After his firm has piled losses quarter after quarter, the CEO of Canadian producer The Flowr Corporation (TSXV: FLWR) (OTC: FLWPF) is heading out the door.
Late on Friday, the company said top boss Darryl Brooker is leaving and Tom Flow is being appointed as interim chief executive.
Brooker has resigned effective immediately.
“Leaving Flowr was a very tough and personal decision for me as I pursue other opportunities,” he said in a statement
“I could not be more impressed with the performance of the management team over the last 10 months in terms of productivity, innovation, new strains and a laser focus on driving the business to profitability in 2022. This strong management team remains in place and I am confident that Flowr will continue to improve its share and leadership in the premium Canadian cannabis dried flower market”.
According to a statement, Flow will take over in the short term.
“As the founder and former CEO of the Company, Tom has an intimate knowledge of the business and is well-positioned to help guide Flowr through its leadership transition,” reads the statement.
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The board of directors will provide additional support to management during the transition, as the firm says it will continue to streamline operations with the goal of becoming cash-flow positive this year.
In the third quarter ended Sept. 30, Flowr posted net revenue of $2.5 million and net loss of $9.2 million.
Company stock traded around $0.06 Friday on the TSX Venture Exchange.