- Sales milestone represents licensees’ ability to successfully support a safe, accessible and effective adult-use industry
- Billion-dollar mark was reached despite 60-day shutdown of recreational cannabis industry due to COVID-19
- Earlier this year, Hero Technologies formed MassCannabis to explore potential opportunities, projects in the state
Late last year, the nonmedical cannabis market in Massachusetts hit a significant milestone: $1 billion in sales since the state voted to legalize the substance — this even though the state was one of only a handful that closed cannabis shops for a period of time because of COVID-19 (https://ibn.fm/HaVli). Sales in the space have continued strong in 2021, and Hero Technologies (OTC: HENC) is strengthening its position in the state through its new wholly owned subsidiary, MassCannabis LLC.
“According to the Cannabis Control Commission, 80 Massachusetts marijuana retailers, as of Oct. 30, reported $1,000,521,905 in sales since stores opened in November 2018,” reported the “Boston Business Journal,” which noted that the sales milestone represents licensees’ ability to successfully support a safe, accessible and effective adult-use industry as well as resulting tax benefits that will have a significant impact on communities throughout the commonwealth.
“‘These numbers also speak to commission licensing and enforcement staff working around the clock to make sure these businesses and their products comply with all of our regulations, especially the health and safety provisions,” said Commission Chairman Steven J. Hoffman in the article. The article also observed that the milestone was reached despite a 60-day shutdown of the recreational cannabis industry earlier this year due to the coronavirus.
“Through June, the state had reported $122 million in tax revenue,” stated the article. “At $1 billion in sales, the state is on pace to collect $200 million in taxes for the state and local municipalities. Revenue comes from a 6.25% sales tax, a 10.75% excise tax, and local option tax for cities and towns, up to 3%.” The article also noted that the sales come from 97,412 different products.
With the potential of the Massachusetts market in mind, Hero Technologies announced in March that it had formed a subsidiary, MassCannabis, to seek property or land acquisition opportunities in the state of Massachusetts as well as potentially initiate dispensary projects (https://ibn.fm/GE4fk).
“In forming our new MassCannabis subsidiary, we have taken another key step in executing our growth strategy as a multi-state operator (‘MSO’) and diversified our vertically integrated business model,” said Hero Technologies CEO Gina Serkasevich. “Massachusetts is clearly a fast-growing cannabis market, and expanding our footprint there would extend our geographical reach in the U.S. and diversify our addressable market.”
With U.S. and Massachusetts numbers showing significant growth, Hero Technologies appears to be ideally positioned in the burgeoning market. “We are growers and cultivators, developers, builders, engineers, marketers, and managers all here to serve Hero Technologies Inc. as we rapidly develop the largest vertically integrated cannabis company the world has ever known,” the company website proclaims (https://ibn.fm/xYP6Y). And while that statement may seem lofty, a closer look at the company reveals a portfolio of companies that provide superior cultivation and dispensary assets.
HENC’s portfolio includes a majority stake in BlackBox Systems and Technologies LLC., an aeroponic cannabis cultivation system that provides optimal conditions to enhance photosynthesis and cultivation of large flowering plants, creating increased efficiencies. In addition to its expansion into Massachusetts, Hero Technologies is planning expansion in cultivation and dispensary operations into Colorado through its wholly owned subsidiary Mile High Green LLC.
Hero Technologies Inc. is a cannabis company working toward a vertically integrated business model. 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 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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