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PHOENIX - Cannabis operator 4Front Ventures Corp. (CSE: FFNT) (OTC: FFNTF), carrying a substantial debt burden of $230.15 million against a market capitalization of just $3.29 million, has filed for bankruptcy in Canada under the Bankruptcy and Insolvency Act, the company announced today.
The Canadian bankruptcy filing follows 4Front’s previously announced U.S. receivership petition. B. Riley Farber has been appointed as the trustee in the Canadian bankruptcy proceedings.
4Front Ventures operates in Illinois and Massachusetts and has facilities in Washington. The vertically integrated multi-state cannabis company, founded in 2011, has developed over 20 cannabis brands and more than 1,800 products distributed through its Mission dispensaries.
Stakeholders seeking additional information about the bankruptcy proceedings can contact the trustee or visit the case webpage established for this matter, according to the company’s statement based on a press release.
The Canadian Securities Exchange has neither approved nor disapproved the contents of the announcement.
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