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Hero Technologies (OTCQB:HENC) has signed a purchase agreement for a 10-acre property in Vassar, Michigan, for $600,000 to support its cannabis operations. The site is zoned for cannabis use, enabling adult recreational and medicinal sales. The financing terms include a 12.5% down payment and a 4.75% interest rate, with closing expected by November 2022. Hero's subsidiary, Blackbox, has pre-approval for cannabis licenses and is set to utilize a proprietary aeroponic system for cultivation. The Michigan cannabis market is projected to grow to $2.8 billion in 2022, representing a 55% increase.
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%.
Hero Technologies (OTCQB:HENC) aims to establish a cannabis operation in Michigan by acquiring at least 10 acres of land. The CEO, Gina Serkasevich, highlighted that legal cannabis sales in Michigan are projected to exceed $2.7 billion, marking a 50% increase this year. The company is prepared with a pre-approved cannabis license and plans to utilize a proprietary aeroponic system for cultivation. This strategic move aligns with their vertical integration approach, focusing on cultivation, processing, and direct sales in a growing market.
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.
Hero Technologies (OTCQB:HENC) announced support for new legislation in Michigan aimed at enhancing safety regulations for the legal cannabis market. The company, through its subsidiary BlackBox Systems and Technologies, holds a pre-approved cannabis license and plans to implement a proprietary aeroponic growing system. With Michigan's legal cannabis sales surpassing $1 billion in early 2022, Hero Technologies aims to capitalize on this growth by ensuring compliance with updated state regulations. The legislation includes new licensing requirements and safety measures for medical marijuana providers.
Hero Technologies (OTCQB:HENC) has transitioned its banking operations to Marijuana-Related Businesses (MRB) banks. This strategic move is aimed at enhancing compliance with complex financial regulations associated with the cannabis industry. Legal marijuana transactions are primarily cash-based, increasing the need for specialized banking solutions. The global cannabis market is projected to reach $57 billion by 2027, presenting significant growth opportunities. CEO Gina Serkasevich expressed confidence that MRB banking will optimize financial management and support the company's seed-to-sale strategy.
Hero Technologies (OTCQB:HENC) has announced its upgrade to the OTCQB marketplace, improving its reporting standards and investor transparency. The OTCQB is less speculative than Pink Sheets, requiring companies to meet strict criteria, including a $0.01 bid test and maintaining a public float of over 10%. CEO Gina Serkasevich emphasized that this upgrade will enhance visibility and liquidity for the company, making it more attractive to investors. By adhering to OTCQB's high standards, the company aims to improve communication and public awareness about investment opportunities.
Hero Technologies (OTC PINK:HENC) announced its application to list on the OTCQB marketplace, aimed at enhancing transparency and accessibility for investors. This move aligns with the company's commitment to uphold robust reporting standards and engage in effective stock awareness campaigns. CEO Gina Serkasevich emphasized the importance of accurate information dissemination to shareholders. The Michigan cannabis market, with monthly sales nearing $150 million, presents a significant growth opportunity for the firm, particularly through its subsidiary, BlackBox Systems.
Hero Technologies (OTC PINK:HENC) announced that its subsidiary, BlackBox Systems and Technologies, received Step 1 Prequalification approval for both Class C Medicinal and Adult Use Cannabis Licenses in Michigan. This milestone allows them to move forward with Step 2 for full license approval and cultivation. The company has also gained conditional approval for three Class C Medicinal licenses from the Township of Pulaski, contingent on completing Step 2. The projected development cost for the facility is approximately $8.94 million, and financing efforts are underway.
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