4Front hires Canaccord Genuity for its financial needs | Where to order Skittles Moonrock online

Phoenix-based 4Front Ventures Corp., (CSE: FFNTF) (OTCQB : FFNTF), is making strategic moves in order to better position the company financially. Announced on Thursday. Canaccord Genuity Corp. was retained as a financial adviser and a new loan of $850,000 was taken out to pay for ongoing operations.

In its entirety, most recent quarter4Front reported an overall net loss for the first half of 2024 of $4,8 million. It also reported having $67.37 millions in debt.

Canaccord was hired by 4Front to look into options for “refinancing current debt and raising fresh capital growth,” as well as looking at other options to put the multistate operator onto a path towards profitability.

4Front informed investors that it had agreed to an updated facility with existing lender ALT Debt II LP (an affiliate of Altmore Capital) for a credit line totaling $2.6 million. Of this, $850,000 was advanced immediately to 4Front. The remaining $1.75m was held in reserve. ALT Debt II first lent 4Front $10 million last October.

In connection with the amended facility, 4Front announced that it would “enter into a restrictive stock unit agreement” in order to double the number shares issued to ALT Debt II. The new total will be 49,9 million restricted stock units, each with an issue price at 8 Canadian cents.

Andrew Thut, 4Front’s CEO, said that the company is at a critical moment, as it begins to scale its flagship Matteson facility, and expands our Mission retail footprint across Illinois. Canaccord Genuity’s partnership with 4Front will help us secure growth capital, streamline the balance sheet and position the company to generate substantial and sustainable cashflow and create shareholder value.

John Schroyer

John Schroyer is a journalist who has been working since 2006. He initially focused on politics and covered the 2012 Colorado campaign for marijuana legalization. He began writing about the cannabis industry in 2014 after attending the first legal cannabis sales that took place on New Year’s Day of that year, in Denver. John has covered the subsequent marijuana market launches that took place in California and Illinois. He has written about all aspects of the marijuana trade and was a member of the team who built the cannabis industry’s first ever trade show, MJBizCon. He joined Green Market Report as of 2022.