4Front Welcomes New Leadership as CFO Peter Kampian Transitions Out of Role

Rhea-AI Summary

4Front Ventures announced the departure of CFO Peter Kampian as part of the company's efforts to streamline capital structure and consolidate financial operations to Illinois. The contract conclusion was amicable, with no disagreements regarding operations or policies. Michael Kronberg, CPA, currently serving as Controller at the Matteson Illinois facility, will assume the role of Interim CFO. Kampian will remain available as a consultant if needed. The transition aligns with the company's strategy to centralize operations and support long-term objectives.

Positive

• Consolidation of financial operations to Illinois indicates cost optimization efforts
• Smooth leadership transition with internal promotion of experienced Controller to Interim CFO

Negative

• Loss of experienced CFO during critical financial restructuring period

PHOENIX, Oct. 29, 2024 /PRNewswire/ - 4Front Ventures Corp. (CSE: FFNT) (OTCQB: FFNTF) ("4Front" or the "Company"), a vertically integrated, multi-state cannabis operator and retailer, today announced that Peter Kampian's contract as CFO has ended as part of the Company's ongoing efforts, led by Canaccord Genuity Corp., to streamline its capital structure and consolidate its financial operations to Illinois. The conclusion of the contract was not due to any disagreement with the Company regarding its operations, policies, or practices. Peter will be available to the Company as a consultant if and when required. The Company thanks Peter for his invaluable contributions in navigating a period of growth and financial realignment.

Michael Kronberg, CPA, who has been serving as Controller and is based out of the Company's flagship Matteson Illinois facility, will assume the role of Interim CFO. With significant experience in the cannabis industry and an already integral role in re-shaping the company's financial strategies as Controller, Michael is well-equipped to step into this position.

Peter commented, "It has been a privilege to be part of 4Front's leadership team during such an important time for the company. I'm confident that Michael's deep understanding of the business and his industry experience will ensure continued success. As 4Front transitions into its next phase of growth, the finance department is well-prepared and positioned to support the company's long-term objectives." 

About 4Front Ventures Corp.

4Front is a national, vertically integrated multi-state cannabis operator with operations in Illinois and Massachusetts and facilities in 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 1,800 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 https://4frontventures.com/.

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SOURCE 4Front Ventures Corp.

FAQ

Why did Peter Kampian leave 4Front Ventures (FFNTF)?

Peter Kampian's contract as CFO ended as part of 4Front's strategic efforts to streamline its capital structure and consolidate financial operations to Illinois. The departure was amicable with no disagreements.

Who is the new interim CFO of 4Front Ventures (FFNTF)?

Michael Kronberg, CPA, previously serving as Controller at 4Front's Matteson Illinois facility, has been appointed as Interim CFO.

What changes is 4Front Ventures (FFNTF) making to its financial operations?

4Front is consolidating its financial operations to Illinois and streamlining its capital structure, with Canaccord Genuity Corp. leading these efforts.