Hero Technologies (HENC) Highlights Advantages of Planned Base of Cannabis Operations in Michigan

Rhea-AI Summary

Hero Technologies (OTCQB:HENC) has secured a 10-acre property in Vassar Township, Michigan, to serve as its cannabis operations base. The company anticipates significant growth driven by Michigan's cannabis market, projected to reach $2.8 billion this year. The Vassar property is zoned for cannabis production and is strategically located with access to over 1.6 million residents within 50 miles. Furthermore, BlackBox Systems and Technologies, a Hero subsidiary, has pre-qualification for both adult-use and medicinal cannabis licenses.

Positive

• Acquisition of a strategically located 10-acre property for cannabis operations.
• Pre-approval for cannabis licenses in Michigan enhances operational readiness.
• Projected growth of Michigan cannabis market to $2.8 billion this year.

Negative

• None.

Vassar Township, MI, is cannabis-friendly and centrally located for distribution.

DOVER, DE / ACCESSWIRE / October 11, 2022 / Hero Technologies (OTCQB:HENC)(Twitter: @heroicmindtech), a cannabis company focused on a "seed-to-sale" vertical integration strategy, today outlined the advantages of the 10-acre property in Vassar Township, Michigan, that it plans to use as its base of cannabis operations in the state. The company recently entered into a purchase agreement for the property.

"We expect Michigan to drive company growth, as we already have state licensing pre-approval in place and sales of legal cannabis are increasing rapidly in the state-to around $2.8 billion this year," said Hero Technologies' CEO Gina Serkasevich. "We were looking for a base of operations in Michigan that was receptive to cannabis companies, supportive of every stage of cannabis cultivation and sales, centrally located for distribution, and cost-effective. Vassar checked every box for us."

The company focused on Vassar because the area, in Tuscola County, has a marijuana-friendly reputation and the 10-acre parcel was already zoned as part of a cannabis industrial park. The municipality allows cannabis companies to build as needed for cultivating, processing, testing, provisioning, and transporting legal marijuana. The Vassar property also supports the required infrastructure for growing cannabis, including in greenhouses.

Vassar's central Michigan location is ideal for distribution across the state. More than 1.6 million people live within 50 miles of Vassar, and the average annual household income in the area is over $82,000. The township is also only a 1.5-hour drive from both Lansing, the state capital, and the Detroit metropolitan area, with its population of 4.4 million.

Hero Technologies' subsidiary, BlackBox Systems and Technologies LLC, has pre-qualification approval in Michigan for Adult (recreational) and Medicinal Use cannabis licenses. The company plans to build greenhouses that use a proprietary aeroponic growing system to produce high-yield, high-quality cannabis. The company expects to use the Vassar property for both outdoor and indoor growing and for end-to-end processing operations. The company expects to sell its cannabis products through wholesale, retail, and dispensary channels.

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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https://www.accesswire.com/719802/Hero-Technologies-HENC-Highlights-Advantages-of-Planned-Base-of-Cannabis-Operations-in-Michigan

FAQ

What is the significance of Hero Technologies' property purchase in Vassar Township, Michigan?

The purchase allows Hero Technologies to establish a base for cannabis operations in a cannabis-friendly environment, enhancing their business strategy.

How does the Michigan cannabis market impact Hero Technologies?

The Michigan cannabis market is expected to reach $2.8 billion, providing substantial growth opportunities for Hero Technologies.

What licenses does Hero Technologies hold for cannabis operations in Michigan?

Hero Technologies has pre-qualification for adult-use and medicinal cannabis licenses through its subsidiary, BlackBox Systems and Technologies.

What are the advantages of the Vassar property for Hero Technologies?

The Vassar property is zoned for cannabis production, offers central distribution access, and supports necessary infrastructure for cultivation.