Hero Technologies' Subsidiary Launches Innovative Greenhouse Project in Michigan With Over 25,000 Square Feet Planned for High-Yield, Year-Round Cannabis Cultivation

Rhea-AI Summary

Hero Technologies Inc (OTC PINK:HENC) announced the initiation of greenhouse construction in Michigan through its subsidiary, Blackbox Systems and Technologies LLC. The $6.5 million initial phase aims to create over 25,000 square feet for year-round cannabis cultivation, potentially generating $21 million in annual revenue. Future expansion plans involve adding 8 greenhouses costing $6 million, with projected additional revenue of $44 million. The project utilizes Ceres Greenhouse Solutions for design and engineering, integrating innovative technologies for high-yield production.

Positive

• Initial greenhouse construction contract worth $6.5 million secured.
• Expected annual revenue from the first phase is $21 million.
• Future expansion project of 8 greenhouses could generate an additional $44 million in revenue.
• Innovative greenhouse design to enhance cultivation efficiency.

Negative

• Revenue projections are contingent on obtaining necessary cannabis licenses.

DOVER, DE / ACCESSWIRE / February 25, 2021 / Hero Technologies Inc. (OTC PINK:HENC) (Twitter: heroicmindtech), a vertically-integrated cannabis company, today announced that its Blackbox Systems and Technologies LLC subsidiary, has executed a contract for the initial phase of greenhouse construction on its Michigan property. The company awarded the contract to Ceres Greenhouse Solutions, a leading provider of energy-efficient greenhouse design and manufacturing. Under the contract, Ceres will conduct a comprehensive schematic design review, including environmental engineering, structural renderings, and an energy analysis. The comprehensive design around the BlackBox system will combine innovative technologies to develop the most efficient environmental, quality control, and growing conditions in the cannabis industry.

The BlackBox Systems greenhouse complex, to be built on our 120-acre property in Jackson County, Michigan, is expected to provide more than 25,000 square feet of year-round cannabis growing and facility space. Taking advantage of Ceres' and Blackbox's proprietary technologies and turnkey construction, the company anticipates that the complex will quickly produce a cost-effective, high-yield, sustainably profitable cannabis crop. The BlackBox system, while utilizing innovative aeroponic technology, will deliver on average 6,000 pounds of dry cannabis weight annually. The total initial phase cost of $6,500,000 will generate approximately $21,000,000 annual revenue. Revenue expected after perpetual weekly harvesting of 120 pounds per week begins early 2022.

Future expansion of the complex will begin in the Spring of 2022 and will consist of 8 additional greenhouses, for a combined complex total of over 75,000 square feet. This $6,000,000 future expansion project will generate $44,000,000 in additional revenue for a total of $65,000,000 revenue annually assuming wholesale prices remain the same.

Hero Technologies' subsidiary, Blackbox Systems and Technologies LLC, is also allocating acreage on its Michigan property for seasonal outdoor cannabis cultivation. Simple greenhouse structures, also known as "hoop houses," will be erected to grow 240 plants that could be ready for harvest this Fall of 2021. We expect between 500-1000 pounds of dry cannabis product, which could lead to approximately $1,750,000 to $3,500,000 in annual revenue. All plans and projections are conditioned on obtaining the requisite cannabis licenses.

Hero's BlackBox greenhouse initiative is a cornerstone of the company's vertical market integration strategy. Michigan was the first Midwestern US state to legalize recreational marijuana and continues to be a key cannabis consumer market.

"Our aggressive pursuit of infrastructure for profitable, year-round cannabis growth continues to build our market momentum," said Hero Technologies' CEO Gina Serkasevich. "We are very excited to kick off the design phase of our Michigan greenhouse complex, and we look forward to reporting further developments to our shareholders as the project progresses."

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.

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FAQ

What is the greenhouse project announced by Hero Technologies (HENC)?

Hero Technologies (HENC) announced a greenhouse project in Michigan through its subsidiary for cannabis cultivation, which is expected to generate significant annual revenue.

What are the financial projections for the greenhouse project by Hero Technologies (HENC)?

The initial phase of the greenhouse project has a projected cost of $6.5 million and is expected to generate approximately $21 million in annual revenue.

Who is involved in the greenhouse project construction for Hero Technologies (HENC)?

Ceres Greenhouse Solutions has been awarded the contract for design and construction of the greenhouse project for Hero Technologies (HENC).

What is the timeline for the greenhouse project by Hero Technologies (HENC)?

The greenhouse project is expected to begin production with revenue generation in early 2022, with expansion starting in Spring 2022.