Gold Flora Corporation reports restructuring and integration measures after its merger with The Parent Company have resulted in cost savings of $30 million, surpassing its original goal of $25 million.

The company said it has streamlined and integrated legacy operations into Gold Flora's vertically-integrated platform. Integration includes reductions in marketing expenses, professional services, personnel expenses and G&A expenses. In addition, Gold Flora has nearly eliminated its reliance on third-party vendors for biomass, manufacturing and distribution. The company has also closed several non-profitable delivery locations and has optimized its real-estate footprint by exiting leases or subleasing underutilized space.

Gold Flora said it is in the process of integrating its back-office infrastructure and has identified other cost-saving initiatives, which should yield additional savings. Overall, the company is ahead of schedule with respect to targeted cost savings.

"This pivotal phase is instrumental in setting the stage for our future success,” said Gold Flora CEO Laurie Holcomb. “In just a short period since the merger, we have made significant strides, and I am profoundly proud of our team's efforts in identifying and successfully implementing these vital changes. We have exceeded our initial expectations, with approximately $30 million in annualized cost savings realized to date. We anticipate that these savings will further enhance our margins and drive sustained profitability."

Gold Flora and The Parent Company completed their all-stock merger in June. The Parent Company, Stately Capital Corporation and Gold Flora Corporation combined through a court-approved plan under British Columbia’s Business Corporations Act. The company continued from British Columbia into Delaware, and it acquired all of the issued and outstanding membership units of Gold Flora, LLC by way of a merger.