After Reviewing Current Cannabis Market Conditions, 4Front Withdraws Brokerage Offering – 4Front Ventures (OTC:FFNTF)

Vertically Integrated Cannabis Company 4Front Ventures Corp. FFNT FFNTF announced Friday the withdrawal of the brokerage offering announced on June 26. This strategic decision follows a comprehensive review of current market conditions, including recent controversies regarding the federal regulatory outlook.

Last Wednesday, the company announced that it was looking to secure financing of approximately CA$5 million ($3.65 million).

The Arizona-based multi-state operator (MSO) said it has entered into an agreement with Eight Capital, as lead agent and sole bookrunner, on behalf of a syndicate of agents to be formed, to act as agents on a “best efforts” basis to sell up to 47,620,000 of its units at C$0.105 per unit for gross proceeds of up to C$5,000,100. After careful analysis of the current market conditions, the company has decided to withdraw the offering.

Also Read: Cannabis Company 4Front Reports Q1 Revenue Drop 28% YoY, Net Loss Widens, CEO Upbeat on Biden Marijuana Rescheduling News.

In addition, 4Front announced that the current director of the company Kris Krane became chairman of the board of directors in place of Robert Hunt, Krane has extensive experience in the cannabis industry, having previously served as the company’s president and played a key role in its growth and development. As a regulatory and business strategist, as well as a frequent speaker at cannabis conferences and events around the world, Krane has spent the last two decades working to advance the cannabis industry and movement. He has served as associate director of the National Organization for the Reform of Marijuana Laws (NORML), executive director of Students for Sensible Drug Policy, and is chairman emeritus of the board of directors of the National Cannabis Industry Association.

Price action:

4Front shares were trading down 2.44% to $0.078 per share as of this writing Friday morning.

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