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.
