4Front Ventures Finalizes First Phase Of Cannabis Facility In Illinois Expected To Create At Least 500 Jobs And Millions In Revenue

Multi-state cannabis operator 4Front Ventures Corp. FFNT (OTCQX: FFNTF) on Thursday confirmed the first closing of a multiphase expansion project to construct a 558,000 sq. ft. cannabis cultivation and production facility in Illinois. The first phase of the project is supported by cannabis REIT Innovative Industrial Properties, Inc. (NYSE: IIPR) which agreed to provide compensation of up to $43.75 million. IIP also leases the Village of Matteson-based property to 4Front.

Under the deal, the first phase of the multiphase expansion project will include a 250,000 sq. ft. building, with 65,000 sq. ft. of flowering canopy and 70,000 sq. ft. of manufacturing space. The complete project will be equipped with several advanced technologies including a state-of-the-art kitchen and low-cost production methodologies.

Creating 500 New Jobs 

Phase 1 is projected to create 240 livable wage jobs in the Matteson region, with the build-out projected to be finalized during the fourth quarter. Furthermore, Phase 2 should add another 300,000 sq. ft. of building and 260 jobs.

4Front will run the facility to manufacture more than 20 in-house brands and 2,000 products to be sold at its Mission Dispensaries and other dispensaries across the state. The facility will also produce various white-label products like cannabis flower, edibles, tinctures and concentrates for other cannabis companies.

"With this announcement, we mark the beginning of a multi-phase expansion project to create the largest cannabis cultivation and manufacturing facility in Illinois, one of the country's fastest-growing cannabis markets,” 4Front CEO Leo Gontmakher stated. “The sheer size of this next-generation Facility will allow us to meet growing consumer demands.

Matteson Village president Sheila Chalmers-Currin highlighted the fact that the company’s development will improve the region’s economy by providing more than 500 jobs, “which we believe will pay big dividends for years to come. This facility will provide opportunities for agricultural positions and create opportunities for many in a new industry, and we couldn't be more excited to work with 4Front."

Click here to listen to more details on 4Front Ventures Corp. FFNT on Cannabis Hour Podcast

Illinois State Senator Michael Hastings added he and his district are thrilled to have 4Front Venture join the community. “Their new facility in Matteson will generate millions of dollars in revenue, along with hundreds of new jobs, which will not only have significant benefits for our residents in Matteson, but also for consumers in Illinois."

Price Action

4Front’s shares were trading 0.01% higher at $1.12 per share at the time of writing Thursday morning. 

Photo: Courtesy of Avery Meeker on Unsplash

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Posted In: CannabisNewsMarkets4Front Ventures Illinois PropertyLeo GontmakherMichael HastingsSheila Chalmers-Currin
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