Vertically-integrated cannabis company 4Front Ventures Corp. (CSE:FFNT) (OTCQX:FFNTF) announced Friday its withdrawal of the brokered offering that was previously announced on June 26th. This strategic decision comes after a comprehensive review of current market conditions, including recent controversies regarding the federal regulatory outlook.

Last Wednesday the company announced it is seeking to secure roughly CA$5 million ($3.65 million) in financing.

The Arizona-based multi-state operator (MSO) said that it has entered into an agreement with Eight Capital, as lead agent and sole book-runner, on behalf of a syndicate of agents to be formed, to act as agents on a "best efforts" basis to sell up to 47,620,000 of its units at CA$0.105 per unit for gross proceeds of up to CA$5,000,100. After careful analysis of the current market state, the company decided to withdraw the offering.

Read Also: Cannabis Company 4Front Reports 28% YoY Drop In Q1 Revenue While Net Loss Grows, CEO Optimistic With Biden's Marijuana Rescheduling News.

Additionally, 4Front announced that current company director Kris Krane became chair of the Board in place of Robert Hunt, who is departing the board. Krane has extensive experience in the cannabis industry, having previously served as the company's president and played a key role in its growth and development. As a regulatory and business strategist, as well as a frequent speaker at cannabis conferences and events around the world, Krane has spent the last two decades working to advance the cannabis industry and movement. He has served as associate director of the National Organization for the Reform of Marijuana Laws (NORML) and executive director of Students for Sensible Drug Policy and is chair emeritus of the National Cannabis Industry Association board of directors.

Price Action:

4Front shares were trading 2.44% lower at $0.078 per share at the time of writing Friday morning.

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