Hero Technologies (OTCQB: HENC), a cannabis company focused on a “seed-to-sale” vertical integration strategy, today expressed a positive outlook for the legal marijuana market in the United States. In Michigan, where the company is in the process of establishing growing, processing and distribution operations, the cannabis market has surged 27% in the past year. According to the Michigan Marijuana Regulatory Agency, the state’s legal marijuana sales are expected to approach $2.3 billion in 2022, up from $1.8 billion in 2021. Adult recreational use has driven this rapid growth and generated 88% of the state’s year-to-date cannabis revenue. Hero’s subsidiary, BlackBox Systems and Technologies LLC, has pre-qualification approval in Michigan to produce and market cannabis for both adult recreational and medicinal use. “The broad U.S. cannabis market has strong growth prospects, not just because of organic increases in demand, but also because more states continue to legalize marijuana. Currently, 37 states, the District of Columbia, and three territories (Guam, Puerto Rico and the U.S. Virgin Islands) allow medicinal use of cannabis, and 24 of those jurisdictions have also legalized adult recreational use,” said Hero Technologies’ CEO Gina Serkasevich. “The main obstacle to a truly national cannabis market in the U.S. is that marijuana is still a controlled substance under federal law. That complicates banking and other financial services for cannabis companies looking to launch and expand their business around the country. Fortunately, significant winds of change are finally sweeping across the federal political landscape.”
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About Hero Technologies Inc.
Hero Technologies 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. Hero Technologies’ 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 multistate operator (“MSO”). For more information about the company, visit www.HeroTechnologiesInc.com.
NOTE TO INVESTORS: The latest news and updates relating to HENC are available in the company’s newsroom at https://ibn.fm/HENC
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