Company plans to add 120 acres for cannabis cultivation, strengthen MI legal team
DOVER, DE / ACCESSWIRE / January 21, 2021 / Hero Technologies Inc. (OTC PINK:HENC), a vertically-integrated "seed-to-sale" cannabis company, today announced that its BlackBox subsidiary has signed a purchase agreement to acquire 120 acres of Michigan farmland for cannabis cultivation. The purchase agreement is contingent on financing for the target property's $1,500,000 purchase price. The deal would substantially expand the company's footprint in Michigan, which in 2018 became the first state in the US Midwest to legalize recreational marijuana.
The company plans to allocate some acreage for an initial outdoor grow while it builds greenhouses on the land for long-term, year-round cultivation. The company believes it could use up to 10 acres for an outdoor grow in time for this Fall's harvest. Under a Class C license, the company could grow up to 1,500 plants. The company could have revenue this year from the Blackbox project if licensing occurs in time for planting. The BlackBox expects to file its formal application with Michigan's marijuana regulators within one month.
To facilitate the deal and assist with Michigan licensing, Hero Technologies has engaged Barton Morris, Esq., principal attorney at Cannabis Legal Group. The law firm has specialized in cannabis-related business law, licensing, and land use in Michigan for over 10 years.
Cannabis Legal Group is assisted by Vincente Sederberg LLP as outside counsel. Sederberg is a leading legal advocate for the cannabis industry, and has been called by Rolling Stone magazine "the country's first powerhouse marijuana law firm."
In conjunction with its Michigan business transactions, Hero Technologies has changed the legal name of its BlackBox subsidiary, from BlackBox Technologies and Systems LLC to BlackBox Systems and Technologies LLC. BlackBox specializes in growing cannabis with leading-edge aeroponic technology.
"We are very optimistic about our momentum in Michigan," said Hero Technologies' CEO Gina Serkasevich. "Expanding our cannabis cultivation acreage in this key Midwestern state, with the help of some of the finest legal minds in the cannabis industry, should contribute to our strategy of integrating cannabis operations from seed to sale across growing geographical markets."
About Hero Technologies
Hero Technologies Inc. is a cannabis company with a vertically-integrated business model. The company has 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 business plan includes cannabis genetic engineering, farmland for both medical and recreational cannabis cultivation, production licenses, distribution licenses, consumer packaging and retail operations, and dispensaries that make the company a multi-state operator (MSO).
About The Chesapeake Group Inc.
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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
Brokers and Analysts:
SOURCE: Hero Technologies Inc.
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