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The Flowr Corporation announces 40 percent headcount reduction and more

(Globe Newswire) Toronto—The Flowr Corporation has completed a significant corporate headcount reduction, slashing 40 percent of its workforce—predominantly in senior and middle management—resulting in over 4 million in annual savings.

In addition, the company also agreed to sell the non-core asset, Flowr Forest, for gross proceeds of 3.4 million.

Flowr Forest is not part of the company’s core operations and the agreement to sell the 17 acres of agricultural property, adjacent to its primary facility, will provide increased operating capital. This sale is anticipated for mid-August.

“These cost cutting measures and sale of non-core assets are vital to getting the company to profitability. Flowr is a brand synonymous with quality and we continue to believe that our model to provide premium cannabis products to the market while reducing overall costs will lead to success.” —Tom Flow, Interim Chief Executive Officer of Flowr