4Front Ventures Provides Update on Receivership Proceedings and Board Resignations
As previously announced, on May 22, 2025, all U.S. subsidiaries of 4Front (the "Subsidiaries") filed for voluntary receivership in aid of liquidation under the laws of the Commonwealth of Massachusetts. These filings were made in the Business Litigation Session of the Superior Court for Suffolk County (the "Court") in case no. 2584CV01405 (the "Receivership").
On June 20, 2025, the Court entered an order appointing Opus Consulting Partners, LLC, through its principal Mr. Jacques Santucci, as Receiver for the Subsidiaries and their associated assets. The Receiver has been granted broad authority to operate, manage, and pursue the orderly sale of the Subsidiaries to maximize value for creditors and stakeholders. The Receiver is also authorized to engage Stone Blossom Capital LLC, whose principal is Richard Ormond, as a senior strategic consultant and advisor in connection with the process.
With the appointment of the Receiver and 4Front's previously announced assignment pursuant to Canada's Bankruptcy and Insolvency Act (the "Bankruptcy"), Kris Krane, Chairman of the Board, and David Daily, Director, have today tendered their resignations from the Company's Board of Directors effective immediately.
Additional information regarding the Receivership may be obtained from the Receiver; additional information regarding the Bankruptcy may be obtained from B. Riley Farber, Inc., the trustee.
Legal counsel to the Company is Foley Hoag LLP.
About 4Front Ventures Corp.
4Front is a national, vertically integrated multi-state cannabis operator with operations in Illinois and Massachusetts and facilities in 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 1,800 products, which are strategically distributed through its fully owned and operated Mission dispensaries and retail outlets in its core markets. For more information, visit 4frontventures.com.
For inquiries related to the Bankruptcy:
https://brileyfarber.com/engagements/4frontventures/
The Canadian Securities Exchange (operated by CNSX Markets Inc.) has neither approved nor disapproved of the contents of this press release.
SOURCE 4Front Ventures Corp.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Toronto Star
2 hours ago
- Toronto Star
Asante Announces Receipt of Net Proceeds From C$237M Equity Offering, Completion of Kinross Restructuring
VANCOUVER, British Columbia, Aug. 12, 2025 (GLOBE NEWSWIRE) — Asante Gold Corporation (CSE: ASE | GSE: ASG | FRANKFURT:1A9 | OTCQX: ASGOF) ('Asante' or the 'Company') is pleased to announce that, further to its news release dated August 11, 2025 announcing the execution of definitive agreements relating to an approximately $500 million financing package (the 'Financing Package'), the Company has satisfied the conditions to first draw down under such definitive agreements, resulting in the satisfaction by the Company of the escrow release conditions relating to the bought deal private placement of 163,300,000 subscription receipts of the Company (the 'Subscription Receipts') at a price of C$1.45 per Subscription Receipt for aggregate gross proceeds of approximately C$237 million ('M') which was completed on July 7, 2025 (the 'Offering'). All amounts are in U.S. dollars unless otherwise indicated. In connection with the satisfaction of the escrow release conditions, the proceeds of the Offering and accrued interest thereon, net of the commission and expenses payable to the underwriters of the Offering, have been released to the Company by the subscription receipt agent and each Subscription Receipt automatically converted into one common share of the Company (each, a 'Common Share').
Toronto Star
4 hours ago
- Toronto Star
NetraMark Appoints Jan Sedway as Senior Vice President of Clinical Science to Accelerate Growth and Market Leadership
TORONTO, Aug. 12, 2025 (GLOBE NEWSWIRE) — NetraMark Holdings Inc. (the 'Company' or 'NetraMark') (CSE: AIAI) (OTCQB: AINMF) (Frankfurt:PF0) a premier artificial intelligence (AI) company transforming clinical trials today announced the appointment of Jan Sedway, Ph.D., as Senior Vice President of Clinical Science. As NetraMark strategically expands its footprint in the pharmaceutical industry, this appointment reinforces the Company's commitment to scaling its offerings across psychiatry, oncology and other high-growth therapeutic areas. The global addressable market for AI-driven clinical trial optimization is projected to continue to expand rapidly, and NetraMark seeks to continue to capture market share with its proprietary technology and growing commercial pipeline.
Toronto Star
5 hours ago
- Toronto Star
LEEF Brands Increases Private Placement to CAD $1.9 Million
VANCOUVER, British Columbia, Aug. 12, 2025 (GLOBE NEWSWIRE) — LEEF Brands, Inc. (CSE: LEEF, OTC: LEEEF) ('LEEF' or the 'Company') is pleased to announce an increase to its previously announced private placement offering. The Company now intends to issue up to 7,600,000 units (the 'Units') at a price of C$0.25 per Unit, for gross proceeds of up to C$1.9 million. Each Unit will consist of one common share and one common share purchase warrant (a 'Warrant'). Each Warrant entitles the holder to purchase one additional common share at a price of C$0.30 for a period of 24 months from the closing date of the offering.
