Hero Technologies (HENC) Enters Negotiations to Purchase Land for Michigan Cannabis Operations

Rhea-AI Summary

Hero Technologies (OTCQB:HENC) is negotiating to acquire a 10-acre property in north-central Michigan, already zoned for cannabis, to establish cultivation and sales operations. Its subsidiary, BlackBox Systems and Technologies LLC, has received pre-approval for a Class C cannabis license for medical and recreational use. The acquisition aims to support a seed-to-sale strategy and capitalize on Michigan's expected $2.8 billion legal cannabis market in 2022, projected to grow by over 50%.

Positive

• Negotiating to acquire 10-acre property in Michigan, already zoned for cannabis use.
• BlackBox received pre-approval for Class C cannabis license for both medical and recreational use.
• Plans include proprietary aeroponic growing system for high-yield plants.

Negative

• None.

Company Eyes Property, Already Zoned for Cannabis, To Establish Base for Cultivation and Marketing

DOVER, DE / ACCESSWIRE / September 20, 2022 / Hero Technologies (OTCQB:HENC) (Twitter: @heroicmindtech), a cannabis company focused on a "seed-to-sale" vertical integration strategy, today announced that it has entered into negotiations to acquire property in north-central Michigan. The company plans to establish operations in the state to grow, process, and sell cannabis through both wholesale and retail channels. The company's subsidiary in Michigan, BlackBox Systems and Technologies LLC, has already received licensing pre-approval from the state to market marijuana for both medicinal and recreational use.

The company's negotiations to purchase property in Michigan are centered on a 10-acre parcel approximately 90 miles north of Detroit. An adjacent parcel is already used for cannabis production and warehousing. The property planned for purchase has already been zoned for cannabis use.

BlackBox earned "Class C" cannabis license pre-qualification approval for both medical and adult (recreational) use, pursuant to the Michigan Regulation and Taxation of Marihuana Act. Pre-qualification approval is a significant milestone in Michigan's two-step marijuana licensing process, which is among the strictest in the country. To earn approval, BlackBox had to provide detailed data on its sources of capitalization, insurance compliance, key corporate personnel and stockholders, and financial statements attested to by a certified public accountant.

"After exploring a number of properties in Michigan, we are focusing on land that meets all of the company's needs for cultivating and marketing cannabis," said Hero Technologies' CEO Gina Serkasevich. "We are especially pleased that the property we are negotiating to buy has a history of cannabis use, as we believe this will help smooth the way for us to quickly build out our cannabis operations. I look forward to reporting further to our shareholders as we conclude these negotiations and move to close on this property acquisition."

Hero Technologies' seed-to-sale cannabis strategy in Michigan includes greenhouses designed around the company's proprietary aeroponic growing system. The system is expected to produce high-yield, high-quality plants to serve the state's rapidly growing cannabis market.

According to the Michigan Marijuana Regulatory Agency, in 2022, legal cannabis sales in the state are expected to increase more than 50%, to approximately $2.8 billion.

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.

View source version on accesswire.com:
https://www.accesswire.com/716192/Hero-Technologies-HENC-Enters-Negotiations-to-Purchase-Land-for-Michigan-Cannabis-Operations

FAQ

What is the latest news from Hero Technologies (HENC) regarding property acquisition?

Hero Technologies is negotiating to purchase a 10-acre property in Michigan for cannabis operations.

What kind of license has BlackBox Systems and Technologies LLC obtained?

BlackBox has received pre-approval for a Class C cannabis license for both medical and recreational use.

How much is the expected increase in legal cannabis sales in Michigan for 2022?

Legal cannabis sales in Michigan are expected to increase by over 50%, reaching approximately $2.8 billion in 2022.

What cultivation strategy is Hero Technologies implementing in Michigan?

Hero Technologies is employing a seed-to-sale strategy using an aeroponic growing system for optimal cannabis production.