Multistate cannabis operator 4Front Holdings, which plans to go public in Canada, raised $31 million in a private placement of equity securities – more than double the initial offering of $15 million, according to a news release from the company.
Phoenix-based 4Front plans to use the proceeds to invest in “top-tier talent,” acquisitions and the expansion of its Mission-branded dispensaries and cultivation operations. The company has operations in Boston, Chicago, Phoenix and Washington DC.
Toronto-based Eight Capital was the lead agent and bookrunner for the offering with a syndicate of agents that included Cormark Securities, Bayfront Capital Partners and INFOR Financial Group.
The funding round follows a $13.4 million raise the firm closed earlier this year when it announced plans to pursue a public listing on the Canadian Securities Exchange.
The firm is pursuing a reverse takeover of a public shell company in Canada, a deal it expects to complete before the end of the year.