Arizona-based 4Front Ventures, a vertically integrated, marijuana multistate operator, promoted current director Kris Krane to board chair.
Krane replaces Robert Hunt, who is leaving the board, according to a Friday news release.
An Illinois resident, Krane is an industry pioneer and advocate who co-founded 4Front in 2011.
He left 4Front in 2021 to lead the cannabis section at KCSA Strategic Communications, a public relations firm in New York where he still works part time.
However, Krane returned to 4Front in March 2023 as a board member.
Krane also leads his own cannabis consulting firm, Kranewreck Consulting, and nine months ago became president of Happy Valley Genetics, in Gloucester, Massachusetts.
Krane has also served as associate director of the National Organization for the Reform of Marijuana Laws, executive director of Students for Sensible Drug Policy and chair emeritus of the National Cannabis Industry Association board.
Hunt’s departure is not “in connection with any known disagreement with the Company on any matter relating to the Company’s operations, policies, or practices, including accounting principles and practices,” 4Front noted in its release.
Meanwhile, the company said it was withdrawing a brokered offering it announced June 26.
According to the offering agreement, 4Front planned to raise roughly 5 million Canadian dollars ($3.67 million) by selling 47.62 million shares at a price of 0.0.77 cents per share.
“This strategic decision comes after a comprehensive review of current market conditions, including recent controversies regarding the federal regulatory outlook,” 4Front said in the release.
