[PRESS RELEASE] – PHOENIX, June 26, 2025 – 4Front Ventures Corp., a vertically integrated cannabis operator, provided an update on the voluntary receivership proceedings involving its U.S. subsidiaries and changes to its board of directors.

As previously announced on May 22, 2025, all U.S. subsidiaries of 4Front filed for voluntary receivership in aid of liquidation under the laws of the commonwealth of Massachusetts. These filings were made in the Business Litigation Session of the Superior Court for Suffolk County in case No. 2584CV01405 (the “receivership”).

On June 20, 2025, the court entered an order appointing Opus Consulting Partners LLC, through its principal, Jacques Santucci, as receiver for the subsidiaries and their associated assets. The receiver has been granted broad authority to operate, manage and pursue the orderly sale of the subsidiaries to maximize value for creditors and stakeholders. The receiver is also authorized to engage Stone Blossom Capital LLC, whose principal is Richard Ormond, as a senior strategic consultant and adviser in connection with the process.

With the appointment of the receiver and 4Front’s previously announced assignment pursuant to Canada’s Bankruptcy and Insolvency Act, Kris Krane, chairman of the Board, and David Daily, director, tendered their resignations on June 26 from the company’s board of directors, effective immediately.

Additional information regarding the receivership may be obtained from the receiver; additional information regarding the bankruptcy may be obtained from B. Riley Farber Inc., the trustee.

Legal counsel to the company is Foley Hoag LLP.

The Arkansas ban on hemp-derived THC products can move forward after a federal court this week reversed a lower court’s ruling, KATV reports.

Arkansas Gov. Sarah Huckabee Sanders signed the bill banning the products in 2023, but the effort was stayed when U.S. District Court Judge Billy Roy Wilson ruled the plaintiffs in a hemp industry lawsuit against the ban would face “a credible threat of criminal prosecution” for their involvement in the industry, “despite no change in federal law.” Judge Wilson blocked the ban and scheduled a bench trial, granting apparent relief to the hemp products industry in Arkansas.

But the United States Court of Appeals for the Eighth Circuit ruled on Tuesday that the ban, which targets intoxicating hemp-derived products, is allowed to proceed. The policy will prohibit the sale of hemp-derived THC products in Arkansas.

Attorney General Tim Griffin (R) announced the ruling as a “significant victory.”

“Today’s ruling isn’t just a win for Arkansas, it’s a win for common sense and the rule of law. If you are selling these products, you are now doing it in violation of the law.” — Griffin, in a statement

Meanwhile, in the neighboring state of Texas, lawmakers recently passed a similar ban on intoxicating hemp products. Texas Gov. Greg Abbott (R), however, vetoed the proposal, pointing to the 2023 federal court decision to override the Arkansas ban in his veto message.

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A newly formed coalition of professional athletes and entertainers, led by retired boxer Mike Tyson, has sent a letter to President Donald Trump—thanking him for past clemency actions while emphasizing the opportunity he has to best former President Joe Biden by rescheduling marijuana, expanding pardons and freeing up banking services for licensed cannabis businesses.

The “Coalition of Athletes and Entertainers Supporting President Trump’s Policy Objectives” also counts NBA’s Kevin Durant and Allen Iverson, NFL’s Dez Bryant, Antonio Brown, Ricky Williams, the musician Wyclef Jean and others among its members who signed onto the letter.

“Today, people continue to serve lengthy federal sentences for conduct that is now legal in most states–which makes their continued incarceration not only cruel but absurd,” the letter says.

“After making sweeping promises to voters in 2020, former President Biden failed to deliver on his pledge to address marijuana-related injustices,” the coalition said. “Not only did he leave office without commuting the sentences of those incarcerated for marijuana, but in one of his final acts, he denied nearly every pending marijuana-related clemency application.”

The athletes said that inaction reflects a “betrayal” that “underscores the urgent need for bold leadership, we believe, and represents an opportunity to correct glaring disparities as part of your Administration’s ongoing push for criminal justice reform.”

The letter, first reported by Fox News, also notes clemency actions Trump took in his first term, including the pardoning of Weldon Angelos over a cannabis-related conviction. Angelos has since become a prominent reform advocate who’s worked with both the Biden and Trump administrations to expand clemency opportunities.

Further, the coalition made the case that Trump should finalize the process of moving marijuana from Schedule I to Schedule III of the Controlled Substances Act (CSA) that was initiated under the last administration but has since stalled out.

“Marijuana’s current classification as a Schedule I substance is scientifically outdated, economically detrimental, and at odds with modern medical understanding,” they said. “Rescheduling marijuana would harmonize federal law with state policies, promote innovation, encourage research, and drive economic growth.”

Tyson separately addressed the rescheduling issue during an interview published by The Dales Report on Thursday. He said, “I have a strong belief that [reclassifying cannabis is] possible—more possible than during the last administration.”

The boxer also said that he feels Trump must be adequately informed about marijuana policy, in part because Acting U.S. Attorney for the District of New Jersey Alina Habba “is educated on this,” and she’s “very acquainted with the president.”

Tyson, along with Habba, recently toured a Drug Enforcement Administration (DEA) lab—donning a DEA jacket as he promoted his marijuana brand’s commitment to safety and learned about fentanyl-related issues.

“I just believe that it’s a powerful, powerful revolution going on right now,” Tyson said during Thursday’s interview. “I think we’re gonna win. I really believe in it.”

The letter from the coalition of athletes additionally speaks to the industry’s desire to enact reform allowing state-legal cannabis business to access financial services afforded to other traditional markets.

“State-legal cannabis operators, including many of us, have also been unjustly denied banking services despite full compliance with state law,” it says. “Despite operating legally in 40 states, employing over 450,000 Americans, and generating more than $35 billion annually, these businesses face unjust barriers to banking services, and their employees struggle to obtain mortgages from traditional lenders.”

“Moreover, cannabis businesses cannot take standard business deductions, leading to effective tax rates often exceeding 85 percent. While foreign cannabis companies benefit from listings on U.S. exchanges, such as NYSE and NASDAQ, American cannabis operators are unjustly excluded. We fully support your commitment to ‘work with Congress to pass common-sense laws, including safe banking,’ ensuring fair economic opportunities and equal access to financial services for all American businesses.”

Other signatories on the letter include NBA’s Steven Jackson, Chris Webber, JR Smith, John Salley and Al Harrington, as well as NFL’s Jim McMahon, Kyle Turley, Champ Bailey, Marvin Washington and Tony Richardson. Boxers Boyd Melson, Paul Willias and Keith Thurmon, as well as the streamer Adin Ross, also put their names on the letter.

This comes days after Trump’s first pick for attorney general in the current administration, former Rep. Matt Gaetz (R-FL), reiterated his own support for rescheduling cannabis—suggesting in an interview with a Florida Republican lawmaker that the GOP could win more of the youth vote by embracing marijuana reform.

On marijuana rescheduling, the president did endorse the policy change on the campaign trail. But he’s been publicly silent on the issue since taking office. Gaetz said last month that Trump’s endorsement of a Schedule III reclassification was essentially an attempt to shore up support among young voters rather than a sincere reflection of his personal views about cannabis.

A survey conducted by a GOP pollster affiliated with Trump that was released in April found that a majority of Republicans back a variety of cannabis reforms, including rescheduling. And, notably, they’re even more supportive of allowing states to legalize marijuana without federal interference compared to the average voter.

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Meanwhile, Trump picked former Florida Attorney General Pam Bondi (R) to run DOJ, and the Senate confirmed that choice. During her confirmation hearings, Bondi declined to say how she planned to navigate key marijuana policy issues. And as state attorney general, she opposed efforts to legalize medical cannabis.

Adding to the uncertainty around the fate of the rescheduling proposal, Trump’s nominee to lead DEA, Terrance Cole, has previously voiced concerns about the dangers of marijuana and linked its use to higher suicide risk among youth.

During an in-person hearing before the Judiciary Committee in April, Cole said examining the rescheduling proposal will be “one of my first priorities” if he was confirmed for the role, saying it’s “time to move forward” on the stalled process—but again without clarifying what end result he would like to see.

DEA recently notified an agency judge that the proceedings are still on hold—with no future actions currently scheduled. The matter sat without action before an acting administrator, Derek Maltz, who has called cannabis a “gateway drug” and linked its use to psychosis. Maltz has since left the position.

Amid the stalled marijuana rescheduling process that’s carried over from the last presidential administration, congressional researchers recently reiterated that lawmakers could enact the reform themselves with “greater speed and flexibility” if they so choose, while potentially avoiding judicial challenges.

Embracing Marijuana Legalization Could Help GOP Win Over More Young Voters, Trump’s First Attorney General Pick Suggests

Image element courtesy of Super Festivals.