The Illinois cannabis market is seeing another major shakeup as multistate operator 4Front Ventures works through a court-appointed receivership and prepares to sell off all of its remaining Illinois assets, including three Chicago-area dispensaries and a massive cultivation facility in Matteson.
Arizona-based 4Front, best known in Illinois for its Mission-branded dispensaries, operates locations in Norridge, South Chicago, and Calumet City. The company also owns a 250,000-square-foot grow facility in Matteson, the largest in the state. All of these assets are now being marketed for sale through Opus Consulting Partners following a Massachusetts court’s decision in June to place the company into receivership.
This move comes after months of mounting financial pressures. Earlier this year, industry insiders, including our own conversations here at Couch Lock’d, discussed that 4Front was already struggling to keep up with outstanding invoices owed to various vendors and partners. Court documents have since revealed the scale of the problem: more than $59 million in secured and unsecured debt, plus another $16 million owed to sellers of previously acquired businesses. The total cost to settle the company’s obligations is estimated at around $140 million, far exceeding its market capitalization of just $4.58 million as of May.
Matteson Delays and Market Exits
4Front’s financial unraveling was accelerated by delays at its flagship Matteson cultivation site. Although the facility was completed in 2022, it didn’t receive power from the local utility until February 2024. This left 4Front paying an estimated $2.5 million per month in rent, insurance, and lost revenue while the building sat idle. The project had previously been awarded over $100 million in tax incentives from the Village of Matteson.
The Illinois setbacks came alongside other operational challenges. 4Front exited the California market in 2023 due to oversupply, high taxes, and the persistent strength of the illicit market. That same year, it pulled out of Michigan. Even in Massachusetts, one of its remaining active markets, competition and market saturation forced the closure of once-profitable stores.
Failed Financing and Receivership
Despite securing a $10 million credit line from Altmore Capital in late 2023, 4Front was only able to draw $4.4 million of that funding. No new lenders or investors stepped in over the past two years, despite the company retaining investment bankers and brokers to seek financing. Cost-cutting measures, including layoffs and closing unprofitable locations, failed to reverse the downward trend.
By May 2025, the company sought court protection through voluntary receivership, a move similar to bankruptcy but necessary due to federal restrictions on cannabis businesses. Former chairman Kris Krane and the board of directors resigned once the receivership was approved, leaving control of the company to the court-appointed receiver.
What’s for Sale
The Illinois assets up for grabs include all three Mission dispensaries, the Matteson cultivation facility, inventory, equipment, and branding rights. While no asking prices have been publicly disclosed, recent dispensary sales in Chicago have been listed in the $2.5–3 million range depending on location and market share.
The receiver has indicated that the assets may be sold individually rather than as a complete package. Sales decisions are expected to begin this fall, with proceeds going toward repaying creditors.
4Front’s situation is part of a broader trend of large cannabis operators facing severe financial strain. Industry-wide, high taxes, stiff competition from unlicensed sellers, and limited access to traditional banking have left many companies vulnerable, and 4Front’s Illinois liquidation could be one of the largest the state has seen to date.
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