FFNTF - Cannabis MSO Secures $10M Credit Facility To Fund Expansion In This Top Weed Market | Benzinga
4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) has entered into a $10 million senior secured credit facility agreement with ALT Debt II, LP, an affiliate of Altmore Capital.
What Happened
The funds will be disbursed in two tranches and are committed to building out the company's retail operations in Illinois in connection with the imminent launch of its new state-of-the-art cultivation and processing facility in Matteson.
The outstanding principal of the credit facility will bear simple interest at a rate per annum equal to the greater of the WSJ Prime Rate plus 7% and 15.5%, payable monthly.
Provided 4Front extends the maturity of certain other subordinated debt, the credit facility's maturity date will be September 30, 2026.
Why It Matters
Leo Gontmakher, CEO of the Arizona-based vertically integrated, multi-state cannabis operator, said the funds will help 4Front establish its presence in the Prairie State.
"This additional capital will fuel our efforts to establish 4Front as a state leader across both our retail and wholesale channels in ...