{"id":472202,"date":"2021-04-06T16:18:40","date_gmt":"2021-04-06T20:18:40","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=472202"},"modified":"2021-04-06T16:18:40","modified_gmt":"2021-04-06T20:18:40","slug":"4front-announces-fourth-quarter-and-fiscal-year-2020-results-and-provides-business-update","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/4front-announces-fourth-quarter-and-fiscal-year-2020-results-and-provides-business-update\/","title":{"rendered":"4Front Announces Fourth Quarter and Fiscal Year 2020 Results and Provides Business Update"},"content":{"rendered":"<div class=\"xn-newslines\">\n<p class=\"xn-distributor\">PR Newswire<\/p>\n<\/p><\/div>\n<div class=\"xn-content\">\n<p class=\"prntac\">\n        <i>Q4 Systemwide Pro Forma Revenue increased to <span class=\"xn-money\">$25.0 million<\/span>, with full year 2020 Systemwide Pro Forma sales of <span class=\"xn-money\">$88.1 million<\/span><\/i>\n      <\/p>\n<p class=\"prntac\">\n        <i>Q4 Adjusted EBITDA increased 59% sequentially to <span class=\"xn-money\">$5.9 million<\/span>, representing Adjusted EBITDA margin of 24% <\/i>\n      <\/p>\n<p class=\"prntac\">\n        <i>Reiterated FY2021 guidance for Systemwide Pro Forma Revenue of <span class=\"xn-money\">$170<\/span>-180 million and Adjusted EBITDA of <span class=\"xn-money\">$40<\/span>-50 million <\/i>\n      <\/p>\n<p class=\"prntac\">\n        <i>The Company&#8217;s existing licensed projects at maturity represent a long-term revenue and EBITDA opportunity upwards of <span class=\"xn-money\">$650 million<\/span> and <span class=\"xn-money\">$250 million<\/span>, respectively<\/i>\n      <\/p>\n<p>\n        <span class=\"xn-location\">PHOENIX<\/span>, <span class=\"xn-chron\">April 6, 2021<\/span> \/PRNewswire\/ &#8211;\u00a04Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) (&#8220;<b>4Front<\/b>&#8221; or the &#8220;<b>Company<\/b>&#8220;) today announced its financial results for the fourth quarter and fiscal year ended <span class=\"xn-chron\">December 31, 2020<\/span>. All financial information is presented in U.S. dollars unless otherwise indicated. <\/p>\n<p>\n        <b><br \/>\n          <u>Fourth Quarter 2020 (&#8220;Q4 2020&#8221;) Financial Results Highlights<\/u><br \/>\n        <\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Systemwide Pro Forma Revenue was <span class=\"xn-money\">$25.0 million<\/span><\/li>\n<li>GAAP-reported revenue was <span class=\"xn-money\">$17.0 million<\/span><\/li>\n<li>Adjusted EBITDA was <span class=\"xn-money\">$5.9 million<\/span><\/li>\n<\/ul>\n<p>\n        <b><br \/>\n          <u>Fiscal Year 2020 (&#8220;FY 2020&#8221;) Financial Results Highlights<\/u><br \/>\n        <\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Systemwide Pro Forma Revenue was <span class=\"xn-money\">$88.1 million<\/span><\/li>\n<li>GAAP-reported revenue was <span class=\"xn-money\">$57.6 million<\/span>, a 203% increase compared to the prior year <\/li>\n<li>Adjusted EBITDA was <span class=\"xn-money\">$5.9 million<\/span><\/li>\n<\/ul>\n<p>\n        <b><br \/>\n          <u>Operational Highlights<\/u><br \/>\n        <\/b>\n      <\/p>\n<ul type=\"disc\">\n<li>Opened second Illinois Mission Dispensary in <span class=\"xn-location\">Calumet City<\/span>, and recently announced 2021 expansion plans in <span class=\"xn-location\">Illinois<\/span> which includes the build out of an up to 558,000 square foot cultivation and production facility <\/li>\n<li>Completed expansion and retrofit of cultivation and production facility in <span class=\"xn-location\">Georgetown, MA<\/span> and <span class=\"xn-location\">Elk Grove Village, IL.<\/span> Continued construction on state-of-the-art 185,000 square foot production facility in <span class=\"xn-location\">Commerce, California<\/span>, fully funded and on track for Q2 2021 opening <\/li>\n<li>Third <span class=\"xn-location\">Massachusetts<\/span> dispensary in <span class=\"xn-location\">Brookline<\/span> on track for Q2 2021 opening <\/li>\n<li>Completed sale leaseback transaction with Innovative Industrial Properties; ended year with <span class=\"xn-money\">$18.9 million<\/span> of cash and <span class=\"xn-money\">$47.3 million<\/span> in long-term debt due in <span class=\"xn-chron\">May 2024<\/span><\/li>\n<\/ul>\n<p>\n        <b><br \/>\n          <u>Management Commentary<\/u><br \/>\n        <\/b>\n      <\/p>\n<p>&#8220;4Front&#8217;s strong fiscal 2020 performance is validation that our core strategy of replicating low-cost production methods, developed and refined within our <span class=\"xn-location\">Washington<\/span> facilities, combined with our steadfast focus on execution is working,&#8221; said <span class=\"xn-person\">Leo Gontmakher<\/span>, Chief Executive Officer of 4Front. &#8220;We ended 2020 with tremendous business momentum that we have carried into the new year, as we scaled and replicated our operations across the growing adult-use markets of <span class=\"xn-location\">Massachusetts<\/span>, <span class=\"xn-location\">Illinois<\/span> and <span class=\"xn-location\">California<\/span>.&#8221;<\/p>\n<p>Mr. Gontmakher added, &#8220;Our strong performance was driven by growing consumer demand for our quality manufactured products introduced in <span class=\"xn-location\">Massachusetts<\/span> over the last year, the continued strength of the <span class=\"xn-location\">Illinois<\/span> market, and a solid quarter out of our <span class=\"xn-location\">Washington<\/span> facilities. We also completed the construction of our second <span class=\"xn-location\">Illinois<\/span> dispensary in <span class=\"xn-location\">Calumet City<\/span>, which opened in December, plus our cultivation\/manufacturing facilities in <span class=\"xn-location\">Illinois<\/span> and <span class=\"xn-location\">Massachusetts<\/span> which we successfully transitioned into the &#8216;Washington Way&#8217; with cultivation yields now meeting or exceeding those from our <span class=\"xn-location\">Washington<\/span> facilities.&#8221;<\/p>\n<p>Mr. Gontmakher concluded, &#8220;We are well positioned to further scale the business and execute on our expansion strategy in 2021. This includes significantly expanding our cultivation and manufacturing footprint in <span class=\"xn-location\">Illinois<\/span> and entering the <span class=\"xn-money\">$3 billion<\/span><span class=\"xn-location\">California<\/span> market. Further bolstering our financial position is the fact that we are now generating positive operating cash flow, in line with our stated goals from the start of the year. Given the strength of our operations, I am pleased to reiterate our 2021 guidance of <span class=\"xn-money\">$170<\/span>&#8211;<span class=\"xn-money\">$180 million<\/span> in Pro Forma Systemwide Revenue and <span class=\"xn-money\">$40<\/span>&#8211;<span class=\"xn-money\">$50 million<\/span> in Adjusted EBITDA, with the longer-term view to generate <span class=\"xn-money\">$650 million<\/span> in revenue and <span class=\"xn-money\">$250 million<\/span> in EBITDA based on our current licensed footprint.&#8221;<\/p>\n<p>\n        <b><br \/>\n          <u>Business Updates and Developments<\/u><br \/>\n        <\/b>\n      <\/p>\n<p>\n        <b>Q4 2020 Systemwide Pro Forma Revenue increased 12% quarter-over-quarter to <span class=\"xn-money\">$25.0 million<\/span><\/b>. This growth was driven by continued robust activity across the Company&#8217;s portfolio of operating assets, led by the first full quarter of recreational sales in <span class=\"xn-location\">Massachusetts<\/span> and the opening of 4Front&#8217;s second <span class=\"xn-location\">Illinois<\/span> retail location in Calumet City.\u00a0\u00a0\u00a0 <\/p>\n<p>\n        <b>Q4 Adjusted EBITDA increased 59% quarter-over-quarter to <span class=\"xn-money\">$5.9 million<\/span> representing adjusted EBITDA margin of 24%.<\/b>\u00a0The Company continued to demonstrate considerable operating leverage in the fourth quarter, exceeding internal expectations, after initially achieving profitability during the third quarter of 2020.\u00a0 Through the combination of 4Front&#8217;s low-cost production model, tight expense controls, and accelerating revenues the Company is well positioned to extend its profitability as it scales up its operating footprint. The Company achieved positive operating cash flow of <span class=\"xn-money\">$3.2 million<\/span> in Q4 2020 and remains poised to show significant operating leverage in 2021.<\/p>\n<p>\n        <b>In Q4 2020 4Front opened its second Illinois Mission Dispensary in <span class=\"xn-location\">Calumet City<\/span>, and recently announced additional 2021 expansion plans in <span class=\"xn-location\">Illinois<\/span>.<\/b>\u00a0The expansion plan includes the build out of an up to 558,000 square foot cultivation and production facility (the &#8220;Facility&#8221;), which the Company recently secured financing to build. Subsequent to the year end, the Company entered into definitive agreements with both the landowner and an affiliate of Innovative Industrial Properties, Inc., to acquire the land for <span class=\"xn-money\">$6.5 million<\/span> and fund the approximately <span class=\"xn-money\">$45 million<\/span> buildout of phase one of the Facility. The first phase constitutes 258,000 square feet of building comprising 65,000 square feet of flowering canopy with approximately 70,000 square feet of manufacturing space and is expected to be operational in the fourth quarter of 2022. <\/p>\n<p>\n        <b>The Company&#8217;s fully-funded, state-of-the-art 185,000 square foot manufacturing only facility in <span class=\"xn-location\">Commerce, California<\/span> is nearing completion and is expected to be ready to serve the <span class=\"xn-location\">California<\/span> cannabis market in Q2 2021. <\/b>The Company is planning to launch its first full line of edibles, tinctures and vape products on <span class=\"xn-location\">California<\/span> retail shelves starting in <span class=\"xn-chron\">May 2021<\/span>. <\/p>\n<p>\n        <b>Construction remains on schedule at the Company&#8217;s third <span class=\"xn-location\">Massachusetts<\/span> dispensary in <span class=\"xn-location\">Brookline<\/span>. <\/b>Final inspection by the Cannabis Control Commission anticipated to occur in <span class=\"xn-chron\">June 2021<\/span> and the Company remains confident that it will open the <span class=\"xn-location\">Brookline<\/span> dispensary in Q2 2021.<\/p>\n<p>\n        <b><br \/>\n          <u>2021 Outlook<\/u><br \/>\n        <\/b>\n      <\/p>\n<p>Based on the continued strength of the Company&#8217;s operations and robust consumer demand, 4Front reiterates its previously announced FY 2021 guidance and anticipates Systemwide Pro Forma Revenue of <span class=\"xn-money\">$170<\/span>-180 million and Adjusted EBITDA of <span class=\"xn-money\">$40<\/span>-50 million. This guidance is fully funded and contemplates only current operations plus the opening of the <span class=\"xn-location\">Brookline, Massachusetts<\/span> dispensary and the <span class=\"xn-location\">Commerce<\/span> production facility in Q2 of 2021. If such openings are delayed due to Covid-19, guidance could be negatively affected.<\/p>\n<p>(Please see Note Regarding Non-GAAP Measures, Reconciliation, and Discussion below.) (*Please see the Financial Statement section below, and the Company&#8217;s Fourth Quarter 2020 Condensed Consolidated Financial Statements and Management Discussion and Analysis (&#8220;MD&amp;A&#8221;), available under the Company&#8217;s\u00a0<a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3120684-1&amp;h=3712251556&amp;u=https%3A%2F%2Fwww.sec.gov%2Fcgi-bin%2Fbrowse-edgar%3Fcompany%3D4Front%2BVentures%2BCorp%26owner%3Dexclude%26action%3Dgetcompany&amp;a=EDGAR\" rel=\"nofollow noopener noreferrer\">EDGAR<\/a>\u00a0profile)<\/p>\n<p>\n        <b><br \/>\n          <u>Additional Details<\/u><br \/>\n        <\/b>\n      <\/p>\n<p>As of the date of the MD&amp;A, there were the equivalent of 566,186,697 Class A Subordinate Voting Shares outstanding when calculated as if all share classes were converted to Subordinate Voting Shares. For further details regarding 4Front&#8217;s share structure, please see its profile at <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3120684-1&amp;h=791332903&amp;u=http%3A%2F%2Fwww.thecse.com%2F&amp;a=www.thecse.com\" rel=\"nofollow noopener noreferrer\">www.thecse.com<\/a><\/u>.<\/p>\n<p>\n        <b><br \/>\n          <u>Conference Call<\/u><br \/>\n        <\/b>\n      <\/p>\n<p>The Company will also host a conference call and webcast on <span class=\"xn-chron\">Tuesday, April 6, 2021<\/span> at <span class=\"xn-chron\">5:00 p.m. ET<\/span> to review its operational and financial results and provide an update on current business trends.<\/p>\n<p>To join the call, dial 1-877-407-0792 toll free from <span class=\"xn-location\">the United States<\/span> or <span class=\"xn-location\">Canada<\/span> or 1-201-689-8263 if dialing from outside those countries. The webcast can be accessed at <u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3120684-1&amp;h=1436879280&amp;u=http%3A%2F%2Fpublic.viavid.com%2Findex.php%3Fid%3D144031&amp;a=this+link\" rel=\"nofollow noopener noreferrer\">this link<\/a><\/u>.<\/p>\n<p>The call will be available for replay until <span class=\"xn-chron\">Tuesday April 13, 2021<\/span>. To access the telephone replay, dial 1-844-512-2921 toll free from <span class=\"xn-location\">the United States<\/span> and <span class=\"xn-location\">Canada<\/span>, or 1-412-317-6671 if dialing from outside those countries, and use this replay pin number: 13717894.<\/p>\n<p>\n        <b>About 4Front Ventures Corp.<\/b>\n      <\/p>\n<p>4Front (CSE: FFNT) (OTCQX: FFNTF) is a national multi-state cannabis operator and retailer, with a market advantage in mass-produced, low-cost quality branded cannabis products. 4Front manufactures and distributes a portfolio of over 25 cannabis brands including Marmas, <span class=\"xn-person\">Crystal Clear<\/span>, Funky Monkey, Pebbles, and the Pure Ratios wellness collection, distributed through retail outlets and their chain of strategically positioned Mission branded dispensaries.<\/p>\n<p>Headquartered in <span class=\"xn-location\">Phoenix, Arizona<\/span>, 4Front has operations in <span class=\"xn-location\">Illinois<\/span>, <span class=\"xn-location\">Massachusetts<\/span>, <span class=\"xn-location\">California<\/span>, <span class=\"xn-location\">Michigan<\/span>, and <span class=\"xn-location\">Washington state<\/span>. From plant genetics to the cannabis retail experience, 4Front&#8217;s team applies expertise across the entire cannabis value chain. For more information, visit 4Front&#8217;s website\u00a0<u><a target=\"_blank\" href=\"https:\/\/c212.net\/c\/link\/?t=0&amp;l=en&amp;o=3120684-1&amp;h=897334801&amp;u=http%3A%2F%2Fwww.4frontventures.com%2F&amp;a=www.4frontventures.com\" rel=\"nofollow noopener noreferrer\">www.4frontventures.com<\/a><\/u>.<\/p>\n<p>\n        <b>Financial Statements<\/b>\n      <\/p>\n<p>\n        <b>4FRONT VENTURES CORP.<br \/><\/b><br \/>\n        <i>Formerly 4Front Holdings, LLC<br \/><\/i><br \/>\n        <b>Consolidated Balance Sheets<br \/><\/b><br \/>\n        <b>As of <span class=\"xn-chron\">December 31, 2020<\/span> and <span class=\"xn-chron\">December 31, 2019<\/span><\/b>\n      <\/p>\n<p>\n        <b><br \/>\n          <br \/>\n        <\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td class=\"prngen2\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>December 31,<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen4\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>December 31,<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <i>Amounts expressed in thousands of U.S. dollars except for share and per share data<\/i><br \/>\n                  <b>\u00a0<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen5\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen7\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2019<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>ASSETS<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen2\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen2\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Current assets:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Cash<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">18,932<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,789<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Accounts receivable<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">437<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">597<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Other receivables<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,341<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">405<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Current portion of lease receivables<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,450<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,556<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Inventory<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">18,037<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,825<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Current portion of notes receivable<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">264<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,871<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Prepaid expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,275<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,198<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Total current assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">44,736<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">30,241<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Restricted cash<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,352<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Property and equipment, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">33,618<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">41,822<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Notes receivable and accrued interest<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">91<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,049<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Lease receivables<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,595<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">23,944<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Intangible assets, net<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">28,790<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">35,147<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Goodwill<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">23,155<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">40,283<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Right-of-use assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">62,466<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20,757<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Investments<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">759<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Deposits<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,305<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,347<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>TOTAL ASSETS<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">204,756<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">202,701<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>LIABILITIES AND SHAREHOLDERS&#8217; EQUITY<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>LIABILITIES<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Current liabilities:<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Accounts payable<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,722<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,866<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Accrued expenses and other current liabilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,427<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,465<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Taxes payable<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,792<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,609<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Derivative liability<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,807<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Current portion of convertible notes<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,652<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Current portion of lease liability<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,909<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">972<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Current portion of contingent consideration payable<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,393<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">750<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Current portion of notes payable and accrued interest<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,372<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">6,190<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml20\">\n                <span class=\"prnews_span\">Total current liabilities<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">38,074<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">18,852<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Convertible notes<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14,722<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">35,607<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Notes payable and accrued interest from related party<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">45,362<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">44,289<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Long term notes payable<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,907<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,903<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Long term accounts payable<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,600<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,600<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Contingent consideration payable<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,103<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,714<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Deferred tax liability<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">7,670<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Lease liability<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">51,545<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20,976<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>TOTAL LIABILITIES<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">163,983<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">127,941<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>SHAREHOLDERS&#8217; EQUITY<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Equity attributable to 4Front Ventures Corp.<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">250,583<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">252,656<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Additional paid-in capital<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">40,686<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">25,618<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Deficit<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(250,548)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(203,497)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\">Non-controlling interest<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">52<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(17)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>TOTAL SHAREHOLDERS&#8217; EQUITY<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">40,773<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">74,760<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>TOTAL LIABILITIES AND SHAREHOLDERS&#8217; EQUITY<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">204,756<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">202,701<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>4FRONT VENTURES CORP.<br \/><\/b><br \/>\n        <i>Formerly 4Front Holdings, LLC<br \/><\/i><br \/>\n        <b>Consolidated Statements of Operations and Comprehensive Loss<br \/><\/b><br \/>\n        <b>For the Years Ended <span class=\"xn-chron\">December 31, 2020<\/span> and 2019<\/b>\n      <\/p>\n<div>\n<table cellspacing=\"0\" cellpadding=\"0\" border=\"0\" class=\"prntblns\">\n<tr>\n<td nowrap=\"nowrap\" class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u00a0<i>Amounts expressed in thousands of U.S. dollars except for share and per share data<\/i><\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>December\u00a031,<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2020<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td colspan=\"2\" class=\"prngen8\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>December\u00a031,<\/b><br \/>\n                <\/span>\n              <\/p>\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>2019<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>REVENUE<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Revenue from sale of goods<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">46,616<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">14,812<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Real estate income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">11,019<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,220<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total revenues<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">57,635<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">19,032<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Cost of goods sold, sale of grown and manufactured products<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(11,973)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(6,844)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Cost of goods gold, sale of purchased products<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(9,151)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(4,007)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Gross profit<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">36,511<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">8,181<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>OPERATING EXPENSES<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Selling and marketing expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">23,174<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">9,038<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">General and administrative expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">20,494<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">24,984<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Depreciation and amortization<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">4,061<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,163<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Equity based compensation<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,306<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,913<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Impairment of goodwill and intangible assets<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">16,748<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">145,203<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Foreign exchange (gain) loss<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(19)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">57<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Accretion<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(643)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(337)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Total operating expenses<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">69,121<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">188,021<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Loss from operations<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(32,610)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(179,840)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Other income (expense)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Interest income<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">77<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">85<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Interest expense<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(15,779)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(5,559)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Change in fair value of derivative liability<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(1,578)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">5,317<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Gain on sale leaseback transactions<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">3,345<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Gain on restructuring of notes payable<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">380<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Gain on extinguishment of debt<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,218<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">\u2014<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Loss on investments<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(759)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen11\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(529)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">Other<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">763<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">2,500<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnml10\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Total other income (expense)<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(12,333)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">1,814<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net loss before income taxes<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(44,943)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(178,026)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Income tax expense<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(15,049)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(966)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net loss from continuing operations<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(59,992)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(178,992)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net income (loss) from discontinued operations, net of taxes<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">12,987<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(3,133)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net loss<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(47,005)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(182,125)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net income (loss) attributable to non-controlling interest<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">46<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen10\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen12\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(115)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Net loss attributable to shareholders<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(47,051)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen13\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen15\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(182,010)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Basic and diluted loss per share<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(0.09)<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen9\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">$<\/span>\n              <\/p>\n<\/td>\n<td nowrap=\"nowrap\" class=\"prngen14\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">(0.43)<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<tr>\n<td class=\"prngen6\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\"><br \/>\n                  <b>Weighted average number of shares outstanding, basic and diluted<\/b><br \/>\n                <\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">520,563,800<\/span>\n              <\/p>\n<\/td>\n<td class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n              \n            <\/td>\n<td nowrap=\"nowrap\" class=\"prngen3\">\n<p class=\"prnews_p\">\n                <span class=\"prnews_span\">420,306,991<\/span>\n              <\/p>\n<\/td>\n<\/tr>\n<\/table><\/div>\n<p>\n        <b>Note Regarding Non-GAAP Measures, Reconciliation, and Discussion<\/b>\n      <\/p>\n<p>In this press release, 4Front refers to certain non-GAAP financial measures such as Systemwide Pro Forma Revenue and Adjusted EBITDA. These measures do not have any standardized meaning prescribed by GAAP and may not be comparable to similar measures presented by other issuers. 4Front defines Systemwide Pro Forma Revenue as total revenue plus revenue from entities with which the Company has a management contract, or effectively similar relationship (net of any management fee or effectively similar revenue) but does not consolidate the financial results of per US GAAP ASC 810. 4Front considers this measure to be an appropriate indicator of the growth and scope of the business.<\/p>\n<p>Adjusted EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization less share-based compensation expense and one-time charges related to acquisition, financing related costs and other non-recurring expenses. 4Front considers these measures to be an important indicator of the financial strength and performance of our business.<\/p>\n<p>\n        <i>This news release was prepared by management of 4Front Ventures, which takes full responsibility for its contents. The Canadian Securities Exchange (&#8220;CSE&#8221;) has not reviewed and does not accept responsibility for the adequacy of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.<\/i>\n      <\/p>\n<p>\n        <i>This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in <span class=\"xn-location\">the United States<\/span>.<\/i>\n      <\/p>\n<p>\n        <i>Forward Looking Statements<\/i>\n      <\/p>\n<p>\n        <i>Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in 4Front Ventures&#8217; periodic filings with securities regulators. When used in this news release, words such as &#8220;will, could, plan, estimate, expect, intend, may, potential, believe, should,&#8221; and similar expressions, are forward-looking statements.<\/i>\n      <\/p>\n<p>\n        <i>Forward-looking statements may include, without limitation, statements related to future developments and the business and operations of 4Front Ventures, statements regarding when or if transactions will close or if\/when required conditions to closing are attained, the impact of the transactions on the business of 4Front and other statements regarding future developments of the business. Although 4Front Ventures has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on satisfying closing conditions, [obtaining regulatory approvals]; and engagement in activities currently considered illegal under U.S. federal laws; change in laws; limited operating history; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and; regulatory or political change.<\/i>\n      <\/p>\n<p>\n        <i>There can be no assurance that such information will prove to be accurate or that management&#8217;s expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.<\/i>\n      <\/p>\n<p>\n        <i>Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. 4Front Ventures disclaims any intention or obligation to update or revise such information, except as required by applicable law, and 4Front Ventures does not assume any liability for disclosure relating to any other company mentioned herein.<\/i>\n      <\/p>\n<p id=\"PURL\">\n        <img loading=\"lazy\" decoding=\"async\" title=\"Cision\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=VA34071&amp;sd=2021-04-06\" \/> View original content to download multimedia:<a id=\"PRNURL\" rel=\"nofollow\" href=\"http:\/\/www.prnewswire.com\/news-releases\/4front-announces-fourth-quarter-and-fiscal-year-2020-results-and-provides-business-update-301263476.html\">http:\/\/www.prnewswire.com\/news-releases\/4front-announces-fourth-quarter-and-fiscal-year-2020-results-and-provides-business-update-301263476.html<\/a><\/p>\n<p>SOURCE  4Front<\/p>\n<\/p><\/div>\n<p>    <img decoding=\"async\" alt=\"\" src=\"https:\/\/rt.prnewswire.com\/rt.gif?NewsItemId=VA34071&amp;Transmission_Id=202104061615PR_NEWS_USPR_____VA34071&amp;DateId=20210406\" style=\"border:0px;width:1px;height:1px\" \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>PR Newswire Q4 Systemwide Pro Forma Revenue increased to $25.0 million, with full year 2020 Systemwide Pro Forma sales of $88.1 million Q4 Adjusted EBITDA increased 59% sequentially to $5.9 million, representing Adjusted EBITDA margin of 24% Reiterated FY2021 guidance for Systemwide Pro Forma Revenue of $170-180 million and Adjusted EBITDA of $40-50 million The Company&#8217;s existing licensed projects at maturity represent a long-term revenue and EBITDA opportunity upwards of $650 million and $250 million, respectively PHOENIX, April 6, 2021 \/PRNewswire\/ &#8211;\u00a04Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) (&#8220;4Front&#8221; or the &#8220;Company&#8220;) today announced its financial results for the fourth quarter and fiscal year ended December 31, 2020. All financial information is presented in U.S. dollars unless otherwise indicated. Fourth &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/4front-announces-fourth-quarter-and-fiscal-year-2020-results-and-provides-business-update\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;4Front Announces Fourth Quarter and Fiscal Year 2020 Results and Provides Business Update&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-472202","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>4Front Announces Fourth Quarter and Fiscal Year 2020 Results and Provides Business Update - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/4front-announces-fourth-quarter-and-fiscal-year-2020-results-and-provides-business-update\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"4Front Announces Fourth Quarter and Fiscal Year 2020 Results and Provides Business Update - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"PR Newswire Q4 Systemwide Pro Forma Revenue increased to $25.0 million, with full year 2020 Systemwide Pro Forma sales of $88.1 million Q4 Adjusted EBITDA increased 59% sequentially to $5.9 million, representing Adjusted EBITDA margin of 24% Reiterated FY2021 guidance for Systemwide Pro Forma Revenue of $170-180 million and Adjusted EBITDA of $40-50 million The Company&#8217;s existing licensed projects at maturity represent a long-term revenue and EBITDA opportunity upwards of $650 million and $250 million, respectively PHOENIX, April 6, 2021 \/PRNewswire\/ &#8211;\u00a04Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) (&#8220;4Front&#8221; or the &#8220;Company&#8220;) today announced its financial results for the fourth quarter and fiscal year ended December 31, 2020. All financial information is presented in U.S. dollars unless otherwise indicated. 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