Hero Technologies Inc (HENC)

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$HENC Hero Technologies in Discussions To Buy More Michigan Land with Existing Cannabis Production and Revenue

https://www.accesswire.com/729158/hero-technologies-in-discussions-to-buy-more-michigan-land-with-existing-cannabis-production-and-revenue

Company aggressively seeks to expand cannabis footprint in fast-growing Michigan market

DOVER, DE / ACCESSWIRE / November 29, 2022 / Hero Technologies (OTCQB:HENC)(Twitter: @heroicmindtech), a cannabis company focused on a "seed-to-sale" vertical integration strategy, today announced that it is in discussions to acquire additional property in Michigan for cannabis cultivation and processing. The company recently received local license and permit approval for marijuana production and distribution on a 10-acre property in Vassar Township, Michigan, which has a cannabis-friendly business environment.

The company is particularly interested in purchasing a 20-acre property in Western Michigan that already produces marijuana, has revenue, and has both the physical space and licenses in place to expand operations. This cannabis farm includes dozens of greenhouses, processing facilities, irrigation, and other already existing infrastructure.

Hero Technologies' subsidiary, BlackBox Systems and Technologies LLC, has pre-qualification license approval to produce cannabis for both adult (recreational) and medicinal use in Michigan.

"We are looking at all avenues to accelerate our business development in Michigan and take the shortest path to building revenue," said Hero Technologies' CEO Gina Serkasevich. "We are optimistic about acquiring additional acreage for marijuana cultivation in the state and marketing our products through both wholesale and retail channels. Our strategic goal remains to quickly establish an integrated seed-to-sale cannabis business model to capitalize on the strong and growing Michigan market."

According to Michigan's cannabis regulatory agency, the state market for legal marijuana has increased 27% in 2022, compared to 2021, approaching $2.3 billion in annual sales.