Cannabis Company 4Front Reports 28% YoY Drop In Q1 Revenue While Net Loss Grows, CEO Optimistic With Biden’s Marijuana Rescheduling News
Vertically integrated multi-state operator (MSO) and cannabis retailer 4Front Ventures Corp. (CSE:FFNT) (OTCQX:FFNTF) announced its financial results on Friday for the quarter ended March 31, 2024.
“We’ve had an encouraging start to the year, energized by the fresh dynamics introduced with my recent appointment as CEO,” said the company’s CEO Andrew Thut. “In just a few weeks, we’ve seen tangible improvements in our financial health, evidenced by reduced operational costs and effective management of working capital.”
See also: 4Front Ventures FY Revenue Drops 10% As Net Loss Increases, CEO Offers Optimistic Projections
Q1 2024 Financial Highlights
Total revenues amounted to $18.8 million, down from $26.3 million in the prior year’s period.
Gross profit was $7.6 million, compared to $13.5 million in the first quarter of last year.
Loss from continuing …