Bruce campbell
Globe says compared with peers C21 called "super cheap"
2019-06-26 07:49 ET - In the News
The Globe and Mail reports in its Wednesday, June 26, edition that Stone Castle Investment manager Bruce Campbell recommends buying C21 Investments (95 cents). The Globe's Shirley Won writes that the shares have a 52-week range of 62 cents to $3. Shares of C21 Investments, the growth of which has been fuelled by acquisitions, are "super cheap compared with its peers," Mr. Campbell says. The Vancouver-based company cultivates, manufactures and distributes cannabis and hemp-derived products in Nevada and Oregon. C21 Investments' acquisition last year of the Silver State Relief LLC and Silver State Cultivation LLC dispensaries in Nevada is its biggest coup because of the attractive price it paid for those assets, he says. Its dispensary in Reno, Nevada, does comparable sales with Planet 13 Holdings Inc.'s splashy one in Las Vegas, but C21 Investments trades at a lower valuation, he notes. In Oregon, acquisitions have included Swell Companies Ltd., Phantom Farms and Eco Firma Farms. The risk stems from whether management can continue to execute on its growth strategy, he says. The challenge is whether it can continue to "buy stuff cheaply."
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