Hero Technologies (HENC) Assesses U.S. Markets to Drive Growth for Cannabis Business
Hero Technologies (OTCQB:HENC) announced a comprehensive study of cannabis market opportunities across the U.S. as it prepares to launch operations in Michigan with its subsidiary, BlackBox Systems and Technologies LLC. The company aims to expand its vertical integration strategy and considers growth prospects in legalized states like California, Massachusetts, Colorado, and Illinois. CEO Gina Serkasevich emphasized the goal of establishing a multi-state operation while monitoring near-term and medium-term opportunities in cannabis markets.
- Pre-qualification license approval for cannabis production in Michigan.
- Identified growth opportunities in states with legalized recreational and medicinal cannabis.
- Illinois currently has a moratorium on new cannabis license applications.
- Other states have moratoriums on cannabis licenses, limiting expansion opportunities.
DOVER, DE / ACCESSWIRE / August 16, 2022 / Hero Technologies (OTCQB:HENC; Twitter: @heroicmindtech), a cannabis company focused on a "seed-to-sale" vertical integration strategy, today announced that is has conducted a study of cannabis markets across the United States to assess prospects for future growth.
The company's subsidiary, BlackBox Systems and Technologies LLC, has a pre-qualification license approval in place to produce and market cannabis for both recreational and medicinal use in Michigan. As the company prepares to launch operations in Michigan, it is also looking for near-term and medium-term growth opportunities in other states.
Among states that have legalized both recreational and medicinal use of marijuana, the greatest near-term opportunities are in California, Massachusetts, Colorado, and Illinois. Illinois is not currently accepting cannabis license applications, but the state plans to make 50 new licenses available at the end of 2022. New York, Virginia, and New Jersey also currently have moratoriums on cannabis licenses, but New York and Virginia are still developing their regulatory schemes for adult-use licenses, and New Jersey gives local municipalities some leeway in determining licenses.
Other states where recreational and medicinal use of marijuana is legal, but which are not currently accepting new cannabis license applications, include Arizona, Connecticut, Nevada, Oregon, and Washington.
Among states that have legalized only medicinal use of marijuana, the greatest near-term opportunities are in Alabama, which will begin accepting cannabis license applications on September 1, 2022, and Oklahoma.
Other states where medicinal use of marijuana is legal, but which are not currently accepting new cannabis license applications, include Louisiana, Maryland, Minnesota, Missouri, Ohio, Pennsylvania, and Utah. In addition, North Carolina is actively considering legalization of cannabis for medicinal use, and Florida has decriminalized marijuana.
Gina Serkasevich, Hero Technologies' CEO, said, "As we push to establish and build our cannabis operations in Michigan for short-term growth, we are also keeping a strategic eye on the future for both near-term and medium-term opportunities. Our goal is to be a multi-state grower, processor, and marketer of cannabis products."
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" 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 | gs@herotechnologiesinc.com
SOURCE: Hero Technologies Inc.
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