Colombian cannabis producer Clever Leaves Holdings plans to cut almost one-quarter of its total workforce and wind-down operations in Portugal as part of a major restructuring effort.
The Tocancipá, Colombia-based company expects the restructuring drive, once fully implemented in the first half of this year, to result in $7 million in annualized savings.
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Clever Leaves estimates the plan will cost up to $21 million to carry out, including:
Up to $7 million in written-off inventories. $12 million-$13 million in real estate and equipment exit costs. Almost $1 million related to severance and employee benefits.
Portugal is home to Clever Leaves’ biggest asset base outside Colombia, with $12.1 million in assets in the European country as of the end of last September.
Its operations in Portugal included cultivation, post-harvesting and manufacturing.
The Clever Leaves board authorized the restructuring plan at a Jan. 17 meeting, and
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