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4Front Ventures Corp., a minor marijuana multistate operator, said its subsidiaries have filed for voluntary receivership in Massachusetts.
The move is in response to substantial balance-sheet liabilities and a shortage of operational financing, the company’s board chair, Kris Krane, said in a Thursday news release.
Though headquartered in Phoenix, 4Front has operations in three other states, according to the company website:
Massachusetts: Two Mission Dispensaries outlets, three cultivation facilities and three manufacturing plants.
Illinois: Three Mission stores, two cultivation sites and two manufacturing plants.
Washington: A manufacturing plant.
“The 4Front Board made this decision only as a last resort,” Krane said in a statement.
“While we believe 4Front’s cultivation and manufacturing operations are standouts and its retail stores have found exciting new ways to engage consumers, the liabilities on the company’s balance sheet coupled with a lack of available financing for operations have forced us to file for a voluntary receivership in order to pursue an orderly sale of the company businesses.”
More information will be available when the receiver is appointed, the release noted.
Foley Hoag is serving as 4Front’s legal counsel.
The company previously announced that its failure to file audited financial statements for 2024 resulted in the Ontario Securities Commission issuing a failure-to-file cease trade order, which prohibits 4Front’s common stock from being traded in Canada.
4Front shares had traded as FFNT on the Canadian Securities Exchange.
The company’s shares were still trading Thursday as FFNTF on the over-the-counter markets.
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