With cost-effective stock sale, company paves the way to establish base in fast-growing Michigan cannabis market.
DOVER, DE / ACCESSWIRE / October 4, 2022 / Hero Technologies (OTCQB:HENC) Twitter: @heroicmindtech), a cannabis company focused on a "seed-to-sale" vertical integration strategy, today announced that it is financing the purchase of its 10-acre property in Vassar, Michigan, through a sale of its common stock. To raise funds for the down payment for the property, related costs, and general corporate purposes, the company sold two million shares of common stock at $0.05 per share and raised $100,000. The company must pay $65,000 of the remaining $75,000 down payment to take possession of the Vassar property. The company does not plan on closing until it secures cannabis licenses from the Vassar Township. The company is in the process of finalizing its application and awaits a final component before submittal: blue print drawings of the buildings that will be erected for Blackbox to grow cannabis.
The company's subsidiary in Michigan, BlackBox Systems and Technologies LLC, plans to use the property as its base of cannabis operations, including cultivation, processing, and selling through both wholesale and retail channels. BlackBox has already won pre-qualification approval in Michigan for Adult (recreational) and Medicinal Use cannabis licenses.
Hero Technologies' CEO, Gina Serkasevich, said, "Raising funds through a stock sale was an efficient, cost-effective way to finance our Michigan property purchase. Closing quickly on the property will speed our plan to deploy our proprietary cannabis cultivation system, which we believe will enable the company to gain a share of the large and quickly growing Michigan cannabis market."
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.