Cannabis Co. 4Front Ventures Posts 85% YoY Revenue In Q2, Adjusted EBITDA Of $7.5M

4Front Ventures Corp. FFNT FFNTF, a vertically integrated, multi-state cannabis operator and retailer, announced Monday its financial results for the second quarter ended June 30, 2021.

Highlights

• Systemwide Pro Forma Revenue of $34.4 million compared to $31.4 million in Q1 2021, an increase of 85% year over year and 10% over Q1 2021
• GAAP-reported revenue of $27.1 million compared to $23.0 million in Q1 2021, an increase of 114% year over year and 18% over Q1 2021
• Adjusted EBITDA increased 27% to $7.5 million compared to $5.9 million in Q1 2021, representing an Adjusted EBITDA margin of 22% as compared to an Adjusted EBITDA margin of 19% in Q1 2021

“In the second quarter we continued to build on the strong momentum that began last year,” said Leo Gontmakher, Chief Executive Officer of 4Front. “Following the initiation of adult-use sales in Massachusetts and the enthusiastic reception of our Calumet City, Illinois dispensary in late 2020, our steady growth quarter over quarter shows that our strategy of replicating low-cost production methods can rapidly scale in the most attractive markets in the country.”

Mr. Gontmakher concluded, “We are seeing a marked uptick in merger activity across the industry and with it an appreciation of the advantage of low-cost, scaled operations across a compelling asset base which we believe highlights the advantages of a company like 4Front. Additionally, we are thrilled that Navy Capital is continuing its support of us by providing us with a term sheet to lead the financing of a proposed accretive acquisition to strengthen our position in a key market as the pace of consolidation picks up. To that end, as CEO, I am more confident than ever in our strategy, fundamentals, asset base, and current growth ramp of our business as we look ahead to 2022.”

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