Company announces binding agreement for the sale of its Assets in Pennsylvania and Maryland netting over $18 million the U.S. in cash Company secures $4 million U.S. through private placement Transactions enable the Company to reach cash flow positive in 2020 4Front Ventures Corp. (“4Front” or the “Company”) announced reaching a significant milestone in becoming cash flow positive in 2H 2020 through a sale of non-core retail licenses netting in excess of $18 million U.S. and a private placement of convertible debentures of $4 million U.S. The Company expects these transactions will fulfill the Company’s stated objectives of being fully funded and achieving cash flow positivity in the second half of 2020. Non-core License Sales Consistent with its stated strategy of divesting non-core assets, the Company has entered into a definitive agreement to sell its stake in retail licenses in Pennsylvania and Maryland, netting in excess of $18 million the U.S. in cash. The majority of the proceeds from the transaction are expected to be received in the next week, with the remainder closing over the next 45 days pending certain regulatory approvals.
Hemp Land, Cannabis Hemp Blog, 01/31/2022 20:22:00