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CWLXF on OTC

C21 Investments Inc.

C21 Investments Inc. is a Canadian medicinal chemicals and botanical products company.1 Its shares trade on OTC under the symbol CWLXF.1

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Last updated Oct 21, 2026.

Overview

$32.6MRevenue, fiscal 20262
-$3.2MNet income, fiscal 20262

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  • TickerCWLXF on OTC1
  • IndustryMedicinal Chemicals & Botanical Products1
  • HeadquartersA11
  • Incorporated inBritish Columbia, Canada3
  • Business addressSuite 1900-855 West Georgia Street, Vancouver, V6C 3H43
  • Filer categoryNon-accelerated filer, Emerging growth company3

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The Company was incorporated in the Province of British Columbia under the Company Act (British Columbia) on January 15, 1987, as Empire Creek Mines Inc. On May 11, 1987, the Company changed its name to Curlew Lake Resources Inc. Effective November 24, 2017, the Company changed its name to C21 Investments Inc.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2026

41.7%Gross margin2
7.0%Operating margin2
-9.9%Net margin2
8.3%Revenue growth, 20262
-12.8%Return on equity2

Where the money goes

Where each dollar of revenue went, fiscal 2026

  • Cost of revenue54¢$19.0M
  • Selling, general and admin32¢$11.3M
  • Interest1¢$187.2K
  • Income tax13¢$4.6M

Out of $32.6M in revenue.2 The company lost money this year.

Financial statements

Revenue567892$32.6M in 2026+1161% since 2019
0$10.0M$20.0M$30.0M$40.0M2019: $2.6M$2.6M20192020: $37.7M$37.7M2020+1358%2021: $33.5M$33.5M2021−11%2022: $33.0M$33.0M2022−1%2023: $28.9M$28.9M2023−12%2024: $28.3M$28.3M2024−2%2025: $30.1M$30.1M2025+6%2026: $32.6M$32.6M2026+8%
Gross profit567892$13.6M in 2026+7352% since 2019
0$5.0M$10.0M$15.0M$20.0M2019: $182.6K$182.6K20192020: $13.1M$13.1M2020+7096%2021: $18.0M$18.0M2021+37%2022: $18.8M$18.8M2022+4%2023: $13.4M$13.4M2023−29%2024: $11.1M$11.1M2024−17%2025: $12.6M$12.6M2025+13%2026: $13.6M$13.6M2026+8%
Operating income567892$2.3M in 2026
-$20.0M-$10.0M0$10.0M2019: -$12.0M-$12.0M20192020: -$1.2M-$1.2M2020−90%2021: $9.2M$9.2M20212022: $9.8M$9.8M2022+6%2023: $4.0M$4.0M2023−59%2024: $1.5M$1.5M2024−63%2025: $1.3M$1.3M2025−13%2026: $2.3M$2.3M2026+78%
Net income567892-$3.2M in 2026−86% since 2019
-$40.0M-$20.0M0$20.0M2019: -$23.6M-$23.6M20192020: -$32.6M-$32.6M2020+38%2021: -$7.8M-$7.8M2021−76%2022: $10.0M$10.0M20222023: $293.2K$293.2K2023−97%2024: -$3.3M-$3.3M20242025: -$4.0M-$4.0M2025+20%2026: -$3.2M-$3.2M2026−18%

Every line of the income statement as filed: the last 2 fiscal years, latest first.2

Period ending2026-03-312025-03-31
Revenue$32.6M$30.1M
Cost of sales$19.0M$17.6M
Gross profit$13.6M$12.6M
Selling, general and administrative expenses$11.3M$11.3M
Income from operations$2.3M$1.3M
Accretion expense-$372.0K-$509.9K
Gain on change in fair value of derivative liabilities$29.2K$52.3K
Interest expense-$187.2K-$293.7K
Loss on settlement of legal proceedings-$442.5K$0
Gain (loss) on disposal of assets$7.4K-$155.7K
Other income$65.7K$20.2K
Net income from continuing operations before income tax expense$1.4M$394.9K
Income tax expense-$4.6M-$4.2M
Net loss from continuing operations after income tax expense-$3.2M-$3.8M
Net loss from discontinued operations after income tax expense-$8.1K-$212.8K
Net loss-$3.2M-$4.0M
Translation adjustment-$47.4K$133.1K
Comprehensive loss-$3.3M-$3.8M
Basic loss per share from continuing operations-$0-$0
Diluted loss per share from continuing operations-$0-$0
Basic loss per share from discontinued operations$0$0
Diluted loss per share from discontinued operations$0$0
Basic loss per share-$0.03-$0.03
Diluted loss per share-$0.03-$0.03
Weighted average number of common shares outstanding - basic117.9M shares119.8M shares
Weighted average number of common shares outstanding - diluted118.5M shares120.6M shares

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Corporate structure

C21 Investments Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of C21 Investments Inc.

  • Nomura Holdings Filed SCHEDULE 13G/A on C21 Investments Inc., latest Feb 19, 2025 (3 filings since Feb 14, 2024)
  • Cowen Financial Products LLC Filed SC 13G/A on C21 Investments Inc., latest Feb 2, 2024 (4 filings since Jan 19, 2022)
  • C21 Investments Inc. A1

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What C21 Investments Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$5.1M2 Mar 31, 2026$4.9M2 Mar 31, 2025+4.8%
Accumulated depreciation$2.8M2 Mar 31, 2026$2.2M2 Mar 31, 2025+27.1%
Property and equipment, net$2.3M2 Mar 31, 2026$2.7M2 Mar 31, 2025−13.7%
Operating-lease assets (leased space)$1.2M2 Mar 31, 2025$5.0M7 Feb 1, 2020−75.6%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$28.5M2 Mar 31, 2026$28.5M2 Mar 31, 20250%
Finite-lived intangibles, gross$17.5M2 Mar 31, 2026$17.6M2 Mar 31, 2025−0.7%
Accumulated amortization$11.1M2 Mar 31, 2026$9.5M2 Mar 31, 2025+16.5%
Finite-lived intangibles, net$6.4M2 Mar 31, 2026$8.1M2 Mar 31, 2025−20.8%
Customer relationships, net$1.5M2 Mar 31, 2026$1.5M2 Mar 31, 20250%
Licenses, net$15.3M2 Mar 31, 2026$15.4M2 Mar 31, 2025−0.8%

Inventory

ItemLatestA year beforeChange
Inventory, total$4.6M2 Mar 31, 2026$4.1M2 Mar 31, 2025+13.3%
Raw materials$404.7K2 Mar 31, 2026$265.7K2 Mar 31, 2025+52.3%
Work in process$1.9M2 Mar 31, 2026$1.6M2 Mar 31, 2025+19.6%
Finished goods$2.3M2 Mar 31, 2026$2.2M2 Mar 31, 2025+4.2%

Former names

  • CURLEW LAKE RESOURCES INCNov 29, 2012 to Nov 29, 20123
  • CURLEW LAKE RESOURCES INC /FIJun 27, 2002 to Jan 3, 20073

Filings

132 filings to the SEC since October 2021: 10 annual reports, 7 large holders, 115 other. The latest 20:

  1. Aug 26, 202615-12G EDGAR
  2. Aug 26, 2026S-8 POS EDGAR
  3. Aug 26, 2026S-8 POS EDGAR
  4. Aug 21, 20266-K EDGAR
  5. Aug 10, 20266-K EDGAR
  6. Jul 9, 20266-K EDGAR
  7. Jun 22, 20266-K EDGAR
  8. Jun 15, 20266-K EDGAR
  9. Jun 12, 202620-F EDGAR
  10. Jun 12, 20266-K EDGAR
  11. Mar 19, 2026S-8 EDGAR
  12. Feb 10, 20266-K EDGAR
  13. Feb 10, 20266-K EDGAR
  14. Nov 12, 20256-K EDGAR
  15. Nov 12, 20256-K EDGAR
  16. Sep 9, 20256-K EDGAR
  17. Sep 8, 20256-K EDGAR
  18. Sep 5, 20256-K EDGAR
  19. Aug 25, 20256-K EDGAR
  20. Aug 21, 20256-K/A EDGAR

The 132 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How C21 Investments Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARC21 Investments Inc.1
  • CIK0000831609
  • Filer statusNon-accelerated filer an emerging growth company; not a shell company4
  • Incorporated inCanada4
  • Fiscal year endsMarch 311
  • Industry code (SIC)2833 Medicinal Chemicals & Botanical Products1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business addressSuite 1900-855 West Georgia Street, Vancouver, V6C 3H4, British Columbia, Canada1
  • Phone604-336-86131
  • Shares outstanding117,836,067 shares as of Mar 31, 20264
  • AuditorDavidson & Company LLP, Vancouver, Canada PCAOB ID 731; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceJun 27, 20021
  • Filings310 in all: 6-K (250), SUPPL (10), 20-F (7), 20-F/A (6), ARS (5), SC 13G/A (5), UPLOAD (4), D (3)1
    All 20 form types

    NT 20-F (3), SC 13G (3), 40-F (2), CORRESP (2), S-8 (2), S-8 POS (2), 15-12G (1), 40-F/A (1), 40FR12G (1), 6-K/A (1), F-X (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (20-F) Jun 12, 2026

Securities registered for trading

ClassSymbolExchange
Common shares, no par value

From the cover page of the 20-F filed Jun 12, 2026 (Section 12(b) of the Exchange Act).4

Sources

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