Hero Technologies is in discussions to acquire additional property in Michigan for cannabis cultivation and processing. The company recently received a local license and permit approval for cannabis production and distribution on a 10-acre property in Vassar Township, Michigan, which has a cannabis-friendly business environment.
The company is particularly interested in purchasing a 20-acre property in Western Michigan that already produces cannabis, has revenue, and has both the physical space and licenses in place to expand operations. This cannabis farm includes dozens of greenhouses, processing facilities, irrigation, and other already existing infrastructure.
Hero Technologies' subsidiary, BlackBox Systems, and Technologies has pre-qualification license approval to produce cannabis for both adult and medicinal use in Michigan.
"We are looking at all avenues to accelerate our business development in Michigan and take the shortest path to build revenue," said Hero Technologies' CEO, Gina Serkasevich. "We are optimistic about acquiring additional acreage for marijuana cultivation in the state and marketing our products through both wholesale and retail channels. Our strategic goal remains to quickly establish an integrated seed-to-sale cannabis business model to capitalize on the strong and growing Michigan market."
According to Michigan's cannabis regulatory agency, the state market for legal cannabis has increased by 27% in 2022, compared to 2021, approaching $2.3 billion in annual sales.
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Hero Technologies Inc.