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4Front Ventures Corp (OTC: FFNTF)a vertically integrated, multi-state cannabis operator and retailer, announcedIts financial results for the first quarter ended March 31, 2022.
Q1 2022 Highlights
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Systemwide Pro Forma Revenue increased 7% year-over-year to $32.4 million.
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GAAP revenue increased 13% year-over-year to $26.1 million.
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Adjusted EBITDA increased 53% year-over-year to $9.0 million.
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Completed accurate acquisition of New England Cannabis Corporationmore than doubling 4 Front’s total flower canopy in Massachusetts and scaling its presence as a dominant wholesaler and producer in the state.
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Signed a definitive agreement to acquire Island Cannabis Co.combining premier California brand with 4Front’s state-of-the-art Commerce, California manufacturing facility (acquisition subsequently completed in April 2022).
Management Commentary
"Our business inflected during the first quarter of 2022 as a result of the investments and efficiencies we made over the last 18 months to meet our long-term strategic goals," said Leo GontmakherCEO of 4Front. "We now have a fully-capitalized infrastructure in place to drive robust growth through this year. Our thesis of providing …
Full story available on Benzinga.com
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