08:03 AM EDT, 06/27/2024 (MT Newswires) -- Cannabis company 4Front Ventures ( FFNTF ) said late on Wednesday that it is raising $5 million in an offering of units.

4Front plans to use the proceeds to buy equipment, inventory, cultivation inputs and additional retail licenses, and to complete the buildout of its new retail locations.

4Front said it is issuing nearly 48 million units priced at $0.105 per unit. Each unit comprises one class A subordinate voting share (SVS) and one SVS warrant. Each warrant is exercisable at $0.13 for 60 months.

Closing is expected July 10.

4Front's share price fell 3.8% yesterday in CSE to $0.13.