Hero Technologies has entered into negotiations to acquire property in north-central Michigan. The company plans to establish operations in the state to grow, process, and sell cannabis through both wholesale and retail channels. The company's subsidiary in Michigan, BlackBox Systems and Technologies LLC, has already received licensing pre-approval from the state to market cannabis for both medicinal and adult use.
The company's negotiations to purchase property in Michigan are centered on a 10-acre parcel approximately 90 miles north of Detroit. An adjacent parcel is already used for cannabis production and warehousing. The property planned for purchase has already been zoned for cannabis use.
BlackBox earned "Class C" cannabis license pre-qualification approval for both medical and adult use, pursuant to the Michigan Regulation and Taxation of Marihuana Act. Pre-qualification approval is a significant milestone in Michigan's two-step cannabis licensing process, which is among the strictest in the country. To earn approval, BlackBox had to provide detailed data on its sources of capitalization, insurance compliance, key corporate personnel and stockholders, and financial statements attested to by a certified public accountant.
"After exploring a number of properties in Michigan, we are focusing on land that meets all of the company's needs for cultivating and marketing cannabis," said Hero Technologies' CEO Gina Serkasevich. "We are especially pleased that the property we are negotiating to buy has a history of cannabis use, as we believe this will help smooth the way for us to quickly build out our cannabis operations. I look forward to reporting further to our shareholders as we conclude these negotiations and move to close on this property acquisition."
Hero Technologies' seed-to-sale cannabis strategy in Michigan includes greenhouses designed around the company's proprietary aeroponic growing system. The system is expected to produce high-yield, high-quality plants to serve the state's rapidly growing cannabis market.
According to the Michigan Marijuana Regulatory Agency, in 2022, legal cannabis sales in the state are expected to increase more than 50%, to approximately $2.8 billion.
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