- HENC subsidiary evaluating, pursuing property acquisitions; beginning process to obtain cultivation, sales licenses
- Sales have doubled in the past year, according to state’s seed-to-sale tracking system
- HENC working with top cannabis law firm to spearhead the process
With Massachusetts reporting marijuana sales reaching $2 billion since the state approved the adult-use market (https://ibn.fm/S8IvV), savvy cannabis companies operating in the state are looking to leverage opportunity for growth. Earlier this year, Hero Technologies (OTC: HENC), a cannabis company pursuing a vertically integrated model, announced a new subsidiary: MassCannabis LLC. The newly formed company is evaluating and pursuing property acquisitions and beginning the process to obtain licenses in Massachusetts (https://ibn.fm/XpF9F).
The Cannabis Control Commission in Massachusetts has reported that gross sales from the state’s 165 cannabis retailers and three delivery services reached $2,009,007,478 as of August 31, 2021. “That doubles the sales total that the commission reported last November, according to the state’s seed-to-sale tracking system,” the report noted. “This milestone speaks to the success of licensees that have interacted with the Commission from the application stage, maintained compliance with our strict regulations, and contribute every day to communities across the Commonwealth.”
In March 2021, HENC announced that it had retained a top cannabis law firm, Vincente Sederberg LLP, “to spearhead the process to obtain cannabis licenses in Massachusetts, a rapidly growing cannabis market with over $1 billion in retail sales since 2019. Vincente Sederberg is a leading advocate for the cannabis industry, with over a decade of experience in cannabis law,” the company stated. “Rolling Stone” magazine has called Vincente Sederberg a “powerhouse marijuana law firm.”
“Hero Technologies’ newly formed subsidiary, MassCannabis LLC, will work closely with Sederberg to target property acquisitions and begin the process to obtain licenses to cultivate and retail cannabis in Massachusetts,” the company noted.
“We are very excited about our momentum in Massachusetts,” said Hero Technologies CEO Gina Serkasevich. “Having Vincente Sederberg join forces with our new MassCannabis subsidiary should enable us to quickly identify new strategic partners and streamline the acquisition process. We look forward to reporting more developments to our shareholders as we continue to expand and integrate cannabis initiatives across geographical markets.”
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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