Hero Technologies Forms Subsidiary for Massachusetts Acquisitions; Total Massachusetts Cannabis Sales Surpassed $1 Billion in 2020-Market Growing Fast

Rhea-AI Summary

Hero Technologies (OTC PINK:HENC) has launched a subsidiary, MassCannabis LLC, aimed at acquiring land and developing dispensary projects in Massachusetts, a state with over $1 billion in cannabis retail sales since legalization. This initiative is part of the company's strategy to enhance its multi-state operations and capitalize on Massachusetts' growing cannabis market. In 2020, cannabis sales were projected to reach nearly $650 million, indicating significant growth potential. CEO Gina Serkasevich noted that this move diversifies their business model and expands their geographical reach.

Positive

• Formation of MassCannabis LLC to explore land acquisition and dispensary opportunities in Massachusetts.
• Access to a rapidly growing cannabis market in Massachusetts, which surpassed $1 billion in retail sales.
• Aligns with the company's strategic growth plan to establish a multi-state presence.

Negative

• None.

DOVER, DE / ACCESSWIRE / March 5, 2021 / Hero Technologies (OTC PINK:HENC) (Twitter: @heroicmindtech), a cannabis company advancing towards a vertically integrated business model, today announced that it has formed a subsidiary, MassCannabis LLC, to seek property or land acquisition opportunities in the state of Massachusetts as well as potentially initiate dispensary projects.

Since legalized cannabis was first sold in Massachusetts in late 2018, it has generated a total of over $1 billion in retail sales, according the state's Cannabis Control Commission. The Commission reported that in the first full year of legal cannabis availability, sales surged to almost $400 million. And an analysis by the cannabis data company Headset estimated that 2020 sales would reach close to $650 million.

"In forming our new MassCannabis subsidiary, we have taken another key step in executing our growth strategy as a multi-state operator (MSO) and diversified our vertically integrated business model," said Hero Technologies' CEO Gina Serkasevich. "Massachusetts is clearly a fast-growing cannabis market, and expanding our footprint there would extend our geographical reach in the US and diversify our addressable market."

About Hero Technologies

Hero Technologies Inc. is a cannabis company with a vertically-integrated business model. The company has 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 business plan includes cannabis genetic engineering, farmland for both medical and recreational cannabis cultivation, production licenses, distribution licenses, consumer packaging and retail operations, and dispensaries 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" 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

SOURCE: Hero Technologies Inc.

View source version on accesswire.com:
https://www.accesswire.com/633580/Hero-Technologies-Forms-Subsidiary-for-Massachusetts-Acquisitions-Total-Massachusetts-Cannabis-Sales-Surpassed-1-Billion-in-2020-Market-Growing-Fast

FAQ

What is the purpose of Hero Technologies forming MassCannabis LLC?

Hero Technologies formed MassCannabis LLC to seek property acquisitions and develop dispensary projects in Massachusetts.

How has the cannabis market performed in Massachusetts?

The cannabis market in Massachusetts has seen over $1 billion in retail sales since legalization, with 2020 sales projected to reach nearly $650 million.

What strategic benefits does Hero Technologies anticipate from expanding into Massachusetts?

Hero Technologies aims to enhance its operational footprint and diversify its addressable market by entering the fast-growing cannabis market in Massachusetts.

What is the stock symbol for Hero Technologies?

The stock symbol for Hero Technologies is HENC.