Hero Technologies Forms Subsidiary for Colorado Operations and Acquisitions

Rhea-AI Summary

Hero Technologies (HENC) has formed a subsidiary, Mile High Green LLC, to pursue cannabis licenses and property acquisition in Colorado, a state with cannabis sales reaching $2.2 billion in 2020, marking a 25% increase from 2019. The company aims to aggressively expand its operations through this subsidiary, aligning with its seed-to-sale strategy. With cumulative cannabis sales in Colorado exceeding $10 billion since legalization, the establishment of Mile High Green is poised to enhance Hero Technologies' market share in this thriving sector.

Positive

• Formation of Mile High Green LLC to acquire cannabis licenses and properties in Colorado.
• Targeting a well-established market with $2.2 billion in sales in 2020, indicating strong growth potential.
• Strategic alignment with a vertically integrated business model to enhance market presence.

Negative

• None.

Annual cannabis sales in Colorado grew 25% in 2020 to record $2.2 billion

DOVER, DE / ACCESSWIRE / March 11, 2021 / Hero Technologies (OTC PINK:HENC; Twitter: @heroicmindtech), a cannabis company, focused on a "seed-to-sale" vertical integration strategy, today announced that it has formed a subsidiary to seek cannabis license, land purchase, and strategic acquisition opportunities in the state of Colorado. The subsidiary, Mile High Green LLC, is expected to ramp up operations quickly.

Colorado is a well-established cannabis market-it became one of the first two US states to legalize recreational cannabis in 2012. Annual cannabis sales in the state reached a record $2.2 billion in 2020, a 25% increase over 2019. Since legalization, cumulative cannabis sales in Colorado have now surpassed $10 billion.

"By establishing another subsidiary to target cannabis property acquisitions and cannabis licenses, we continue to aggressively pursue our diversification and integration strategy," said Hero Technologies' CEO Gina Serkasevich. "Colorado is an obvious market for us to target for expansion. It was exciting to see the state's cannabis sales soar to $2.2 billion in 2020-truly an all-time high. We will work hard to gain market share in this important territory and participate in its healthy growth."

About Hero Technologies

Hero Technologies Inc. is a cannabis company working toward a vertically-integrated business model. The company owns a majority stake in BlackBox Systems and Technologies LLC, an aeroponic cannabis cultivation system that provides optimal growing conditions to enhance photosynthesis and cultivation of large flowering plants, creating increased harvest efficiencies. The company's strategic business plan includes cannabis genetic engineering, farmland for both medical and recreational cannabis cultivation, production licenses, distribution licenses, consumer packaging, and retail and dispensary operations that make the company a multi-state operator (MSO).

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements may include: management plans relating to the proposed project; the expected timing of the completion of the proposed project; the ability to complete the proposed project; any statements of the plans and objectives of management for future operations, products or services, including the execution of plans proposed project; any statements of expectation or belief; projections related to certain financial metrics; and any statements of assumptions underlying any of the foregoing. Forward-looking statements are typically identified by words such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "intend," "may," "outlook," "plan," "project," "seek," "should," "target," "will," "would," "potential" and other similar words and expressions or negatives of these words. Forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time and are beyond our control. Forward-looking statements speak only as of the date they are made. Neither Hero Technologies Inc. nor its holding company or subsidiaries assumes any duty and does not undertake to update any forward-looking statements. Because forward-looking statements, by their nature, are uncertain or assumptive to varying degrees, actual results or future events could differ, possibly materially, from those that Hero Technologies Inc., its holding company or subsidiaries anticipated in the forward-looking statements, and future results could differ materially from historical performance.

Hero Technologies Contact:
Ms. Gina Serkasevich, CEO
(302) 538-4165 | info@herotechnologiesinc.com

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SOURCE: Hero Technologies Inc.

View source version on accesswire.com:
https://www.accesswire.com/634954/Hero-Technologies-Forms-Subsidiary-for-Colorado-Operations-and-Acquisitions

FAQ

What is the purpose of Hero Technologies' Mile High Green LLC?

Mile High Green LLC aims to acquire cannabis licenses and properties in Colorado to expand Hero Technologies' operations in a strong market.

How much did cannabis sales grow in Colorado in 2020?

Cannabis sales in Colorado grew by 25% in 2020, reaching a record $2.2 billion.

What is the significance of Colorado for Hero Technologies?

Colorado represents a strategic market for Hero Technologies due to its established cannabis sales and growth potential, aligning with the company's expansion goals.

What business model does Hero Technologies follow?

Hero Technologies employs a vertically-integrated business model, focusing on cannabis cultivation, licensing, and distribution.