[PRESS RELEASE] – PHOENIX, June 26, 2025 – 4Front Ventures Corp. (a vertically-integrated cannabis operator) provided an update regarding the voluntary receivership proceeding involving its U.S. subsidiary and changes in its board of director.
As previously announced on May 22, 2025, all U.S. subsidiaries of 4Front filed for voluntary receivership in aid of liquidation under the laws of the commonwealth of Massachusetts. These filings were made in the Business Litigation Session of the Superior Court for Suffolk County in case No. 2584CV01405 (the “receivership”).
On June 20, 2025, the court entered an order appointing Opus Consulting Partners LLC, through its principal, Jacques Santucci, as receiver for the subsidiaries and their associated assets. The receiver was given wide-ranging authority in order to run, manage and proceed with the sale of subsidiaries so as to maximize value. The receiver is also authorized to engage Stone Blossom Capital LLC, whose principal is Richard Ormond, as a senior strategic consultant and adviser in connection with the process.
With the appointment of the receiver and 4Front’s previously announced assignment pursuant to Canada’s Bankruptcy and Insolvency Act, Kris Krane, chairman of the Board, and David Daily, director, tendered their resignations on June 26 from the company’s board of directors, effective immediately.
Additional information regarding the receivership may be obtained from the receiver; additional information regarding the bankruptcy may be obtained from B. Riley Farber Inc., the trustee.
Foley Hoag LLP acts as legal counsel to the firm.