C21 Investments Provides MCTO Status Update

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Vancouver, British Columbia--(Newsfile Corp. - July 31, 2024) - C21 Investments Inc. (CSE: CXXI) (OTCQX: CXXIF) ("C21" or the "Company"), a vertically integrated cannabis company, is providing a default status report in accordance with the alternative information guidelines set out in National Policy 12-203 - Management Cease Trade Orders ("NP 12-203").

As previously announced on May 31, 2024 (the "Announcement"), the Company applied for a management cease trade order ("MCTO") from the British Columbia Securities Commission (the "BCSC") due to an expected delay in filing of the audited consolidated financial statements for the year ended January 31, 2024 (the "Annual Financial Statements"), annual management's discussion and analysis for the same period and management certifications of annual filings (collectively, the "Annual Filings") beyond the deadline of May 31, 2024 prescribed by Canadian securities laws. The MCTO was granted by the BCSC on May 31, 2024. The MCTO prohibits the Company's management from trading in the securities of the Company until such time as the Annual Filings are filed. The MCTO does not affect the ability of any other shareholders of the Company to trade securities of the Company. The Company filed the Annual Filings on SEDAR+ (www.sedarplus.ca) on July 22, 2024.

As previously announced on July 22, 2023, as a result of the delay in filing the Annual Filings, the Company disclosed that the filing of its audited consolidated financial statements for the 2-month stub period ended March 31, 2024, its annual management's discussion and analysis for the same period and management certifications of annual filings (collectively, the "Annual Stub Filings"), which are required in connection with the Company's recent change of its financial year end from January 31 to March 31, will be delayed beyond the deadline of July 29, 2024 prescribed by Canadian securities laws. C21 and its auditors continue to work diligently and expeditiously towards completing the Annual Stub Filings, which is expected to occur on or before August 5, 2024. Upon completion of the auditors' internal review process, the Annual Stub Filings will be filed on SEDAR+ (www.sedarplus.ca).

The Company confirms that since the date of the Announcement: (i) there has been no material change to the information set out in the Announcement that has not been generally disclosed; (ii) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the "alternative information guidelines" under NP 12-203 and issue bi-weekly default status reports for so long as the delay in filing the Annual Stub Filings is continuing, each of which will be issued in the form of a news release; (iii) there has not been any other specified default by the Company under NP 12-203; (iv) the Company is not subject to any insolvency proceedings; and (v) there is no material information concerning the affairs of the Company that has not been generally disclosed.