4Front Ventures Reports Q1 2022 Financial Results, Declines 8% Sequentially To $26.1M, CEO Optimistic

4Front Ventures Corp (OTC: FFNTF, a vertically integrated, multi-state operator and retailer, announced its financial results for the first quarter ended March 31, 2022.

Q1 Highlights

  • Systemwide Pro Forma Revenue increased 7% year-over-year to $32.4 million.

  • GAAP revenue increased 13% year-over-year to $26.1 million.

  • Adjusted EBITDA increased 53% year-over-year to $9.0 million.

  • Completed accretive acquisition of New England Cannabis Corporation, more than doubling 4 Front’s total flower canopy in Massachusetts and scaling its presence as a dominant wholesaler and producer in the state.

  • Signed a definitive agreement to acquire Island Cannabis Co., combining premier California brand with 4Front's state-of-the-art Commerce, California manufacturing facility (acquisition subsequently completed in April 2022).

Management Commentary

"Our business inflected during the first quarter of as a result of the investments and efficiencies we made over the last 18 months to meet our long-term strategic goals," said Leo Gontmakher, CEO of 4Front. "We now have a fully-capitalized infrastructure in place to drive robust growth through this year. Our thesis of providing …

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