4Front Ventures has signed definitive agreements on October 6, 2021, to acquire New England Cannabis Corporation.
"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 4Front team explains. "We expect the acquisition of NECC to significantly expand our strategic position and enable broader market penetration of 4Front's range of products and brands."
"NECC's fully operational 55,000 sq. ft. licensed cultivation facility strengthens our expanding footprint in this important limited-license state. The transaction will more than double our 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 acquisition of New England Cannabis reinforces our core thesis of bringing scaled, low-cost production and operational depth to attractive, nascent, adult-use cannabis markets," said Leo Gontmakher, Chief Executive Officer of 4Front. "The addition of NECC's impressive operations will increase our canopy, kitchen capacity, and add to our extraction capabilities overnight, greatly bolstering our position in the Massachusetts market to become a leading wholesaler of our full suite of products and brands. This acquisition firmly anchors our foothold in the Northeast, and NECC's facility will help to drive our growth in the years ahead as we execute our goal of achieving a dominant market share in every geography we operate."
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