Flow Cannabis Co., the California operator that raised nearly $200 million in a bid to become “the Whole Foods of cannabis,” has “eliminated” all plant-touching activities and “mothballed” operations after running out of cash, according to company documents and a board member.
The once-industry-leading but now-struggling company burned through more than $24 million in cash in 2021 and reported sales of “approximately” $11 million, according to investor updates from the board obtained by MJBizDaily.
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Flow Cannabis Co. – often referred to by its flagship brand, Flow Kana – has leased some licensed facilities to other companies and is attempting to sell off other real estate.
The company could eventually be sold or merge with another, board member Kevin Albert said in an interview, although the goal is to “survive” until at least 2025.
It’s a dramatic reversal for a company that aspired to become “the world’s
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