Connect with us

Business

4Front Ventures Corp (OTCMKTS:FFNTF) Receives Approval From CCC For Mission Dispensary and Cultivation Facilities In Worcester: Will Commence Adult-Use Cannabis Sales

Published

on

CCC (Cannabis Control Commission) in Massachusetts approved cultivation and processing facilities and Mission Dispensary of 4Front Ventures Corp (OTCMKTS:FFNTF). The agency also approved production operations and adult-use cannabis retail sales of 4Front, which will commence sales on September 4, 2020.

Improves bottom line and topline growth

4Front addresses the adult-use market in Massachusetts and improves its bottom line and topline growth significantly in H2 2020 and 2021 by expanding its operations. The company is also expanding its manufacturing facilities in Georgetown, Massachusetts, to satisfy the domestic market’s growing demand.

CEO of 4Front, Leo Gontmakher, said the company achieved an important milestone by receiving the license for adult-use cannabis in Worcester. The company also obtained a license for adult-use cannabis in August for its Georgetown facility. It is consistent with its policy of setting the targets and accomplishing them on time.

4Front posted a growth of 36% QoQ to $23.7 million in Systemwide proforma sales in Q1 2020. Its IFRS sales in Q1 2020 rose by 37% QoQ to $17.7 million. Despite the ongoing coronavirus, the company is enjoying robust demand for its products in all the regions where it operates because cannabis is an essential business.

Expects to complete the funded expansion in Q4 2020

4Front will complete the funded expansion in Illinois and Massachusetts based manufacturing facilities. It will maintain positive cash flow in H2 2020 and expects to achieve operational leverage next year.

4Front reduced its corporate overheads by 40% in Q1 2020. The company holds a debt of $80.1 million in its Washington operations by the end of Q1 2020. It maintains a facility of 176,000 Sq. Ft. in Washington for production, cultivation, and distribution. 4Front is also putting in efforts to strengthen its balance sheet by financing/ sale-leaseback of the affiliated facilities based in Washington.

Gontmakher said the company focuses on its low-cost production and cultivated models in the targeted states to drive growth going forward. The company strengthened its balance sheet and streamlined its cost structure in Q1 2020 and set the stage to accelerate growth in its core markets like California, Michigan, Massachusetts, Illinois, and Washington.

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.

FEATURED STORIES

PROFILES1 month ago

Post Views: 39,643 Can you spot the difference between the hemp plant and marijuana plant? Hint: It’s not in the...

Business2 months ago

Stem Holdings Inc (OTCMKTS:STMH) Reports A Growth Of 960% In Q3 2020: Unveils TJGardens Branded Tinctures

Post Views: 814 Stem Holdings Inc (OTCMKTS:STMH) posted an increase of 960% YoY to $6.7 million in Q3 2020. It...

Business2 months ago

Indiva Ltd (OTCMKTS:NDVAF) Signs Three Provincial Agreements: Expands Distribution Network To Eight Provinces: Reports A Robust Growth Of 1273.7% In Q2 2020 Revenues

Post Views: 721 Indiva Ltd (OTCMKTS:NDVAF) posted a robust growth of 1273.7% YoY to CAD 2.826 million in revenues in...

Business2 months ago

4Front Ventures Corp (OTCMKTS:FFNTF) Receives Approval From CCC For Mission Dispensary and Cultivation Facilities In Worcester: Will Commence Adult-Use Cannabis Sales

Post Views: 769 CCC (Cannabis Control Commission) in Massachusetts approved cultivation and processing facilities and Mission Dispensary of 4Front Ventures...

Business2 months ago

Pure Sunfarms, A Joint Venture Of Village Farms International Inc (NASDAQ:VFF), Ships Bottled Oil Products TO British Columbia

Post Views: 846 Pure Sunfarms, which is a Village Farms International Inc (NASDAQ:VFF) JV, commenced shipment of Cannabis 2.0 products...

INDUSTRIAL HEMP2 months ago

Health Canada Grants Cannabis 2.0 License To Abba Medix Corp, An Auxiliary Of Canada House Cannabis Group Inc (OTCMKTS:SARSF)

Post Views: 696 Abba Medix Corp., a wholly-owned subsidiary of Canada House Cannabis Group Inc (OTCMKTS:SARSF), received an amended cannabis...