Hero Technologies outlined the advantages of the 10-acre property in Vassar Township, Michigan, that it plans to use as its base of cannabis operations in the state. The company recently entered into a purchase agreement for the property.
"We expect Michigan to drive company growth, as we already have state licensing pre-approval in place, and sales of legal cannabis are increasing rapidly in the state-to around $2.8 billion this year," said Hero Technologies' CEO Gina Serkasevich. "We were looking for a base of operations in Michigan that was receptive to cannabis companies, supportive of every stage of cannabis cultivation and sales, centrally located for distribution, and cost-effective. Vassar checked every box for us."
The company focused on Vassar because the area, in Tuscola County, has a cannabis-friendly reputation, and the 10-acre parcel was already zoned as part of a cannabis industrial park. The municipality allows cannabis companies to build as needed for cultivating, processing, testing, provisioning, and transporting legal marijuana. The Vassar property also supports the required infrastructure for growing cannabis, including in greenhouses.
Vassar's central Michigan location is ideal for distribution across the state. More than 1.6 million people live within 50 miles of Vassar, and the average annual household income in the area is over $82,000. The township is also only a 1.5-hour drive from both Lansing, the state capital, and the Detroit metropolitan area, with its population of 4.4 million.
Hero Technologies' subsidiary, BlackBox Systems and Technologies has pre-qualification approval in Michigan for Adult and Medicinal Use cannabis licenses. The company plans to build greenhouses that use a proprietary aeroponic growing system to produce high-yield, high-quality cannabis. The company expects to use the Vassar property for both outdoor and indoor growing and for end-to-end processing operations. The company expects to sell its cannabis products through wholesale, retail, and dispensary channels.
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Hero Technologies Inc.