#Overseas, the Flwr Corporation scales back its #international #cannabis operations, pulling out of the #Australian, #Uruguayan, and #Spanish markets. In an effort to streamline efficiency and reduce costs, the #Toronto-based company is selling subsidiary TerraNova #Business Holdings, which owns an unlicensed #MMJ greenhouse in #Portugal. They also finalized the sale of another subsidiary, Uruguayan hemp operator Oransur. Though specific details of the deals were not disclosed, they do include an option for Flwr to regain a 10 percent stake in each business upon the completion of certain milestones. In addition, Flwr is in the process of selling Australian medical #marjiuana #grower and manufacturer TCann, as well as an Australian license held by wholly-owned entity Holigen. While purchase prices were not revealed, the offloading of assets is expected to save the company approximately 1 #million dollars per year. They are further considering the sale of nearly 15 acres of industrial land in Portugal estimated to be worth at least another million. Flwr’s decision to retreat from the costly, unprofitable international markets mirrors similar strategies from rival #Canadian producers, such as Canopy Growth and Aurora. Flwr, which lost 22.4 million dollars on 4.7 million in #revenue over the nine months ending #September 30th, is shifting its approach to focus on supplying premium cannabis flower to #Canada and the #EU.
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