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4Front Ventures Corp. (CSE:FFNT) (OTCQX:FFNTF) announced its financial results for the third quarter that ended September 30, 2022 ("Q3 2022").
"Over the last twelve months, we have remained focused on executing our winning strategy of replicating operational excellence,” said Leo Gontmakher, CEO of 4Front. “Owing to our success in Washington, we have strongly positioned 4Front across our footprint in what we believe to be the best value creation opportunity in the supply chain – as a low-cost, high-quality supplier of cannabis consumer packaged goods."
Moreover, as a result of the early success of the initial launch of Island, the Company plans to introduce pre-rolls and infused pre-rolls in Massachusetts in the fourth quarter of 2022 ("Q4 2022"), reads the press release.
Q3 2022 Financial Overview: Systemwide Pro Forma Revenue for Q3 2022 was $37.3 million, up 9% from Q2 2022 and 13% from Q3 2021. GAAP revenue for Q3 2022 was $32.5 million, up 14% from Q2 2022 and up 25% from Q3 2021. “This increase is primarily due to increased revenue in the Company's wholesale revenue as it ramps those portions of its business in California, Illinois, and Massachusetts,” according to the report.
Adjusted EBITDA for Q3 2022 was $9.3 million, up 24% from Q3 2021, representing an Adjusted EBITDA margin of 25%. The continued growth of Adjusted EBITDA and margins is expected to persist through 2023 as the Company's operations drive increased production and higher sales volumes without material increases to overhead.
As of September 30, 2022, the Company had $5.3 million of cash and $49.5 million of related-party long-term debt not due until May 2024. The Company anticipates an additional $8 to $10 million in non-dilutive cash to be added to the balance sheet before the end of 2022. As of November 14, 2022, the Company has 640,386,686 subordinate voting shares outstanding.
Added Bloom Farms and Bloom Farms Wellness brands (collectively, "Bloom Farms"), to 4Front's growing portfolio in California, and Rolled-out Island Mini Infused Prerolls in California in November, further expanding the Company's product offering in the state are the subsequent events of the company.
“4Front is an outlier thanks to the automation and scale of our manufacturing facilities and the depth of our product offering, and we believe we have created one of the most nimble and diverse platforms in the industry,” Gontmakher concluded.
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