- License prequalification should give HENC shareholders great confidence in strategic Michigan business plan
- Hero Technologies, Blackbox now beginning the last step in process of obtaining licensing approval
- Once full funding has been reached, BlackBox anticipates being shovel ready within two months
In its ongoing commitment to position itself as a multistate operator in the cannabis sector, Hero Technologies (OTC: HENC) is focused on becoming fully licensed in Michigan. As part of that process, the company recently announced that Blackbox Systems and Technologies LLC, a HENC subsidiary, has fulfilled the requirements for step 1 prequalification approval for a Class C Medicinal Use cannabis license in Michigan; Blackbox also received step 1 prequalification approval for a Class C Adult-Use cannabis license (https://ibn.fm/x5UjK).
“Michigan’s two-step marijuana licensing process is one of the toughest in the country, and passing the scrutiny of state regulators for license prequalification should give our shareholders great confidence in our Michigan business plan,” said Hero Technologies CEO Gina Serkasevich. “The state of Michigan is also one of the fastest-growing cannabis markets in the nation, with monthly sales approaching $150 million in only the second year of legal operations, so our shareholders should also be excited about our near-term prospects for rapid growth.”
In order to obtain step 1 prequalification approval, companies must provide detailed information to the Michigan Marijuana Regulatory Agency (“MRA”) regarding sources of capitalization, corporate officers, directors, major shareholders, insurance compliance, and financial statements attested to by a certified public accountant; submitting companies and key officials must also undergo extensive background checks. HENC went to great lengths to meet the requirements and provide all the information required in order to obtain the prequalification approvals for both licenses.
With those approvals in hand, Hero Technologies and Blackbox are now beginning the next — and last — step in the process of obtaining licensing approval in Michigan: establishment use or full license approval for a newly constructed medical marijuana facility. Completion of this second step will allow HENC to move forward with its plans for cultivation of cannabis in Michigan.
Looking ahead, the company has already obtained approval from the township of Pulaski for three class C medicinal use cannabis licenses dependent on completion of step 2 and MRA approval. That approval came after HENC provided Pulaski officials with detailed information regarding the proposed facility site as well as construction documents, a business plan, security arrangements, a sanitation plan and revenue projections. The company has noted that final approval and licensing for both medicinal and adult-use licenses will come after the greenhouse have been completed, including obtaining a certificate of occupancy and the final MRA inspection.
With costs for the Michigan project estimated to reach $8.94 million, the company is working to raise the funds. Once full funding has been reached, BlackBox anticipates being shovel ready within two months.
In addition to its Michigan expansion plans, Hero Technologies is undertaking expansion in Colorado through its wholly owned subsidiary Mile High Green LLC. The company’s strategic business plan includes cannabis genetic engineering, space for both medical and recreational cannabis cultivation, production licenses, distribution licenses, consumer packaging, and retail and dispensary operations that make the company a multistate operator. HENC is also planning to expand in Massachusetts through its wholly owned subsidiary MassCannabis LLC. In addition, Hero Technologies owns and operates two hemp websites: HighlyRelaxing.com under Highly Relaxing LLC and VeteranHempCo.com.
For more information, visit the company’s website at www.HeroTechnologiesInc.com.
NOTE TO INVESTORS: The latest news and updates relating to HENC are available in the company’s newsroom at https://ibn.fm/HENC
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