The Flowr Corporation announces 40% headcount reduction and pact to sell non-core asset for $3.4M

Jun. 24, 2022 4:02 AM ETThe Flowr Corporation (FLWPF), FLWR:CABy: Meghavi Singh, SA News Editor1 Comment
  • In order to flatten its organizational structure and right-size SG&A with revenue, The Flowr Corporation (OTCPK:FLWPF) said on Friday that it has completed of a significant headcount reduction by 40%, largely in senior and middle management resulting in over $4M in cost savings per year.
  • Separately, the company has entered into an agreement to sell 17 acres of agricultural property located adjacent to its primary facility known as “Flowr Forest” for aggregate gross proceeds of $3.4M.
  • Flowr Forest is not core asset to the company’s operations and the proceeds of the sale will provide the company with increased operating capital.
  • Closing of the sale is anticipated for mid-August and is subject to certain conditions.

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