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The Flowr Corporation cuts 40% of its staff, selling ‘Flowr Forest’
Published on June 24, 2022 by David Wylie
Photo: Contributed The Flowr Corporation has slashed 40% of its workforce—mainly in senior and middle management.
The cannabis producer announced Friday morning the “headcount reduction” would save them $4 million per year.
Based in Kelowna, Flowr also announced an agreement to sell what’s described as non-core assets, expecting a proceeds of about $3.4 million.
“The company has entered into an agreement for the sale of 17 acres of agricultural property located adjacent to its primary facility known as “Flowr Forest,” says the company in a statement.
“Flowr Forest is not core 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, including the completion of a satisfactory due diligence review by the purchaser.”
Interim CEO Tom Flow says the cuts are vital to getting the company to profitability.
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