4Front Ventures Announces Withdrawal of Brokered Offering and Appointment of New Board Chair

Rhea-AI Summary

4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) announced the withdrawal of its brokered offering, initially publicized on June 26, after reviewing market conditions and federal regulatory issues. Additionally, Kris Krane, who has extensive experience in the cannabis sector, has been appointed as the new Chair of the Board, succeeding Robert Hunt. Krane has been instrumental in the company's growth and has held significant positions, including the Associate Director of NORML and Chair Emeritus of the National Cannabis Industry Association Board. Hunt's departure is not due to any disagreements with the Company's policies or operations.

Positive

• Kris Krane's appointment as Board Chair is expected to bring strategic leadership due to his extensive experience in the cannabis industry.
• Krane's local presence in Illinois aligns well with the company's strategic focus on growth in that state.

Negative

• Withdrawal of the brokered offering may indicate challenges in raising capital under current market conditions.

PHOENIX, July 5, 2024 /PRNewswire/ - 4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) ("4Front" of the "Company"), a vertically integrated, multi-state cannabis operator and retailer, today announced its withdrawal of the brokered offering that was previously announced on June 26th. This strategic decision comes after a comprehensive review of current market conditions, including recent controversies regarding the federal regulatory outlook.

The Company also announced that current Company director Kris Krane became Chair of the Board in place of Robert Hunt, who is departing the Board. Mr. Krane has extensive experience in the cannabis industry, having previously served as the Company's President and played a key role in its growth and development. As a regulatory and business strategist, as well as a frequent speaker at cannabis conferences and events around the world, Mr. Krane has spent the last two decades working to advance the cannabis industry and movement. He has served as Associate Director of the National Organization for the Reform of Marijuana Laws ("NORML") and Executive Director of Students for Sensible Drug Policy, and is Chair Emeritus of the National Cannabis Industry Association Board of Directors. An Illinois resident, Krane's deep industry knowledge and local presence align with 4Front's strategic focus on growth in that state.

Mr. Hunt's departure is not in connection with any known disagreement with the Company on any matter relating to the Company's operations, policies, or practices, including accounting principles and practices.

About 4Front Ventures Corp.

4Front is a national, vertically integrated multi-state cannabis operator that owns or manages operations and facilities in Illinois, Massachusetts, and Washington. Since its founding in 2011, 4Front has built a strong reputation for its high standards and low-cost cultivation and production methodologies earned through a track record of success in facility design, cultivation, genetics, growing processes, manufacturing, purchasing, distribution, and retail. To date, 4Front has successfully brought to market more than 20 different cannabis brands and over 1800 products, which are strategically distributed through its fully owned and operated Mission dispensaries and retail outlets in its core markets. As the Company continues to drive value for its shareholders, its team is applying its decade of expertise in the sector across the cannabis industry value chain and ecosystem. For more information, visit 4frontventures.com.

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SOURCE 4Front Ventures Corp.

FAQ

What did 4Front Ventures announce on July 5, 2024?

4Front Ventures announced the withdrawal of its brokered offering and the appointment of Kris Krane as the new Chair of the Board.

Why did 4Front Ventures withdraw its brokered offering?

The withdrawal was due to a comprehensive review of current market conditions and federal regulatory issues.

Who is the new Chair of the Board at 4Front Ventures?

Kris Krane has been appointed as the new Chair of the Board.

What is Kris Krane's background in the cannabis industry?

Kris Krane has extensive experience, having served as President of 4Front Ventures, Associate Director of NORML, and Chair Emeritus of the National Cannabis Industry Association Board.

Did Robert Hunt leave 4Front Ventures due to disagreements with the company?

No, Robert Hunt's departure is not related to any disagreements with the company's operations, policies, or practices.