowers, concentrates, edibles, and extracts through C21 Supply Co. and acquired brands like Phantom Farms, Swell, and Eco Firma Farms to other dispensaries and retailers.
3. Cultivation and Production: Revenue from cultivation operations producing cannabis flower, with expanded cultivation facility increasing flower capacity to service dispensaries and wholesale market.

Go-to-market motion3 records

Distribution channels4 records

Marketing channels5 records

Core offering

C21 Investments is a vertically integrated cannabis company that cultivates, processes, manufactures, and distributes cannabis products, and operates retail dispensaries in Nevada and Oregon under owned brands. Its offerings span wholesale cannabis inputs, finished consumer cannabis products, and direct retail dispensary sales across multiple state-licensed operations.

Product overview

C21 Investments is a vertically integrated cannabis corporation that cultivates, processes, manufactures, and distributes quality cannabis consumer products in the United States. The company operates through a portfolio of acquired brands including Silver State Relief and Silver State Cultivation in Nevada, and Phantom Farms, Eco Firma Farms, Pure Green Dispensary, 7 Leaf Dispensaries, and Swell Companies in Oregon. The company also launched C21 Supply Co as its B2B distribution arm and Phantom Vape Pen as a consumer product. C21 Investments focuses on capturing profit margins through the entire cannabis value chain from cultivation through retail distribution.

Differentiator

Problem solved

Functional benefit

Brands

• 7 Leaf: Retail cannabis dispensary brand operating in Salem, Oregon. Two locations: 1,250 sq ft and 2,000 sq ft dispensaries.
• Pure Green Dispensary
• Phantom Farms
• Eco Firma Farms
• Swell
• Silver State Relief
• Silver State Cultivation
• C21 Supply Co.

Products and services

• Silver State Relief retail dispensary operations

Quantifiable outcome

• Outperformed Nevada cannabis market with 4% same-store sales growth while market declined 4%
• +4 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Vireo Growth Inc.coreStrategic or Co-development Partner · 15 June 2026Vireo Growth Inc. acquiring C21 Investments through court-approved plan of arrangement under British Columbia law. C21 shareholders to receive 0.023052 Vireo subordinate voting shares per C21 share. Transaction requires shareholder approval, court approval, and regulatory clearances with closing expected Q3 2026.
• Swell Companies LimitedcoreStrategic or Co-development Partner · 2 November 2018Acquisition of Oregon-based extraction and manufacturing company. Swell produces THC and CBD products distributed in 275+ retail locations. Processing capacity up to 5,000 lbs raw material monthly producing 220,000-270,000 grams of extracts.
• Ganja Leaf LLC (7 Leaf)minorStrategic or Co-development Partner · 28 June 2018Acquisition of two Salem, Oregon dispensary locations. 7 Leaf brand developed loyal following of ~2,000 customers monthly with unique products including Pachecos filtered cannabis cigarette.
• Megawood Enterprises Inc. (Pure Green)minorStrategic or Co-development Partner · 28 June 2018Acquisition of Portland Pure Green Dispensary, 3,000 sq ft location on Green Mile serving 2,500+ customers monthly since 2014.
• Phantom Venture Group / Phantom FarmscoreStrategic or Co-development Partner · 21 June 2018Acquisition of premium Oregon cannabis brand with Clean Green Certified cultivation. 80,000 sq ft outdoor plus 5,000 sq ft indoor facility. Award-winning brand recognized for quality terpene development.

Scale indicators16 records

Recent moves10 records

Expansion highlights6 records

Broad incumbents

• Cresco Labs: US multi-state cannabis operator with wholesale, retail, and brand house model (including branded flower and concentrates). Comparable vertically integrated structure and wholesale distribution approach.
• Columbia Care: Vertically integrated US cannabis operator with cultivation, processing, and dispensary operations across multiple states. Comparable vertically integrated model to C21's seed-to-sale strategy.
• Trulieve Cannabis Corp. Vertically integrated cannabis MSO with extensive retail and cultivation footprint, particularly strong in Florida and the Sun Belt. Comparable cultivation-to-retail integration and multi-state operator strategy.
• Green Thumb Industries: US cannabis MSO with cultivation, processing, and retail dispensaries across multiple states including Nevada. Comparable vertical integration and dispensary-plus-wholesale operating model.
• Acreage Holdings: US multi-state cannabis operator with cultivation, processing, and retail dispensaries. Comparable vertically integrated cannabis business model, though at larger scale.
• TerrAscend Corp. Multi-state cannabis operator with retail, cultivation, and processing across multiple US states including the Northeast and Mid-Atlantic. Comparable vertically integrated cannabis operating model.
• Jushi Holdings: Vertically integrated cannabis operator with cultivation, processing, and retail across multiple US states. Comparable vertically integrated cannabis model at similar scale to C21.
• Curaleaf Holdings: One of the largest US multi-state cannabis operators with cultivation, processing, and retail across dozens of states. Comparable vertically integrated operating model at much larger scale; competes with C21 for capital, talent, and wholesale accounts.

Direct peers

• Planet 13 Holdings Inc. Nevada-headquartered cannabis MSO operating large-format dispensaries (including a Las Vegas "cannabis superstore") plus cultivation and production. Directly comparable to C21's Nevada-first vertically integrated model with high-volume retail anchor.
• Vireo Growth Inc. Multi-state vertically integrated cannabis operator that has announced a definitive arrangement to acquire C21 Investments. Directly comparable business model (cultivation, processing, retail dispensaries) and overlapping state footprints make it the most relevant peer and counterparty in the pending transaction.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/c21investments

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries10 records

Funding overview

Funding rounds1 record

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about C21 Investments