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

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