Illinois is the second state in the Midwest to legalize recreational marijuana, with Marijuana Business Daily projecting that the Illinois recreational program, which launched on January 1st, could generate up to $2.5 billion a year depending in part on how many tourists buy cannabis products.
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I’m Fiona Forbes for Investmentpitch Media
4Front Ventures celebrated the launch of its Chicago Mission dispensary to large crowds on January 1, 2020.
Illinois is the second state in the Midwest to legalize recreational marijuana, with Marijuana Business Daily projecting that the Illinois recreational program, which launched on January 1st, could generate up to $2.5 billion a year depending in part on how many tourists buy cannabis products.
The Mission dispensary, located at 8554 South Commercial Avenue, is the only cannabis retail store on the city's Southeast Side, having served its neighborhood as a medical cannabis dispensary since 2017
The strong demand continued with the dispensary serving more than 2,300 customers and generating sales of more than $266,000 in the first five days of adult use.
Kris Krane, President of Mission, 4Front's retail division, stated: "Our Mission South Shore team worked tirelessly in anticipation of the adult-use launch, and their preparedness has shown through in spades. Because our South Shore location is the only adult-use cannabis store on Chicago's Southeast Side, we drew in many customers from a very wide area. I couldn't be prouder of the team's efforts in serving these new customers – they demonstrated that they are ready to show the same uncompromising quality and care they were known for in the two years they worked as a medical cannabis dispensary, but for the significantly increased volumes of adult use. While we expect supply of product to remain tight for the foreseeable future, we remain laser-focused on meeting the strong demand from our customers at friendly price points."
Josh Rosen, CEO, added: “2020 is when 4Front expects a sharp inflection in our revenue growth, owing to applying our battle-tested operational capabilities across a license portfolio representing a sizable addressable market. We anticipate this acceleration will be aided by a tailwind as the nascent markets we are in, such as Illinois and Massachusetts, begin to grow and mature. The jolt of energy provided by a great Mission South Shore opening is a terrific way to start the year.”
4Front Ventures owns or manages licensed cannabis facilities in state-licensed markets in the United States.
The company owns and operates Pure Ratios, a CBD products company in California, that sells non-THC products throughout the United States, and also partners with, or licenses to licensed cannabis producers, Pure Ratio’s products containing THC under state-licensed systems in various states.
The shares are trading at $0.58.
For more information, please visit the company’s website www.4frontventures.com, contact Andrew Thut, Chief Investment Officer, at 602-633-3067 or email IR@4frontventures.com.
Media Relations is handled by Anne Donohoe of KCSA Strategic Communications, who can be reached at 212-896-1265 or by email at adonohoe@kcsa.com.
I’m Fiona Forbes for Investmentpitch Media
