Brief: Clever Leaves Announces Wind-Down Of Portugal Operations As Part Of Ongoing Restructuring Initiatives

Clever Leaves Holdings

23/01/2023 13:43

Jan 23 (Reuters) - Clever Leaves Holdings Inc  CLVR.O :
    * CLEVER LEAVES ANNOUNCES WIND-DOWN OF PORTUGAL OPERATIONS
AS PART
OF ONGOING RESTRUCTURING INITIATIVES
    * CLEVER LEAVES HOLDINGS INC - OPERATIONAL TRANSITION
EXPECTED TO
GENERATE APPROXIMATELY $7 MILLION IN COST SAVINGS BY YEAR-END
2023
    * CLEVER LEAVES HOLDINGS - TO CONCENTRATE ALL CANNABINOID
CULTIVATION, PRODUCTION OPERATIONS IN COLOMBIA TO LEVERAGE
EXISTING OPERATIONAL EFFICIENCIES
    * CLEVER LEAVES HOLDINGS INC- REMAINS ON TRACK TO COMMENCE
SALES
OF DRY FLOWER FROM COLOMBIA LATER THIS QUARTER
    * CLEVER LEAVES HOLDINGS INC- HAS BEGUN PROCESS OF
TRANSITIONING
ITS FLOWER PRODUCTION TO COLOMBIA FOR CURRENT CUSTOMERS
    * CLEVER LEAVES HOLDINGS - EXPECTS PORTUGUESE FLOWER
CULTIVATION,
POST-HARVEST PROCESSES, MANUFACTURING ACTIVITIES TO CEASE IN
FULL BY END OF Q1 OF 2023
    * CLEVER LEAVES HOLDINGS INC - COLLECTIVE DISMISSAL OF 63
EMPLOYEES ASSOCIATED WITH ITS PORTUGUESE OPERATIONS
    * CLEVER LEAVES HOLDINGS INC - EXPECTS TO INCUR TOTAL
CHARGES OF
ABOUT $19 MILLION TO $21 MILLION IN Q4 OF 2022 RELATED TO ITS
OPERATIONAL CLOSURE IN PORTUGAL
    * CLEVER LEAVES HOLDINGS - OPERATIONAL TRANSITION AND
WORKFORCE
REDUCTION INITIATIVES ARE EXPECTED TO GENERATE ABOUT $7 MILLION
IN SAVINGS BY YEAR-END 2023

Source text for Eikon:  ID:nGNX4M4Lrx 
Further company coverage:  CLVR.O 
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