- Company pleased that independent review has confirmed fair value of Veteran Hemp Co. asset acquisition
- HENC entered into purchase agreement to acquire all assets of Veteran Hemp Co. in November 2020
- Hero Technologies CEO noted that “acquisition is in line with our company’s growth strategy of adding accretive assets to our portfolio”
Hero Technologies (OTC: HENC), a cannabis company focused on a vertically integrated strategy, has received an independent third-party valuation and purchase price allocation for its acquisition of the assets of V Broker LLC., or Veteran Hemp Co. (https://ibn.fm/sPttR).
“We are pleased that an independent review has confirmed the fair value of our Veteran Hemp Co. asset acquisition,” said Hero Technologies CEO Gina Serkasevich. “As we continue to develop and execute our integrated ‘seed to sale’ market strategy for cannabis products, we strive to make wise investment decisions. Our carefully considered purchase of Veteran Hemp Co. benefits our balance sheet, our market reach—both retail and wholesale—and our shareholders.”
In November 2020, Hero Technologies entered into a purchase agreement to acquire all the assets of Veteran Hemp Co. from Patriot Shield National LLC (https://ibn.fm/uttjm). At the time, Serkasevich noted that “this acquisition is in line with our company’s growth strategy of adding accretive assets to our portfolio. Not only does this business fit into our goals, but we also anticipate great synergies through Ross’s deep connections and relationships in the cannabis industry.”
Andrew Ross was CEO of Patriot Shield at the time of the acquisition, and Hero Technologies engaged him to continue running Veteran Hemp Co. and to serve as the company’s security advisor. Veteran Hemp Co. prides itself on offering hemp that is tested, tasted, and veteran approved. The company is committed to providing a quality, consistent, delicious product, and it accomplishes that objective by only working with the best farmers in the country, delivering them the best genetics, helping at every point along the way, and then packaging only the best product.
The news of the third-party valuation and purchase price allocation validates HENC’s acquisition of the veteran-founded, Colorado-based online retailer and wholesaler of hemp and cannabinoid products. According to the valuation, which was calculated by Doty Scott Entreprises, the acquired assets from Veteran Hemp are valued at $169,711. The report noted that the acquisition improved Hero Technologies’ balance sheet with $140,805 in total tangible assets, $71,526 in net tangible assets, and $98,195 in intangible assets, including trade names, customer base, and goodwill.
Hero Technologies 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”).
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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