Did you notice your basement getting damp or having runoff water? If left unchecked, it can cause a huge blow to your bank account as repairs can get expensive. Get rid of this problem quickly by following these tips:
Clear the Gutters Also, clean gutters so they won’t overflow. (If your home is not equipped with gutters, install them.) And make sure the soil around the foundation slopes away from the house 1 inch per foot for a distance of 4 feet. And add downspout extensions if needed so gutters drain 4 feet away from the house onto splash blocks.
Many homes have an existing underground drainage system. Unfortunately, the system often breaks apart or fills with silt after several decades. You can call in a drain-and-sewer-cleaning contractor who will use a long power snake to try to clear the lines. But often they just have to be capped off at the surface and abandoned. Source:ThisOldHouse
Fix Footing Drains If water is leaking into your basement low on the walls or at the seams where walls meet the floor, your problem is hydrostatic pressure pushing water up from the ground.
First, check whether you have footing drains, underground pipes installed when the house was built to carry water away from the foundation. (Look for a manhole or drain in the basement floor or a cleanout pipe capped a few inches above the floor.)
If the drains are clogged, open the cleanout and flush the pipes with a garden hose. Source:HouseLogic
Use Waterproof Paint Waterproofing materials that go on like paint fill the pores in the concrete or masonry walls and prevent water from leaking in. To be effective, these coatings must be applied to bare concrete or masonry walls. Start by removing loose material with a wire brush. Then clean off any white powdery “efflorescence” with masonry cleaner. Follow the safety and application instructions carefully. A common mistake when using masonry waterproofing products is to spread them too thin. The goal is to fill every pinhole to create a continuous waterproofing membrane. Brush the coating in all directions to completely fill every pinhole. Add a second coat after the first dries. Source:FamilyHandyman
If you have any drainage or roofing issues, don’t hesitate to call the pros.
Are you planning on remodeling your home soon, but you’ve been thinking twice about the cost? Here are the top 3 reasons why you shouldn’t worry about it:
Comfort One thing that you should never overlook is your own comfort and enjoyment. Ask yourself, ‘is this the way I would like my home to look for the next years to come?’. If you can’t answer with an immediate ‘yes’, then it’s time for some change.
Keep in mind that you shouldn’t renovate solely to impact the future sale price of your property, as this will leave you living in a show house that doesn’t feel like a home. Renovating to satisfy your comfort and enjoyment is more important than trying to capitalise on the potential selling price. Source:Property24
Safety You’re making the property safer. Whether you recently purchased your fixer-upper or you’ve lived there a couple decades, it may be time to overhaul some dated systems and ensure your home is keeping you safe and healthy. Consider having professionals check for old electrical wiring, dated heating systems and moist areas that may invite mold.
Before you spend money renovating for cosmetic reasons, “absolutely the No. 1 thing that people should be focused on is maintenance and repair,” says Kevin Busch, vice president of operations for Mr. Handyman, part of the Neighborly network of home service providers. Source:RealEstate.USNews
Timing If you’ve been thinking about renovating your home for what feels like forever, then it’s time to stop wishing and to start doing. There’s never going to be a time where your schedule and your finances are “perfect” for a home renovation project. But the longer you put it off, the less time you get to enjoy in your beautiful new renovated home. Source:ArchitectureArttDesigns
If you have any home remodeling or repair project in mind, talk to us to get a free estimate of how much it would cause. You might be surprised with how much you will save in the long run once you let us do the job for you. Call us today!
Q4 2019 Systemwide Pro Forma Sales of $17.5m, an increase of 525% over Q4 2018.
2019 Full Year Systemwide Pro Forma Sales for 2019 of $63.5m, an increase of 786% over full year 2018.
Q1 2020 Systemwide Pro Forma Sales of $23.8m, an increase of 36% over Q4 2019.
Robust consumer demand continues across all operating markets despite COVID-19.
Company reaches a conditional resolution, subject to final commission approval, with the Massachusetts Cannabis Control Commission with respect to legacy regulatory issues. The Company expects the agreement, if approved, will clear the path for recreational licensing of its Massachusetts locations.
Funded expansion plans underway in both Massachusetts and Illinois production facilities expected to be completed by Q4 2020.
Company remains on pace to be cash flow positive in 2H 2020 and poised to show significant operating leverage in 2021.
Company is in active discussions to further improve liquidity and strengthen its balance sheet through a sale and leaseback of its affiliated facilities in Washington state.
PHOENIX, Ariz., June 15, 2020 – 4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) (“4Front” or the “Company”) today announced its audited financial results for the fourth quarter and Fiscal Year 2019 and preliminary results for the First Quarter of 2020.
The Company’s 2019 financial statements consolidate results from 4Front Holdings LLC (“4Front Holdings”) and Cannex Capital Holdings, Inc. (“Cannex”), which completed a merger on July 31, 2019. Cannex operations are included from July 31, 2019, through December 31, 2019.
Fourth Quarter and Fiscal 2019 Financial Results Highlights
Total Systemwide Pro Forma Sales, a non-IFRS measure, for the fourth quarter 2019 increased 525% year-over-year and 4% quarter-over-quarter to $17.5m. Total Systemwide Pro Forma Sales for 2019 increased 786% year-over-year to $63.5m.
IFRS Sales for fourth quarter 2019 increased 361% year-over-year and 6% quarter-over-quarter to $12.9m.
Adjusted EBITDA, a non-IFRS measure, for the fourth quarter was a loss of $5.4m. Adjusted EBITDA for 2019 was a loss of $20.9m.
The Company ended the fourth quarter of 2019 with $8.1m of cash and $87.3m in long-term and convertible debt.
Fourth quarter results include a non-cash impairment charge of $146.3m related to timing of the closing of the Cannex transaction. Higher industry stock prices at the date of the merger compared to stock prices at December 31, 2019 was the primary driver in the impairment of goodwill. The impairment is not reflective of any change to the Company’s expectations for increased revenue and improved profitability.
First Quarter 2020 Preliminary Financial Results Highlights
Preliminary Total Systemwide Pro Forma Sales for the first quarter 2020 increased 36% quarter-over quarter to $23.8m.
Preliminary IFRS Sales for the first quarter of 2020 increased 37% quarter-over-quarter to $17.6m.
Gross profit, less the impact of adjustments for biological assets, for the first quarter was $9.7m.
Adjusted EBITDA for the first quarter was a loss of $3.8m.
Business Update
Robust consumer demand continues across all operating markets despite COVID-19. All states where the Company operates has deemed cannabis operations as “essential businesses” during the pandemic.
Company reaches a conditional resolution, subject to final commission approval, with the Massachusetts Cannabis Control Commission with respect to legacy regulatory issues. The Company expects the agreement, if approved, will clear the path for recreational licensing of its Massachusetts locations.
Funded expansion plans underway in both Massachusetts and Illinois production facilities expected to be completed by Q4 2020. These upgrades represent Phase 1 of the Company’s expansion plans in two of its core markets which are expected to double the output of its Georgetown, Massachusetts facility and more than triple current output in Illinois.
Company remains on pace to be cash flow positive in 2H 2020 and is poised to show significant operating leverage in 2021. Having reduced corporate overhead expense by over 40%, the Company anticipates generating positive cash flow commensurate with final recreational licensing in Massachusetts and producing positive adjusted EBITDA in 2020.
Liquidity and Sale Leaseback Update
As of May 31, 2020, 4Front’s balance sheet had cash and equivalents of $11.5m with total debt of $80.1m (excluding in-the-money convertible debt of $5.8m).
The Company owns and controls highly attractive real estate in Washington state consisting of 176,000 square feet of state-of-the-art industrial space built for cultivation, production and distribution. The assets are encumbered by senior secured debt associated with Gotham Green Partners.
A sale and leaseback of these assets would likely enable the Company to remove the senior secured debt from its capitalization table, creating the benefit of removing significant debt from the balance sheet while giving the Company flexibility to more freely pursue non or minimally dilutive project financing options. The Company is in active discussions with multiple partners on a transaction.
Management Commentary
Leo Gontmakher, CEO of 4Front, said, “2019 was a transformative year for our company. With the acquisition of Cannex in July and its subsequent integration into 4Front during the second half of the year, 4Front became a leader in the mass-production of low-cost, high quality, branded cannabis products. Entering 2020, we have been laser-focused on leaning out and replicating our low-cost cultivation and production model in targeted states. The implementation of this model at our facilities in Georgetown and Worcester, Massachusetts, and in Elk Grove Village, Illinois, is expected to enable us to increase production of cannabis products to meet the new adult use demand expected in those two states.”
Mr Gontmakher added: “The work our team has done over the past six months to focus our business model, streamline our cost structure and fortify our balance sheet has set the stage for us to accelerate growth across our core markets of Washington, Illinois, Massachusetts, Michigan and California. Reducing debt, in particular the elimination of the senior secured convertible debt, will greatly improve our financial flexibility and will allow us to consider a wider range of financing funding options as we look to expand deeper into those core markets. 4Front has never been stronger than it is today, supported by a strengthened balance sheet, proven expertise and streamlined operations. We are extremely confident in how the company is positioned as we enter this new season in our history.”
(Please see Note Regarding Non-IFRS Measures, Reconciliation, and Discussion below.) (*Please see the Financial Statement section below, and the Company’s 2019 Audited Consolidated Financial Statements and Management Discussion and Analysis (“MD&A”), available under the Company’s SEDAR profile, for more information.)
Additional Details
At December 31, 2019, and the date of the MD&A, there were the equivalent of 531,521,620 Class A Subordinate Voting Shares outstanding when calculated as if all share classes were converted to Subordinate Voting Shares. For further details regarding 4Front’s share structure, please see its profile at www.thecse.com.
Conference Call
The Company will host a conference call and webcast today, Monday, June 15, 2020, at 9:00 a.m. EDT to review its operational and financial results and provide an update on current business trends.
To join the call, dial 1-877-407-0792 toll free from the United States or Canada or 1-201-689-8263 if dialing from outside those countries. The webcast, which will include a slide deck, can be accessed at this link.
The call will be available for replay until Monday, June 22, 2020. To access the telephone replay, dial 1-844-512-2921 toll free from the United States and Canada, or 1-412-317-6671 if dialing from outside those countries, and use this replay pin number: 13704727.
Financial Statements
The audited consolidated financial statements for the twelve months ended December 31, 2019, have been prepared in accordance with International Financial Reporting Standards.
Note Regarding Non-IFRS Measures, Reconciliation, and Discussion
In this press release, 4Front refers to certain non-IFRS financial measures such as Systemwide Pro Forma Revenue and Adjusted EBITDA. These measures do not have any standardized meaning prescribed by IFRS and may not be comparable to similar measures presented by other issuers. 4Front defines Systemwide Pro Forma Revenue as total revenue plus revenue from entities with which the Company has a management contract, or effectively similar relationship (net of any management fee or effectively similar revenue) but does not consolidate the financial results of per IFRS 10 – Consolidated Financial Statements. 4Front considers this measure to be an appropriate indicator of the growth and scope of the business.
Adjusted EBITDA is defined by the Company as earnings before interest, taxes, depreciation and amortization less share-based compensation expense and one-time charges related to acquisition and financing related costs, excluding fair value adjustments for biological assets. 4Front considers these measures to be an important indicator of the financial strength and performance of our business. The following tables provide a reconciliation of each of the non-IFRS measures to its closest IFRS measure.
To be added to the email distribution list, please email 4FrontIR@kcsa.com with “4Front” in the subject.
About 4Front Ventures Corp.
4Front (CSE: FFNT) (OTCQX: FFNTF) is a national multi-state cannabis operator and retailer, with a market advantage in mass-produced, low-cost quality branded cannabis products. 4Front manufactures and distributes a portfolio of over 25 cannabis brands including Marmas, Crystal Clear, Funky Monkey, Pebbles, and the Pure Ratios wellness collection, distributed through retail outlets and their chain of strategically positioned Mission branded dispensaries.
Headquartered in Phoenix, Arizona, 4Front has operations in Illinois, Massachusetts, California, Michigan and Washington state. From plant genetics to the cannabis retail experience, 4Front’s team applies expertise across the entire cannabis value chain. For more information, visit 4Front’s website.
This news release was prepared by management of 4Front Ventures, which takes full responsibility for its contents. The Canadian Securities Exchange (“CSE”) has not reviewed and does not accept responsibility for the adequacy of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Forward Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in 4Front Ventures’ periodic filings with securities regulators. When used in this news release, words such as “will, could, plan, estimate, expect, intend, may, potential, believe, should,” and similar expressions, are forward-looking statements.
Forward-looking statements may include, without limitation, statements related to future developments and the business and operations of 4Front Ventures, developments with respect to legislative developments in the United States, expectations regarding the COVID-19 pandemic, future revenue or Adjusted EBITDA expectations, statements regarding when or if any contemplated or in-progress transactions will close or if/when required regulatory approvals are attained, and other statements regarding future developments of the business. The closing of the transactions described in this news release, including the divesture of Pennsylvania and Maryland assets and the sale of convertible debt, is subject to customary conditions and there can be no guarantee that such transactions will close.
Although 4Front Ventures has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal under U.S. federal laws; change in laws; limited operating history; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and; regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. 4Front Ventures disclaims any intention or obligation to update or revise such information, except as required by applicable law, and 4Front Ventures does not assume any liability for disclosure relating to any other company mentioned herein.
Make your home last longer and avoid emergency repairs by observing routine upkeep. Here are some tips to take note of:
Inspect leaks Go around to all your faucets and toilets and check for any small leaks. If you have poor water pressure out of a faucet, the aerator is the likely culprit and it’s an extremely easy fix.
Don’t let the insects ruin your summer Summer is their playground. You probably won’t have to look too hard to notice any insect problems. Ants, spiders, moths, etc. are all common, and fairly easy to take care of. Keep cobwebs clear, have ant poison handy, make sure all doors are tightly closed, etc. Source:ArtOfManliness
Wash the driveway Another great summer home maintenance tip is to thoroughly clean your walkways and driveway. The key to cleaning a patio, driveway and walkway is to use a pressure washer. Before you get out your pressure washer however, it is a good idea to check these areas for cracks and weeds. Once you have inspected everything, get out that pressure washer and wash away everything that has been sitting on there for the past year. Source:BudgetDumpster
Schedule your home renovation project Whether you’re dreaming of a landscape makeover or need to replace a deck, don’t delay booking the right pro for the job. Their schedules tend to fill up quickly in the summer — plus, the sooner the work is done, the longer you will have to enjoy it. Source:Houzz
Clean the outdoor grill Give your grill a deep cleaning with these simple steps:
– For gas grills, turn the heat up to high and let the grill cook with the lid closed for about half an hour. Allow the grill to cool and then brush it off with a grill brush. Wipe down the exterior with a damp sponge and a gentle cleanser. Clean the grill’s drip pans.
– For charcoal grills, completely empty the grill and wipe out any ashy residue. Then clean it inside and out with hot water, a scrubby sponge and some liquid dishwashing soap. Let the grill dry completely before using it again. Source:TheNest
Summer is also the perfect time to take care of roofing and drainage damage. If you need any help, feel free to contact us.
Now that you’ve been spending more time at home, you can’t simply ignore that much-needed remodel that you’ve been neglecting for years. Before you give your plans a go, make sure you check out the following tips:
Go local Area contractors who have been in business for a long time are usually reliable and safe bets for projects. If they didn’t do good work in your community, they wouldn’t still be around. Source:PopularMechanics
Do a thorough check Now that you’ve narrowed your list, put your research to use. Call up former clients to find how their project went and ask to see the finished product. But Tom says you shouldn’t rely on results alone. Even more important, visit a current job site and see for yourself how the contractor works. Is the job site neat and safe? Are workers courteous and careful with the homeowner’s property? Source:ThisOldHouse
Create a contract It is incredibly important that you leave no detail out when drawing up a contract with your contractor. If something goes wrong during the course of the project and you have to seek legal action, your contract will be key to proving your case. Here are the things your contract should lay out in detail:
– Contact information of your contractor such as name, physical address (you cannot serve a subpoena without a physical address), phone number, insurance company, and account and license numbers.
– The project’s start date and end date, or its start date and the length of time until completion.
– Your payment and financing plan.
– A detailed schedule of the stages of the project including any electrical, plumbing and carpentry components.
– A detailed list of all required materials, who will choose them, and how much will be budgeted for them if they are chosen at a later date.
– A guarantee that the contractor will file for all necessary permits.
– Potential time conflicts from other projects the contractor may be working on.
– Change order provisions. Sometimes unforeseen circumstances crop up such as dry rot and this may change the project schedule and cost. Change order provisions lay out what additional work may be done, what it will cost, and how it will affect the date of completion. Some people also choose to include in this section what will happen if they change their mind about a portion of the project.
– All the names of the workers that will be on site and the start and end time of their work day. Source:HomeAdvisor
If you’re looking for a reliable home contractor who can help you with roofing, drainage, and home repairs, we’re here for you. Call us to get a free estimate!
PHOENIX, Ariz., June 1, 2020 – 4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) (“4Front” or the “Company”) today announces it plans to issue its fiscal year 2019 earnings press release on Monday, June 15, 2020, before markets open, commensurate with the filing of its audited financial results.
The Company will also host a conference call and webcast on Monday, June 15, 2020, at 9:00 a.m. EDT to review its operational and financial results and provide an update on current business trends.
To join the call, dial 1-877-407-0792 toll free from the United States or Canada or 1-201-689-8263 if dialing from outside those countries. The webcast, which will include a slide deck, can be accessed at this link.
The call will be available for replay until Monday, June 22, 2020. To access the telephone replay, dial 1-844-512-2921 toll free from the United States and Canada, or 1-412-317-6671 if dialing from outside those countries, and use this replay pin number: 13704727.
As a result in the delayed filing of the 2019 Annual Filings, the Company also announces the postponement of filing its first quarter financial statements and management’s discussion and analysis (collectively the “First Quarter Filings”), and intends to file on or before July 15, 2020. 4Front continues to rely on exemptive relief provided by British Columbia Instrument 51-515 Temporary Exemption from Certain Corporate Finance Requirements, which provides an additional up-to 45 days for issuers to complete their required filings.
Until such time as the 2019 Annual Filings and First Quarter Filings are filed, 4Front’s management and other insiders are subject to a trading blackout that reflects the principles contained in section 9 of National Policy 11-207.
The Company confirms there have been no material business developments since the filing of its interim financial report as at and for the three and nine months ended September 30, 2019 and 2018 other than as have been previously publicly disclosed.
To be added to the email distribution list, please email 4FrontIR@kcsa.com with “4Front” in the subject.
###
About 4Front Ventures Corp.
4Front (CSE: FFNT) (OTCQX: FFNTF) is a national multi-state cannabis operator and retailer, with a market advantage in mass-produced, low-cost quality branded cannabis products. 4Front manufactures and distributes a portfolio of over 25 cannabis brands including Marmas, Crystal Clear, Funky Monkey, Pebbles, and the Pure Ratios wellness collection, distributed through retail outlets and their chain of strategically positioned Mission branded dispensaries.
Headquartered in Phoenix, Arizona, 4Front has operations in Illinois, Massachusetts, California, Michigan and Washington state. From plant genetics to the cannabis retail experience, 4Front’s team applies expertise across the entire cannabis value chain. For more information, visit 4Front’s website.
4Front Investor Contact
Andrew Thut, Chief Investment Officer IR@4frontventures.com
602-633-3067
Phil Carlson / Elizabeth Barker 4FrontIR@kcsa.com
212-896-1233 / 212-896-1203
4Front Media Contacts
Anne Donohoe / Nick Opich
KCSA Strategic Communications adonohoe@kcsa.com / nopich@kcsa.com
212-896-1265 / 212-896-1206
This news release was prepared by management of 4Front Ventures, which takes full responsibility for its contents. The Canadian Securities Exchange (“CSE”) has not reviewed and does not accept responsibility for the adequacy of this news release. Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Forward Looking Statements
Statements in this news release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed here and elsewhere in 4Front Ventures’ periodic filings with securities regulators. When used in this news release, words such as “will, could, plan, estimate, expect, intend, may, potential, believe, should,” and similar expressions, are forward-looking statements.
Forward-looking statements may include, without limitation, statements related to future developments and the business and operations of 4Front Ventures, developments with respect to legislative developments in the United States, expectations regarding the COVID-19 pandemic, future revenue or Adjusted EBITDA expectations, statements regarding when or if any contemplated or in-progress transactions will close or if/when required regulatory approvals are attained, and other statements regarding future developments of the business. The closing of the transactions described in this news release, including the divesture of Pennsylvania and Maryland assets and the sale of convertible debt, is subject to customary conditions and there can be no guarantee that such transactions will close.
Although 4Front Ventures has attempted to identify important factors that could cause actual results, performance or achievements to differ materially from those contained in the forward-looking statements, there can be other factors that cause results, performance or achievements not to be as anticipated, estimated or intended, including, but not limited to: dependence on obtaining regulatory approvals; investing in target companies or projects which have limited or no operating history and are engaged in activities currently considered illegal under U.S. federal laws; change in laws; limited operating history; reliance on management; requirements for additional financing; competition; hindering market growth and state adoption due to inconsistent public opinion and perception of the medical-use and adult-use marijuana industry and; regulatory or political change.
There can be no assurance that such information will prove to be accurate or that management’s expectations or estimates of future developments, circumstances or results will materialize. As a result of these risks and uncertainties, the results or events predicted in these forward-looking statements may differ materially from actual results or events.
Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this news release are made as of the date of this release. 4Front Ventures disclaims any intention or obligation to update or revise such information, except as required by applicable law, and 4Front Ventures does not assume any liability for disclosure relating to any other company mentioned herein.
