Clever Leaves Announces Wind-Down of Portugal Operations as Part of Ongoing Restructuring Initiatives
Retrieved on:
Monday, January 23, 2023
TOCANCIPÁ, Colombia, Jan. 23, 2023 (GLOBE NEWSWIRE) -- Clever Leaves Holdings Inc. (Nasdaq: CLVR, CLVRW) (“Clever Leaves” or the “Company”), a leading multinational operator and licensed producer of pharmaceutical-grade cannabinoids, is announcing the wind-down of all operations in Portugal as part of its ongoing restructuring initiatives. Under this restructuring plan, the Company expects its Portuguese flower cultivation, post-harvest processes, and manufacturing activities to cease in full by the end of the first quarter of 2023.
Key Points:
- TOCANCIPÁ, Colombia, Jan. 23, 2023 (GLOBE NEWSWIRE) -- Clever Leaves Holdings Inc. (Nasdaq: CLVR, CLVRW) (“Clever Leaves” or the “Company”), a leading multinational operator and licensed producer of pharmaceutical-grade cannabinoids, is announcing the wind-down of all operations in Portugal as part of its ongoing restructuring initiatives.
- Additionally, we plan to incorporate the substantial learnings from our work in Portugal to enhance the success of our Colombian operations.
- In conjunction with its restructuring plan and wind-down in Portugal, the Company announced a collective dismissal of 63 employees associated with its Portuguese operations.
- The charges that Clever Leaves expects to incur are subject to a number of assumptions, and actual expenses may differ from the estimates disclosed above.