Cannabis retailer 4Front Ventures Corp. (CSE:FFNT) (OTCQX:FFNTF) has closed the purchase of Island Global Holdings, Inc., a California-based producer of pre-rolls, flower and concentrate products.
The terms of the deal, previously announced in March, remained undisclosed.
Why It Matters?
The transaction adds new high-quality products to 4Front's growing brand portfolio, including diverse lines of pre-rolls, flower and infused products with a strong following from local California consumers.
In addition, Island Founder and CEO, Ray Landgraf, Island COO, Brandon Mills, and the Island leadership team join 4Front's management team as a result of the deal.
"The acquisition of Island is a strategic stepping stone that fits in with our company's thesis and supports our efforts to build one of the largest, most efficient cannabis manufacturing facilities in the world," Leo Gontmakher, CEO of 4Front, told Benzinga."Island's handcrafted, top-of-the-line pre-rolls, flower and infused products, coupled with its impressive cult following, will be vital contributors as we continue to take steps to execute our vision in the most competitive cannabis market in the country."
What's Next
4Front now plans to scale the Island brand deeper into the California market and its "other geographies in the near future," Gontmakher revealed.
"As we aim to become one of the top high-quality cannabis producers and price leaders in one of the largest and most competitive cannabis marketplaces in the world, we expect to explore additional strategic acquisitions over the coming months," Gontmakher added.
Photo: Courtesy of 4Front Ventures Corp.
