4Front Announces Initial Board Members for Planned Business Combination with Cannex
PHOENIX, April 4, 2019 /PRNewswire/ -- 4Front Holdings, LLC ("4Front"), a leading U.S. cannabis retail and brand development company, is pleased to announce the proposed board of directors (the "Board") of the new public 4Front company that will survive after the completion of its planned business combination with Cannex Capital ("Cannex") (CSE: CNNX; OTCQX: CNXXF). Upon closing, the resulting issuer will be formally named 4Front Ventures Corporation ("4Front Ventures").
The Board of 4Front Ventures will initially comprise five directors, with Cannex and 4Front each appointing one director and mutually agreeing on three additional directors.
The directors of 4Front Ventures are anticipated to be:
- Joshua Rosen, current CEO of 4Front and named CEO of 4Front Ventures
- Leo Gontmakher, current COO of Cannex and named COO of 4Front Ventures
- David Daily, CEO of Gravitron LLC
- Eric Rey, Board Member and retired CEO of Arcadia Biosciences Inc.
- Anthony Dutton, current CEO of Cannex
"We're excited to be building a strong board for our new company, 4Front Ventures," Rosen said. "The commitments from Eric Rey and Dave Daily are the first steps toward establishing informed and independent voices to our governance, with an emphasis on bringing complementary perspectives and experience to support our leadership. We've prioritized a board that will be highly engaged and help our company navigate a dynamic and emerging industry."
David Daily is the CEO of Gravitron LLC, which he founded in 2004. Commonly known as Grav.com or Grav, the company's original invention was the first all-glass gravity bong, known as the Gravitron, which was an instant success and has since become a cult classic. Daily and his team have gone on to create more than 500 unique top-line products. He has overseen the development of a robust distribution network that enables Grav's products to be available in more than 3,500 stores nationwide.
"I first met Dave as the Arcview Network was being formed in 2011 and immediately appreciated his insatiable curiosity and unique insight," Rosen said. "Dave always brings a successful entrepreneur's contagious energy to a discussion. I expect his sound moral compass and broad exposure to industry trends will provide great benefit to 4Front Ventures' shareholders."
Eric Rey is a director of Arcadia Biosciences Inc., which he founded in 2003. Rey has previously served as president and CEO of that company. He has managed agricultural research, product development and commercial programs for more than 35 years. Prior to Arcadia he was a partner at the Rockridge Group, a consulting firm focused on agricultural biotechnology. He was also formerly Vice President of Operations for Calgene Oils, a division of the Monsanto Company. Rey is a director of Texas Crop Science LLC, Micropep Technologies, and Phytelligence Inc., and holds a B.S. in Plant Science from the University of California at Davis.
"I believe Eric's experience, both as an entrepreneur and public company CEO and board member for agricultural technology companies, should provide a solid foundation for quickly understanding and contributing to 4Front's oversight as our industry evolves, particularly as it relates to agricultural practices and managing rapid growth," Rosen said.
4Front's previously announced business combination with Cannex Capital is expected to close this month.
About 4Front Holdings
4Front is building a next-generation cannabis company, based upon strategic and aligned leadership, battle-tested operating capabilities, transparent and principled governance, and a commitment to developing and supporting people and communities. Led by a group of professionals with experience in finance, real estate, manufacturing, distribution & logistics, multi-location retail & hospitality operations and talent development & retention, 4Front has invested heavily to assemble a comprehensive collection of management skills and hands-on operating expertise that can support the rapid operational growth opportunity being afforded by the increased legalization of cannabis across the globe. For more information, visit 4Front's website.
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SOURCE 4Front
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