Cannabis retailer 4Front Ventures Corp. FFNT 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."
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.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.