4Front Ventures Corp. Further Strengthens Massachusetts Footprint, Closes Accretive Acquisition of New England Cannabis Corporation
- Significantly expands strategic position and broadens market penetration in important limited-license state of Massachusetts
- Acquisition expected to be immediately accretive to the Company’s 2022 EBITDA
- Fully operational, technologically advanced, 55,000 sq. ft. cultivation facility adds scale and depth in the State
PHOENIX, Jan. 31, 2022 /PRNewswire/ – 4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) (“4Front” or the “Company”), a vertically integrated, multi-state cannabis operator and retailer, today announced it has closed on the purchase of New England Cannabis Corporation (“NECC”), a best-in-class cannabis cultivator with state-of-the-art facilities based in Holliston, Massachusetts (the “Transaction”). The Massachusetts Cannabis Control Commission approved of the Transaction during its public meeting on January 20, 2022. The Transaction was first announced in the Company’s press release dated October 7, 2021.
The acquisition of NECC and its licensed, fully operational 55,000 sq. ft. cultivation facility immediately scales 4Front’s presence as a dominant wholesaler and producer in Massachusetts, a competitive limited-license state. The Transaction more than doubles the Company’s total flower canopy in Massachusetts to over 30,000 sq. ft., with expansion potential for an additional 10,000 sq. ft.
Furthermore, the NECC facility nearly triples 4Front’s kitchen, processing and distribution space in Massachusetts, and will supplement the products currently sold via wholesale distribution and through 4Front’s existing “Mission” dispensaries. 4Front’s full suite of popular brands has already achieved wide-scale consumer support in the State’s rapidly growing adult-use cannabis market and has won several awards, including first place for Hi-Burst as the best fruity non-gummy edible in High Times’ 2021 Massachusetts People’s Choice Cannabis Cup.
We are thrilled to welcome New England Cannabis to the 4Front team, enabling us to further expand our award winning and popular products into the most dynamic market in the Northeast. This acquisition firmly establishes our presence as a leading operator in the region and allows us to expand the distribution of our products in the wholesale market, supporting our goal of being the premier low-cost finished goods wholesaler in Massachusetts.
Leo Gontmakher, Chief Executive Officer of 4Front
Overnight, the advanced Holliston facility has significantly expanded our cultivation, manufacturing, and distribution capabilities, which will help to drive our growth in the expanding Massachusetts market for years to come.
“This significant step in Massachusetts represents yet another successful execution of our investment thesis and is an encouraging start to an already active 2022. I look forward to working together with the NECC team to leverage their impressive technology and our extensive operational expertise as we continue to scale and execute on our goal of achieving dominant market share and building value for our shareholders.”
About 4Front Ventures Corp.
4Front Ventures Corp. (“4Front” or the “Company”) (CSE: FFNT) (OTCQX: FFNTF) is a national, vertically integrated multi-state cannabis operator who owns or manages operations and facilities in strategic medical and adult-use cannabis markets, including California, Illinois, California, Michigan 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 https://4frontventures.com/.
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