Over 2,300 customers served in the first five days of Illinois adult-use market
VANCOUVER and PHOENIX, AZ, Jan. 6, 2020 /PRNewswire/ - 4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) ("4Front" or the "Company") is pleased to announce that its Chicago Mission dispensary opened to adult-use clientele at 6 a.m. on January 1, 2020, with an overwhelming response from its customer base. The strong demand persisted throughout the weekend. In the first five days of adult use, the dispensary generated sales of more than $266,000 and served over 2,300 customers.
"Our Mission South Shore team worked tirelessly in anticipation of the adult-use launch, and their preparedness has shown through in spades," said Kris Krane, President of Mission, 4Front's retail division. "Because our South Shore location is the only adult-use cannabis store on Chicago's Southeast Side, we drew in many customers from a very wide area. I couldn't be prouder of the team's efforts in serving these new customers – they demonstrated that they are ready to show the same uncompromising quality and care they were known for in the two years they worked as a medical cannabis dispensary, but for the significantly increased volumes of adult use. While we expect supply of product to remain tight for the foreseeable future, we remain laser-focused on meeting the strong demand from our customers at friendly price points."
"2020 is when 4Front expects a sharp inflection in our revenue growth, owing to applying our battle-tested operational capabilities across a license portfolio representing a sizable addressable market. We anticipate this acceleration will be aided by a tailwind as the nascent markets we are in, such as Illinois and Massachusetts, begin to grow and mature. The jolt of energy provided by a great Mission South Shore opening is a terrific way to start the year," said Joshua Rosen, CEO of 4Front.
The Mission dispensary, located at 8554 S. Commercial Ave., is the only cannabis retail store on the city's Southeast Side. It has served its neighborhood as a medical cannabis dispensary since 2017.
About 4Front Ventures Corp.
4Front is a cannabis company designed for long-term success and built upon battle-tested operating capabilities at scale, experienced and committed leadership, a strategic asset base, and a commitment to being a magnet for talent. From plant genetics to the cannabis retail experience, 4Front's team applies expertise across the value chain. 4Front has invested heavily to assemble a comprehensive collection of management skills and hands-on operating expertise to capitalize on the unique growth opportunity being afforded by the increased legalization of cannabis. For more information, visit 4Front's website.
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Forward-looking statements may include, without limitation, statements related to future developments and the business and operations of 4Front Ventures, developments with respect to legislative developments in the United States and the proposed trading dated of the resulting issuer.
Although 4Front Ventures has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal under U.S. federal laws; change in laws; limited operating history; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and; regulatory or political change.
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