Massachusetts Approves 4Front Bid To Enter State's Cannabis Market

4Front Ventures Corp.'s FFNT FFNTF Georgetown, Massachusetts-based Mission dispensary and cultivation facilities obtained all regulatory approvals to enter into the Massachusetts market.

The Phoenix-based company has received Massachusetts Cannabis Control Commission's authorization to launch adult-use retail and production operations.

The grand opening for the recreational cannabis store is scheduled for August 12.

The news comes ahead of receiving the commission's approval for 4Front's facilities and Mission stores in Worcester.

The company anticipates the licensing will drive its top-line as well as bottom-line growth during the second half of 2020 into 2021.

"Commencing adult-use licensure is a milestone for the Company, and we would like to thank the CCC for its support during the licensing process," 4Front CEO Leo Gontmakher said. "Consistent with our Company's culture of setting operational goals and executing upon them, it's great to see the building momentum as we announce another of what I expect to be many achievements in the back half of this year."

In June, the cannabis facility operator witnessed a considerable year-over-year sales increase.

According to the latest earnings update, its "Total Systemwide Pro Forma Sales" for 2019 spiked 786% to $63.5 million.

The last fiscal year "was a transformative year for our company," Gontmakher, citing the financial results.

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