Final site approval, the last step in licensing
DOVER, DE / ACCESSWIRE / September 27, 2021 / Hero Technologies (OTC PINK:HENC) (Twitter: @heroicmindtech), a cannabis company, today announced that its subsidiary, BlackBox Systems and Technologies LLC ("BlackBox") has fulfilled the requirements for Step 1 Prequalification approval for a Class C Medicinal Use Cannabis License in Michigan. The company has also received Step 1 Prequalification approval for a Class C Adult Use Cannabis License. Now that the company has received Michigan's Step 1 Prequalification approval for adult and medicinal use, it will now begin the process for Step 2 Establishment Use or full license approval for a newly constructed Medical Marijuana Facility. Further, the company has obtained approval from the Township of Pulaski for three Class C Medicinal Use Cannabis Licenses conditioned on completing Step 2 with the Michigan Marijuana Regulatory Agency ("MRA"). Final approval and licensing for both Medicinal and Adult Use licenses will occur upon completion of the greenhouses, obtaining a Certificate of Occupancy, and a final MRA inspection. Completing the Step 2 process will allow the company to proceed with the cultivation of cannabis in Michigan.
Step 1 Prequalification allows the company to also apply for dispensary licenses anywhere in Michigan.
To earn a Step 1 Prequalification approval for both licenses, BlackBox had to provide detailed information to the MRA on its sources of capitalization, corporate officers, directors, major shareholders, insurance compliance, financial statements attested to by a certified public accountant, and undergo extensive background checks.
"Michigan's two-step marijuana licensing process is one of the toughest in the country, and passing the scrutiny of state regulators for license prequalification should give our shareholders great confidence in our Michigan business plan," said Hero Technologies' CEO, Gina Serkasevich. "The State of Michigan is also one of the fastest-growing cannabis markets in the nation, with monthly sales approaching $150 million in only the second year of legal operations, so our shareholders should also be excited about our near-term prospects for rapid growth."
In further developments, the Township of Pulaski awarded BlackBox conditional approval for three Class C Medicinal licenses in August 2021. In order to obtain Pulaski's approval, Blackbox had to provide site specific information, advise Pulaski of its facility construction documents, business plan, security arrangements, sanitation plan, and revenue projections. Step 2 of licensing will occur when the company completes construction of the facility and receives a certificate of occupancy from the Pulaski Township. The MRA will then conduct a final physical inspection of the facility to confirm compliance with state and local ordinances.
BlackBox expects be "shovel ready" with numerous local and state permits within two months of receiving funding for the project. BlackBox has been vigorously working on the 120-acre property planned for purchase in Pulaski since January 2021. Zoning approval was acquired in March 2021, using schematic designs of the greenhouse facility created by BlackBox and Ceres Greenhouse Solutions. The company obtained Jackson County Health Department permitting in May for water and sanitation. Also, in May, BlackBox had a Phase 1 environmental site assessment ("ESA") performed, which led way to conducting a Phase 2 ESA in June. The ESA concluded the 120-acre site did not have environmental concerns. The company had a detailed site design developed in June allowing for approval from the Jackson County Drain Commissioner in July for storm water management and on-site water retention design. After extensive review, permitting from the Jackson County Transportation Department was then obtained in September 2021 in order to construct the facility and access roads. Meanwhile, L&A Architects, Ceres Greenhouse Solutions, and Blackbox have continuously collaborated to refine the site facility design for code compliance and for technical improvements.
Project costs for development of the Pulaski property are now estimated at approximately $8.94 million. The company does not have the ability to fully fund the project, however, the company is diligently working to obtain the necessary financing to move forward with the project.
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).
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 | [email protected]
SOURCE: Hero Technologies Inc.