Phoenix-based cannabis operator 4Front Ventures Corp. has initiated bankruptcy proceedings in Canada under that country’s Bankruptcy and Insolvency Act.
The move comes less than a month after the company’s subsidiaries filed for voluntary receivership in Massachusetts, according to a 4Front news release.
4Front filed for receivership in response to substantial balance-sheet liabilities and a shortage of operational financing, the company’s board chair, Kris Krane, said at the time.
The company also previously announced that its failure to file audited financial statements for 2024 resulted in the Ontario Securities Commission issuing a failure-to-file cease trade order, which prohibits 4Front’s common stock from being traded in Canada.
4Front Ventures had traded on the Canadian Securities Exchange under the ticker symbol FFNT.
The company’s shares were still trading Friday as FFNTF on the over-the-counter markets’ Pink Limited Market.
The company has stores, cultivation facilities and manufacturing plants in Illinois and Massachusetts as well as cultivation and manufacturing operations in Washington state, according to its website.
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