Holliston cannabis cultivator acquired for $55M
Courtesy
4Front CEO Leo Gontmakher
New England Cannabis Corp., Inc., a cannabis cultivator headquartered in Holliston, will be sold for $55 million to Canadian cannabis operator and retailer 4Front Ventures Corp., according to a Thursday press release from 4Front.
The acquisition will more than double 4Front’s total flower canopy in Massachusetts to more than 30,000 square feet, per the release. It will triple the company’s kitchen, processing, and distribution space.
NECC has a fully operational 55,000-square-foot licensed cultivation facility included in the transaction.
A definitive agreement was signed Wednesday with a total consideration of $55 million. The purchase will be funded through $25 million subordinate voting shares of 4Front and $25 million in cash, per the announcement.
4Front is incorporated in British Columbia, Canada and headquartered in Phoenix, Ariz., according to a U.S. Securities and Exchange Commission report. In the U.S., it owns, operates, or manages cultivation and production and retail facilities across five states, including Mission Dispensaries in Worcester and Healthy Pharms in Cambridge.
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