Arizona-based cannabis business 4Front Ventures Corp. has taken steps to seek bankruptcy protection in Canada. The filing was made under Canada’s Bankruptcy and Insolvency Act, signaling another chapter in the company’s recent financial troubles.
The bankruptcy process in Canada comes shortly after affiliated companies of 4Front filed for voluntary receivership in Massachusetts. According to board chair Kris Krane, this action was taken as the company faced growing financial obligations paired with limited access to operational funding.
Cease Trade Order Issued Over Financial Filings
In addition to its financial challenges, 4Front Ventures encountered regulatory obstacles. The company failed to submit its required audited financial statements for 2024. This led the Ontario Securities Commission to issue a cease trade order, preventing 4Front’s stock from being traded on Canadian markets.
Before the cease trade order, 4Front Ventures was listed on the Canadian Securities Exchange under the ticker symbol FFNT. Despite the trading suspension in Canada, shares of 4Front Ventures have continued to be available on U.S. over-the-counter markets. As of Friday, the company’s stock was still active under the symbol FFNTF on the Pink Limited Market.
U.S. Operations Continue Across Multiple States
While the company restructures its financial situation in Canada, 4Front Ventures continues to run its core business activities in the United States. Based on information available on its website, the company operates retail cannabis stores, cultivation sites, and manufacturing facilities in several states. In Illinois and Massachusetts, 4Front manages both dispensaries and production facilities. Additionally, the company maintains cultivation and manufacturing operations in Washington state.
Despite its legal and financial hurdles, 4Front’s U.S. business units remain operational as the company works through the bankruptcy process in Canada.
Rita Ferreira
Rita is a seasoned writer with over five years of experience, having worked with globally renowned platforms, including Forbes and Miister CBD. Her deep knowledge of hemp-related businesses and passion for delivering accurate and concise information distinguish her in the industry. Rita's contributions empower individuals and companies to navigate the complexities of the cannabis world, and her work remains a valuable resource for those seeking a deeper understanding of its potential.
