2 board members resign from marijuana operator 4Front

Two board members of 4Front Ventures Corp.have resigned as the marijuana company wrestles with receivership and bankruptcy proceedings.

Board Chair Kris Krane and Director David Daily submitted their resignations last week, effective immediately, according to a news release. ADVERTISEMENT Krane rejoined the Phoenix-based company’s board two years ago after having stepped down as president of 4Front and Mission Dispensaries in 2021.

Daily founded Austin, Texas-based cannabis accessory maker Gravitron, now Grav, in 2004.In early June, 4Front Ventures initiated bankruptcy proceedings in Canada under that country’s Bankruptcy and Insolvency Act.

The bankruptcy filing came less than a month after the company’s subsidiaries filed for voluntary receivership in Massachusetts in response to substantial balance-sheet liabilities and a shortage of operational financing.The receiver, Maine-headquartered Opus Consulting Partners, is authorized to operate, manage and pursue the sale of the subsidiaries to maximize value for creditors and stakeholders.

ADVERTISEMENT 4Front Ventures had traded on the Canadian Securities Exchange under the ticker symbol FFNT.The company’s shares were still trading Monday as FFNTF on the over-the-counter markets’ Pink Limited Market.

The company has stores, cultivation facilities and manufacturing plants in Illinois, Massachusetts and Washington state....