On April 26, 2022, 4Front Ventures Corp. (CSE: FFNT) (QTCQX: FFNTF) (“4Front” or the “Company”), a vertically integrated, multi-state cannabis operator and retailer, announced it has closed on the purchase of Island Global Holdings, Inc. (“Island”), a California based producer of pre-rolls, flower and concentrate products (the “Transaction”). The Transaction was first announced in the Company’s press release dated March 30, 2022.
“We are thrilled to announce the completion of our acquisition of Island,” said 4Front CEO Leo Gontmakher. “As one of the most competitive cannabis markets in the world, California remains a key part of our strategy long-term. The team at Island has spent years perfecting their brand and building a loyal following among its customers. Now able to integrate with the 4Front platform, we intend to scale the Island brand deeper into the California market, and into our other geographies in the near future.”
Gontmakher continued “The entire 4Front team and I welcome Island to our family. Ray, Brandon and the rest of the team bring deep operational experience in California that will prove integral to our business moving forward. As we aim to become one of the top high-quality cannabis producers and price leaders in one of the largest and most competitive cannabis marketplaces in the world, we expect to explore additional strategic acquisitions over the coming months.”
Fort Capital Partners acted as Financial Advisor to 4Front on the transaction.