Clever Leaves Holdings Inc. CLVR stock fell 1.9% in premarket trades Monday after the cannabis company said it will eliminate 63 jobs as part of a wind-down of its operations in Portugal in the first quarter. Clever Leaves expects to disclose one-time costs of about $19 million to $21 million in the fourth quarter related to the move. The Colombia-based company said it remains on track to begin sales of dry flower from Colombia later this quarter as its primary production area after Portugal closes. Prior to Monday’s trades, Clever Leaves stock is down 78% in the past year, compared to a 59% loss by the Global X Cannabis ETF POTX.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
0
0
