Clever Leaves Holdings Inc. (NASDAQ: CLVR) (NASDAQ: CLVRW) announced 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.

“By exclusively cultivating and producing our cannabinoid products in Colombia, we aim to leverage our existing cost efficiencies in the country as we ramp our dry flower offering,” stated Andres Fajardo, CEO of Clever Leaves. “We believe this transition will allow us to optimize our production infrastructure and drive increased cost savings, positioning us to compete more effectively in the global medicinal cannabis market. Although our decision was extremely difficult, we believe it is in the best interests of the company, …

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