4Front Ventures Corp (OTCMKTS:FFNTF) has announced second-quarter interim financial results for 4Front Holdings LLC. The results precede the business combination of 4Front Holdings and Cannex Capital Holdings Inc. and so they do not reflect results of Cannex in the quarter.
4Front CEO stated that he was proud of the growth the company achieved in the quarter. He added that he was looking forward towards the expected acceleration of 4Front’s growth and capabilities as a result of the merger with Cannex. The CEO indicated besides investing in people and infrastructure the focus is to achieve operational milestones.
In July 4Front Holdings and Cannex Holdings completed a merger forming 4Front Ventures. The company began planting in Q2 at the new Worcester, Mass production facility and they expect a harvest in the fourth quarter. The company also started an optimization project at the Georgetown, Mass facility which should double the company’s cultivation capacity.
4Front also saw its retail division, Mission, open up a new dispensary in Rockville. This takes the number of Mission dispensaries in Maryland to three thanks to the licensing and management relationship with the license holder. The company’s production division Brightleaf gained control of a 94,000 sq. ft. a facility in Elk Grove Village where production operations are housed. Currently, the design is ongoing to support significant expansion of operations following the legalization of recreational use in June.
Following the closing of the merger, the company expects the integration of the 4Front legacy production facilities onto the Brihghtaf platform. Brightleaf is expecting to launch the legacy Cannex brands into the market in Massachusetts in the third quarter. The company expects to receive approval for the Mission retail and Brightleaf operations in Georgetown to serve the recreational market in the next 45 days. The Worcester retail and production facilities will follow after.
Brightleaf is anticipating the completion of the redesign and retrofit of the production facility in Georgetown in the fourth quarter. More expansion of the facility will occur in Q4 as the company seeks to triple its cultivation by 2020.