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Colombian cannabis firm Clever Leaves to exit Portugal, cut 21% of workforce

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Colombian cannabis producer Clever Leaves Holdings plans to cut almost one-quarter of its total workforce and wind-down operations in Portugal as part of a major restructuring effort.

The Tocancipá, Colombia-based company expects the restructuring drive, once fully implemented in the first half of this year, to result in $7 million in annualized savings.

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Clever Leaves estimates the plan will cost up to $21 million to carry out, including:

Up to $7 million in written-off inventories. $12 million-$13 million in real estate and equipment exit costs. Almost $1 million related to severance and employee benefits.

Portugal is home to Clever Leaves’ biggest asset base outside Colombia, with $12.1 million in assets in the European country as of the end of last September.

Its operations in Portugal included cultivation, post-harvesting and manufacturing.

The Clever Leaves board authorized the restructuring plan at a Jan. 17 meeting, and

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Marijuana Business Daily

Former California industry leader Flow Cannabis Co. ‘mothballed’ as it seeks to ‘survive’

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Flow Cannabis Co., the California operator that raised nearly $200 million in a bid to become “the Whole Foods of cannabis,” has “eliminated” all plant-touching activities and “mothballed” operations after running out of cash, according to company documents and a board member.

The once-industry-leading but now-struggling company burned through more than $24 million in cash in 2021 and reported sales of “approximately” $11 million, according to investor updates from the board obtained by MJBizDaily.

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Flow Cannabis Co. – often referred to by its flagship brand, Flow Kana has leased some licensed facilities to other companies and is attempting to sell off other real estate.

The company could eventually be sold or merge with another, board member Kevin Albert said in an interview, although the goal is to “survive” until at least 2025.

It’s a dramatic reversal for a company that aspired to become “the world’s

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Massachusetts adult-use marijuana sales top $4 billion since launch

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Marijuana retailers in Massachusetts have eclipsed $4 billion in sales since the state launched adult-use retail in November 2018.

The state Cannabis Control Commission (CCC) pulled the data, which is through Jan. 22, from 265 stores and 14 delivery businesses throughout Massachusetts, according to This Week in Worcester.

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“Consumers’ demand for tested, quality cannabis products remains strong since Massachusetts became the first East Coast state to open adult-use stores in 2018 and delivery service in 2021,” CCC Executive Director Shawn Collins told the news outlet.

Expanding the number of licensed dispensaries and delivery providers helped drive gains from a year ago, when data showed sales of $2.5 billion.

Over the course of 2022, 71 retailers and seven delivery providers entered the market, generating combined sales of $1.4 billion in the calendar year, This Week in Worcester reported.

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Despite the strong

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Argentina launches cannabis regulatory agency with eye on exports

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Argentina launched a national regulatory agency for the hemp and medical marijuana industries, aiming to capitalize on the domestic and international markets.

The governing body – Agencia Regulatoria de la Industria del Cáñamo y del Cannabis Medicinal, or Regulatory Agency for the Hemp and Medicinal Cannabis Industry (ARICCAME) – seeks to regulate and foster a wide variety of cannabis-related sectors, such as medical marijuana, cannabinoids in food and cosmetics, cannabinoids in food for veterinary use and industrial hemp.

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The ARICCAME’s first working group was held last week, El Economista reported.

The agency also lists as its general objectives to:

Introduce hemp, and all its derivatives, in Argentina, including for food, construction materials, textiles and bioplastics. Promote scientific research and cannabinoid-related technological progress as well as promote favorable conditions for the existing industries inside the country.

More specifically, the agency will look to establish clear

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