4Front Ventures Provides Update on Receivership Proceedings and Board Resignations

Rhea-AI Summary

4Front Ventures (OTC:FFNTF), a vertically integrated cannabis operator, has provided updates on its ongoing voluntary receivership proceedings and board changes. The company announced that Opus Consulting Partners, LLC, through principal Mr. Jacques Santucci, has been appointed as Receiver for its U.S. subsidiaries by the Massachusetts Superior Court on June 20, 2025.

The Receiver will be responsible for managing and pursuing the orderly sale of the subsidiaries to maximize stakeholder value. Additionally, Stone Blossom Capital LLC has been engaged as a senior strategic consultant. Following these developments and the company's previous bankruptcy filing in Canada, Board Chairman Kris Krane and Director David Daily have resigned effective immediately.

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• None.

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• Company's U.S. subsidiaries entered voluntary receivership for liquidation
• Company filed for bankruptcy in Canada
• Two board members resigned, including the Chairman
• Company assets to be sold through receivership process

PHOENIX, June 26, 2025 /PRNewswire/ - 4Front Ventures Corp. ("4Front" or the "Company") (CSE: FFNT) (OTC: FFNTF), a vertically integrated cannabis operator, provides an update on the voluntary receivership proceedings involving its U.S. subsidiaries and changes to its Board of Directors.

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 Receivership:
Opus Consulting Partners, LLC
Jacques Santucci, Receiver
jacques@opuscg.com
(207) 619-1899

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.

 

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SOURCE 4Front Ventures Corp.

FAQ

What happened to 4Front Ventures (FFNTF) in June 2025?

4Front Ventures entered receivership proceedings, with Opus Consulting Partners appointed as Receiver for its U.S. subsidiaries on June 20, 2025, and the company is pursuing liquidation under Massachusetts law.

Who is the Receiver appointed for 4Front Ventures' U.S. subsidiaries?

Opus Consulting Partners, LLC, through its principal Mr. Jacques Santucci, was appointed as Receiver by the Massachusetts Superior Court on June 20, 2025.

Which 4Front Ventures board members resigned in June 2025?

Board Chairman Kris Krane and Director David Daily resigned from the company's Board of Directors effective immediately.

What is the purpose of 4Front Ventures' receivership proceedings?

The receivership aims to operate, manage, and pursue the orderly sale of the subsidiaries to maximize value for creditors and stakeholders.

What legal proceedings is 4Front Ventures currently involved in?

4Front is involved in voluntary receivership proceedings in Massachusetts for its U.S. subsidiaries and has filed for bankruptcy under Canada's Bankruptcy and Insolvency Act.