Hero Technologies has purchase 40 acres of land in Moffat, Colorado. The company plans to use the land for year-round cannabis cultivation, both in greenhouses and outdoors. The company plans on closing on or before March 30th and close the deal with Summit Resources.
The land is likely to be assigned and held by the company's new subsidiary for Colorado operations and acquisitions, Mile High Green. "As previously announced, we will use the Mile High Green entity to acquire land, property, and licenses," Hero team explains. "We expect to work with Vincente Sederberg to obtain a cannabis license for cultivation."
After closing, the deal would expand the company's footprint in the Colorado cannabis market. In 2012, Colorado became one of the first two states in the US, along with Washington, to legalize recreational cannabis. Annual cannabis sales in the state increased 25% in 2020 to a record $2.2 billion. Since legalization, cannabis sales in Colorado have reached a cumulative total of over $10 billion.
"We are very excited about acquiring land for cannabis cultivation in Colorado," said Hero Technologies' CEO Gina Serkasevich. "Clearly, the state is a large and important market for cannabis, and establishing integrated operations there should help us accelerate our ‘seed to sale' go-to-market strategy."