Market momentum, increased legalization in US states, and federal legislation supported by President Biden bode well for Hero Technologies’ growth prospects.
DOVER, DE / ACCESSWIRE / NOVEMBER 22, 2022 / hero techniques (OTCQB: HENC) (Twitter: @heroicmindtech), a cannabis company focused on a “seed-to-sale” vertical integration strategy, today provided a positive outlook for the legal marijuana market in the United States.
Jenna Sirkasievich, CEO of Hero Technologies, noted, “According to research firm BDSA, sales of legal cannabis in the United States will reach $27 billion by the end of 2022, and a compound annual growth rate of about 15% is expected for the remainder of the market. Contract “.
In Michigan, where the company creates cannabis cultivation, processing and distribution operations, the cannabis market is up 27% in the past year. According to the Michigan Marijuana Regulatory Agency, legal marijuana sales in the state should approach $2.3 billion in 2022, up from $1.8 billion in 2021. This rapid growth has been driven by adult recreational use, which generated 88% of the year for the state. Cannabis revenue history. subsidiary company, Black Box Systems and Technologies LLCHolds pre-qualification approval in Michigan to produce and market cannabis for recreational and medicinal use to adults.
“The broad US hemp market has strong growth prospects, not only because of organic increases in demand, but also because more states continue to legalize marijuana,” said Sirkacevic. Currently, 37 states, the District of Columbia, and three territories (Guam, Puerto Rico, and the US Virgin Islands) allow the medical use of cannabis, and 24 of those states have legalized recreational use by adults.
“The main obstacle to a truly national cannabis market in the United States is that marijuana remains a controlled substance under federal law,” Sirkacevic continued. “This complicates banking and other financial services for cannabis companies looking to launch and expand their businesses across the country.”
“Fortunately, the great winds of change are finally blowing through the federal political landscape,” Cirkasiewicz added. “For example, President Biden has committed to pardoning previous federal offenses of simple marijuana possession, called on state governors to issue similar pardons, and asked the US Attorney General, Merrick Garland, and the Secretary of Health and Human Services, Xavier Becerra, to review federal marijuana laws.”
The US Congress has also made progress on legislation that would pave the way for more states to legalize cannabis across the country.
In April 2022, the United States House of Representatives passed the Marijuana Reinvestment and Omission (MORE) Act to decriminalize marijuana by removing it from Schedule I of the Controlled Substances Act. Although the MORE Act did not pass through Senate committee review, in July 2022, the Senate introduced its own bill, the Cannabis Administration and Opportunity Act (CAO), to similar ends.
According to one of the sponsors of the CAO, New Jersey Senator Cory Booker, the bill will not be voted on as written, but the Senate will consider a copy of another bill approved by the House, the Safe Banking and Fair Enforcement Act ( SAFE).
The bipartisan Banking SAFE Act provides safe haven for financial institutions and other entities that do business with cannabis-related businesses, giving them better and more secure access to financial services.
Additionally, in June 2022, the House introduced the Capital Lending and Investment to Marijuana Businesses Act (CLIMB), which, like the SAFE Banking Act, seeks to enable “public or private sources of financial capital to invest in and finance” the cannabis business. The CLIMB Act would also amend the Securities Act of 1934 to create a safe haven for national stock exchanges to list legal marijuana-related companies.
“All of these developments, both at the state and national level, give us great optimism about the future of the US cannabis market and Hero Technologies’ growth prospects,” Cirkacevic concluded. “We remain committed to the company’s integrated seed-to-sale strategy,” with an initial focus on developing operations in the strong Michigan market. We look forward to providing more reports to our shareholders as we make progress towards our goals. ”
About hero techniques
Hero Technologies Inc. is a cannabis company working towards a vertically integrated business model. The company owns a majority stake in BlackBox Systems and Technologies LLC, an aerobic cannabis growing system that provides ideal growing conditions to enhance photosynthesis and grow large flowering plants, resulting in more efficient harvests. 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).
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’s plans related to the proposed project. The expected time to complete the proposed project. Ability to complete the proposed project. Any statements of management’s plans and goals for future operations, products, or services, including the implementation of proposed plans for the project; any statements of expectation or belief; forecasts regarding certain financial metrics; Any statements make assumptions based on any of the above. Forward-looking statements are usually identified by words such as “expect,” “believe,” “could,” “estimate,” “anticipate,” “anticipate,” “intend,” “may,” “forecast,” “plan,” “project” Forward-looking statements are subject to many assumptions, risks and uncertainties, which change over time and are beyond our control. Forward-looking statements It speaks only as of the date on which it is made.Neither Hero Technologies Inc. nor its holding company or affiliate companies assume any duty nor undertake to update any forward-looking statements.Because forward-looking statements, by their nature, are uncertain or assumed to varying degrees, actual results or events may differ future results, possibly materially, from those projected by Hero Technologies Inc., its holding company, or its affiliates in the forward-looking statements, and future results may differ materially from historical performance.
Contact Hero Technologies:
Ms. Gina Cirkasiewicz, Executive Director
(302) 538-4165 | [email protected]
# # #
source: Hero Technologies Inc.
View source version on accesswire.com: