• Michigan lawmakers approve bills designed to restrict medical marijuana cultivation by caregivers 
• Marijuana sales in the state are increasing.
• Top priority is concern about the safety of untested medical marijuana grown by caregivers.

With Michigan seeing record sales this year, the state is looking to provide regulation over the growing market in efforts to ensure quality and safety. Recently, Michigan lawmakers approved bills designed to restrict medical marijuana cultivation by caregivers (https://ibn.fm/tmflR). Growth and legislation are key points that cannabis company Hero Technologies (OTC: HENC) is paying close attention to, as the company works to strengthen its presence in the state’s cannabis space.

“Michigan marijuana sales broke another record in July,” an article headline recently proclaimed (https://ibn.fm/t7uxL). The article reported that, during July, Michigan exceeded “$171 million in cannabis transactions, according to data from a state regulatory body that was released on Friday. Andrew Brisbo, executive director of Michigan’s Marijuana Regulatory Agency (“MRA”), touted the $128 million in adult-use sales and $43 million in medical cannabis purchases in July, saying, ‘Another record month!’”

These record-setting sales are prompting increased legal scrutiny and legislation. Recently several bills that would change the state’s 2008 voter-approved Michigan Medical Marijuana Act and caregiver program moved out of committee and are headed to the House floor. 

“House Bills 5300–5302, known as the Michigan Cannabis Safety Act, tighten rules for caregivers related to plant allowances, product testing and where they can grow medical marijuana,” the article reports. “The new legislation would create a new specialty medical grower (‘SMG’) license for caregivers that includes a variety of regulations.”

Currently, Michigan law requires medical marijuana caregivers to register with the state but doesn’t require a license. “In addition, these caregivers can have up to five patients and grow 12 plants per patient without many rules on testing, labeling or tracking of their products,” the article noted. “Caregivers can cultivate a maximum of 72 plants if they are also a registered medical marijuana patient.”

An October hearing regarding the marijuana legislation was packed, showing intense public interest in marijuana legislation. During this hearing, committee chair Roger Hauck stated, “I want to let you know that we recognize it is critical that Michigan’s patients, including those with cancer and other severe or terminal illnesses, are not separated from their caregivers.” He then assured the audience that the committee reviews testimony submitted by constituents.

A top priority for lawmakers is concern about the safety of untested medical marijuana grown by caregivers. Likewise, quality and safety are priorities for Hero Technologies, a cannabis company working toward a vertically integrated business model. The company’s strategic business plan includes 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.

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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