Hero Technologies Closes on Michigan Property for Cannabis Operations – Yahoo Finance
Company purchases 10-acre parcel in Vassar Township, Michigan, for growing, processing, and selling cannabis in the state.
Favorable terms include $75,000 down payment (12.5% of $600,000 purchase price) and 4.75% annual interest rate.
Property zoning supports company's licenses to produce and market marijuana for both medicinal and adult recreational use.
Location is ideal for distribution throughout Michigan, a $2.3 billion cannabis market in 2022.
DOVER, DE / ACCESSWIRE / December 6, 2022 / Hero Technologies (OTCQB:HENC)(Twitter: @heroicmindtech), a cannabis company focused on a "seed-to-sale" vertical integration strategy, today announced that it has closed of the purchase of a 10-acre property in Vassar Township, Michigan, The company plans to use the property for its cannabis business in the state, including indoor and outdoor growing, processing, wholesaling, and selling directly to consumers through dispensary operations. The transaction closed on December 5, 2022, at a purchase price of $600,000, with the company making a $75,000 down payment (12.5% of the purchase price). The company received a favorable annual interest rate of 4.75%, with monthly interest-only payments permitted and additional payments applied against principal. Under the terms of the land contract, the company will pay off the loan's principal within five years.
Hero Technologies' subsidiary in Michigan, BlackBox Systems and Technologies LLC, has already obtained pre-qualification approval for Adult (recreational) and Medicinal Use cannabis licenses in Michigan and recently received local license and permit approval to use the Vassar property for cannabis operations.
In 2022, Michigan's market for legal marijuana has grown 27% over 2021 and by year-end, cannabis sales in the state should approach $2.3 billion.
The company's Vassar property, in central Michigan, is ideally located for distribution across the state. More than 1.6 million people live within 50 miles of the site and Vassar is a 1.5-hour drive from Lansing, the state capital, and Detroit, with a metro population of 4.4 million.
"We are gratified to be able to close on our target property in Vassar, Michigan, according to plan," said Hero Technologies' CEO Gina Serkasevich. "We chose the site for its cannabis-friendly local zoning, cost effectiveness, and geographic location at the heart of Michigan's booming marijuana market. We are acting promptly to develop the property for cannabis production under our state and local licenses, and we look forward to generating a positive return on our investments for our employees and our investors."
About Hero Technologies
Hero Technologies Inc. is a cannabis company working toward a vertically-integrated business model. The company owns 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 strategic business plan includes cannabis genetic engineering, farmland for both medical and recreational cannabis cultivation, production licenses, distribution licenses, consumer packaging, and retail and dispensary operations that make the company a multi-state operator (MSO).
Forward-Looking Statements
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
(302) 538-4165 | gs@herotechnologiesinc.com
# # #
SOURCE: Hero Technologies Inc.
View source version on accesswire.com:
https://www.accesswire.com/730365/Hero-Technologies-Closes-on-Michigan-Property-for-Cannabis-Operations
Related Quotes
Planet 13, the world’s largest dispensary and SuperStore has received approval for its much-anticipated consumption lounge from the Nevada Cannabis Compliance Board. Sean DeLancey reports.
On a bad day for most stocks, shares of electric-vehicle-related ChargePoint Holdings (NYSE: CHPT) and QuantumScape (NYSE: QS), and hydrogen fuel cell maker Plug Power (NASDAQ: PLUG) are down between 6% and 8%. There isn't any big news out from — or about — any of these three companies today that is the specific cause for any of their share-price declines. The most recent news is from ChargePoint, the EV charging station company, which reported third-quarter results on Dec. 1, with a 93% increase in revenue, but continues to report big losses.
The 2008 financial crisis, one of the biggest financial debacles in history, made Michael Burry a legend. It made him one of the examples to follow in defiance of standard practices in financial circles.
While NIO and Li Auto (LI) hit monthly-record deliveries in November, XPeng (XPEV) sees a sharp fall in deliveries on a yearly basis.
Warren Buffett arrived in Sun Valley, Idaho, with an unpopular warning — one the visionaries in the room were in no mood to hear. The tech leaders gathered there were bent on changing the world and had already made fortunes doing it. And in a year where some tech stocks were surging as much as 27-fold, many were sitting on investments with sky-high valuations that they felt just fine about. Don’t Miss: The Company Solving Traffic and Climate Change Together There were polite nods as Buffett took
Textron stock soared Tuesday after the defense company won a contract worth up to $80 billion to build a new helicopter for the Army. The Army is turning to Textron (ticker: TXT) subsidiary Bell Helicopter for a new long-range assault helicopter—the Bell V-280 Valor—that will replace the service’s 40-plus-year-old UH-60 Black Hawk. Textron beat a joint bid from Lockheed Martin (LMT) and Boeing (BA).
The first fast-paced company with serious upside is hydrogen fuel-cell solution provider Plug Power (NASDAQ: PLUG). According to analyst Amit Dayal of H.C. Wainwright, Plug Power can reach $78. For those of you keeping score at home, this would work out to a near-quintupling in the company's share price in 2023.
Binance CEO CZ is speaking out against SBF after FTX’s collapse and arguing he had nothing to do with his rival’s downfall.
The FTX-linked trading firm made a number of unorthodox investments in the months leading up to its stunning collapse.
Don’t get fooled into thinking the stock market’s recent positive action has legs. Morgan Stanley’s Chief U.S. Equity Strategist Mike Wilson thinks it’s time to take profits “before the Bear returns in earnest.” Wilson notes that his team’s tactical targets have been met and thinks the recent run-up has run its course. “Bear market rally runs into our original resistance levels–it's time to fade it,” says Wilson. With the “risk-reward of playing for more upside quite poor at this point,” Wilson
(Bloomberg) — Chinese stocks listed in Hong Kong suffered a late-day rout, as investors judged that the path to a reopening will be rocky and the prospects for an economic recovery uncertain.Most Read from BloombergTrump Companies Are Convicted in NY Criminal Tax Fraud TrialWall Street Goes Risk Off as Bank CEOs Sound Alarm: Markets Wrap‘Huge, Missing and Growing:’ $65 Trillion in Dollar Debt Sparks ConcernEx-Deutsche Bank Trader Builds $6 Billion Fortune on Trading BoomWorld Economy Heads for
Shares of Devon Energy (NYSE: DVN) fell 11.4% in November, according to data provided by S&P Global Market Intelligence. The primary factor weighing on the oil stock was its third-quarter report, where the company unveiled a lower total dividend payment. Devon Energy launched the oil industry's first fixed-plus-variable dividend framework in early 2021.
In this article, we will look at the 12 best growth stocks to buy according to George Soros. If you want to skip reading about George Soros’ investment philosophy, you can go directly to 5 Best Growth Stocks To Buy According To George Soros. George Soros is a Hungarian-born American billionaire investor and philanthropist who […]
General Electric, whose spinoff of its health care and energy companies will leave Evendale-based GE Aerospace as the sole company, bought out every single print add in the New York Times for the first time in the newspaper's history.
Growth stocks got hit with another round of big sell-offs today, and Roku (NASDAQ: ROKU) was once again caught up in the pullback. Tech stocks soared last week after comments from Federal Reserve officials suggested that the central banking authority could take a softer approach to raising interest rates this month. Following last week's big gains, investors are once again taking a more cautious stance on the market, and Roku stock has now given up all the gains it posted across last week's trading.
Recessions aren't fun to live through. But if you're prepared, they don't have to be painful for your portfolio, either.
Blackstone Inc said redemptions from its $50 billion non-traded business development company reached its pre-set limit for the first time but investors were still allowed to cash out on their investments. This is the first time redemption requests had reached the pre-set limit of 5% since Blackstone launched the product in January last year. It also comes after Blackstone announced last Thursday that it would curb withdrawals from its $69 billion unlisted real estate income trust (REIT) following a surge in redemption requests.
Even a dour outlook for the broader stock market couldn't outweigh good news for these companies.
Oppenheimer Senior Analyst Christopher Glynn joins Yahoo Finance Live to discuss upgrading GE to Outperform, the company’s stock performance, industrial stocks, and the outlook for GE’s health care spinoff.
A broad cross-section of stocks tumbled again on Tuesday as market watchers focused on the Federal Reserve Bank's ongoing battle against inflation. Over the past several days, a couple of strong economic reports have increased concerns about the trajectory of an already overheated economy. With that as a backdrop, shares of Amazon (NASDAQ: AMZN) fell 2%, Alphabet (NASDAQ: GOOGL) (NASDAQ: GOOG) tumbled 2.4%, and Shopify (NYSE: SHOP) had slumped 4% as of 12:19 p.m. ET.