4Front Ventures Announces Accretive Acquisition of Massachusetts Based New England Cannabis Corporation 

CANNANNEW REPORT

Expected to add significant accretion to 2022 EBITDA and beyond More than doubles 4Front’s total flower canopy in important limited-license state of Massachusetts Fully operational 55,000 sq. ft. cultivation facility adds scale and depth in the State Cash consideration fully financed following closing of US$15 million convertible note offering led by Navy Capital Closing is subject to approval by the Massachusetts Cannabis Control Commission (“CCC”) PHOENIX, Ariz., October 7, 2021 – 4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) (“4Front” or the “Company”), a vertically-integrated, multi-state cannabis operator and retailer, today announced that it has signed definitive agreements on October 6, 2021, to acquire New England Cannabis Corporation (“NECC”), a best-in-class cannabis cultivator, with state-of-the-art facilities based in Holliston, Massachusetts (the “Transaction”). Upon closing, the Transaction is expected to be significantly accretive to the Company’s EBITDA expectations for 2022 and will immediately scale 4Front’s presence as a dominant wholesaler and producer in the State. Massachusetts’ competitive adult-use cannabis market is rapidly growing and 4Front has already introduced its full suite of popular brands in the State which have achieved wide-scale consumer support. The Company expects the acquisition of NECC to significantly expand 4Front’s strategic position and enable broader market penetration of 4Front’s diverse range of low-cost, high-quality products and brands. As a technological leader within the industry and one of the newest independent cannabis companies in Massachusetts, NECC’s fully operational 55,000 sq. ft. licensed cultivation facility strengthens 4Front’s expanding footprint in this important limited-license state. The Transaction will more than double 4Front’s total flower canopy in Massachusetts to over 30,000 sq. ft, with further expansion potential for up to an additional 10,000 sq. ft. of canopy, and will approximately triple 4Front’s kitchen, processing and distribution space. The NECC facility will supplement the products sold through 4Front’s existing “Mission” dispensaries and further…

Excerpt only …
READ MORE BELOW
Source : 4Front Ventures Announces Accretive Acquisition of Massachusetts Based New England Cannabis Corporation 

reposted by Cannabis News World

This site uses Akismet to reduce spam. Learn how your comment data is processed.