$HENC Hero Technologies (HENC) Applies for Cannabi
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Posted On: 10/18/2022 8:25:36 AM
$HENC Hero Technologies (HENC) Applies for Cannabis Operations License in Vassar Township, Michigan
https://www.accesswire.com/720810/hero-techno...p-michigan
Licensing action follows company's purchase agreement to buy property in Vassar.
DOVER, DE / ACCESSWIRE / October 18, 2022 / Hero Technologies (OTCQB:HENC) (Twitter: @heroicmindtech), a cannabis company focused on a "seed-to-sale" vertical integration strategy, today announced that it has filed the required paperwork to obtain a license for building and operating a cannabis growing facility in Vassar Township, Michigan. The company recently entered into a purchase agreement to acquire a 10-acre parcel in Vassar, and it expects to close on the property within the next 60 days.
Hero Technologies' Michigan subsidiary, BlackBox Systems and Technologies LLC, already has statewide pre-qualification approval for Adult (recreational) and Medicinal Use cannabis licenses, but the company also needs local approval to establish cannabis operations.
"We're aiming to close on the Vassar property by the end of November, and we want to hit the ground running," said Hero Technologies' CEO Gina Serkasevich. "By setting the local license application process in motion now, we hope to synchronize license approval with taking title to the property, so we can quickly start to build out our cannabis operations. Based on Vassar's marijuana-friendly business environment, and the fact that the parcel we plan to acquire is in an industrial park zoned for cannabis, we expect that the municipality's review and approval of our license application will go smoothly."
Michigan's legal marijuana market has grown rapidly since the state legalized adult recreational use in 2020. According to data from the Michigan Marijuana Regulatory Agency, sales of legal cannabis in the state were approximately $1.8 billion in 2021, over $1.0 billion in the first six months of 2022 (a 27% year-over-year increase), and should approach $2.8 billion for the full year 2022.
https://www.accesswire.com/720810/hero-techno...p-michigan
Licensing action follows company's purchase agreement to buy property in Vassar.
DOVER, DE / ACCESSWIRE / October 18, 2022 / Hero Technologies (OTCQB:HENC) (Twitter: @heroicmindtech), a cannabis company focused on a "seed-to-sale" vertical integration strategy, today announced that it has filed the required paperwork to obtain a license for building and operating a cannabis growing facility in Vassar Township, Michigan. The company recently entered into a purchase agreement to acquire a 10-acre parcel in Vassar, and it expects to close on the property within the next 60 days.
Hero Technologies' Michigan subsidiary, BlackBox Systems and Technologies LLC, already has statewide pre-qualification approval for Adult (recreational) and Medicinal Use cannabis licenses, but the company also needs local approval to establish cannabis operations.
"We're aiming to close on the Vassar property by the end of November, and we want to hit the ground running," said Hero Technologies' CEO Gina Serkasevich. "By setting the local license application process in motion now, we hope to synchronize license approval with taking title to the property, so we can quickly start to build out our cannabis operations. Based on Vassar's marijuana-friendly business environment, and the fact that the parcel we plan to acquire is in an industrial park zoned for cannabis, we expect that the municipality's review and approval of our license application will go smoothly."
Michigan's legal marijuana market has grown rapidly since the state legalized adult recreational use in 2020. According to data from the Michigan Marijuana Regulatory Agency, sales of legal cannabis in the state were approximately $1.8 billion in 2021, over $1.0 billion in the first six months of 2022 (a 27% year-over-year increase), and should approach $2.8 billion for the full year 2022.
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