An Arizona cannabis company is looking at Massachusetts as a market for expansion and growth following an infusion of cash from a series of new divestitures and deals.
Phoenix-based 4Front Ventures Corp. sold its stakes in "noncore retail licenses" to pay off up to $10 million in debt, which will help it streamline its costs and focus on what it described as core markets in California, Illinois, Massachusetts and Michigan.
"This is a watershed moment for our company,” 4Front CEO Leo Gontmakher said in a statement. “We believe these non-core divestitures, combined with our private debt placement, put the company in the enviable position of not needing additional capital to become cash flow positive. Our commitment to a lean corporate structure and focused execution allows us to achieve self-sufficient operations while minimizing dilution to our shareholders. The momentum in our business is strong and we can now turn our complete attention to maximizing growth in our core geographies and expanding our vertical operations to take meaningful market share in nascent adult-use markets.
Read more at bizjournals.com
