Canadian cannabis producer The Flowr Corp. eliminated 40% of its workforce and sold a large parcel of land in a bid to save cash.
The struggling Toronto-headquartered company didn’t say in its Friday announcement how many workers were fired and did not reply to MJBizDaily queries earlier this week.
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Flowr said in a news release that the reduction in its headcount would result in more than 4 million Canadian dollars ($3.1 million) in cost savings per year.
In a related move, Flowr said it sold a 17-acre parcel of land for CA$3.4 million, the proceeds of which will “provide the Company with increased operating capital.”
The land sale is expected to close in mid-August.
“These cost cutting measures and sale of non-core assets are vital to getting the company to profitability,” interim CEO Tom Flow said in a statement.
“Flowr is a brand synonymous with quality and we
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