Cannabis cultivator Clever Leaves consolidates shares to stay on Nasdaq

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International medical cannabis company Clever Leaves Holdings has consolidated its Nasdaq-listed shares on a 30-to-1 basis to keep its listing on the U.S. stock exchange.

Clever Leaves said the reverse stock split took effect after the end of trading on Aug. 24.

The Colombia-based cannabis producer is one of many Nasdaq-traded marijuana companies to have recently been warned by Nasdaq over falling share prices and to subsequently consolidate its shares in order to regain compliance with the rules of the major stock exchange.

The Nasdaq requires a minimum $1 bid price for companies to maintain equity listings on its three tiers.

Clever Leaves reported a $3.6 million net loss for the quarter ended June 30 on revenue just shy of $5 million.

In addition to cultivating cannabis in Colombia and selling it in several other countries, Clever Leaves has a non-cannabinoid nutraceutical and wellness product division in the United States.

Clever Leaves recently stopped producing cannabis in Portugal as part of a restructuring and sold a Portuguese cannabis processing facility to a subsidiary of New York-based Curaleaf Holdings.

Shares of Clever Leaves trade as CLVR on the Nasdaq Capital Market.