After Reviewing Current Cannabis Market Conditions, 4Front Withdraws Brokered Offering
Vertically-integrated cannabis company 4Front Ventures Corp. (CSE:FFNT) (OTCQX:FFNTF) announced Friday its withdrawal of the brokered offering that was previously announced on June 26th. This strategic decision comes after a comprehensive review of current market conditions, including recent controversies regarding the federal regulatory outlook.
Last Wednesday the company announced it is seeking to secure roughly CA$5 million ($3.65 million) in financing.
The Arizona-based multi-state operator (MSO) said that it has entered into an agreement with Eight Capital, as lead agent and sole book-runner, on behalf of a syndicate of agents to be formed, to act as agents on a “best efforts” basis to sell up to 47,620,000 of its units at CA$0.105 per …