Hero Technologies Continues To Expand Footprint, Buys Colorado Property For Cannabis Cultivation

Hero Technologies HENC announced Monday it will buy 40 acres of land in Moffat, Colorado for cannabis operations.

The news comes one week after Hero announced the launching of a subsidiary — MassCannabis LLC — which will handle its acquisition initiatives in Massachusetts.

Hero will utilize the newly-acquired land for cannabis cultivation, both in greenhouses and outdoors.

It should close the deal with Summit Resources LLC on or earlier than March 30.

The land will likely be owned by its new subsidiary, Mile High Green, which is focused on Colorado activities. The company also plans to cooperate with Vincente Sederberg on a cannabis cultivation license.

Colorado represents a large cannabis market, recording 2020 sales of $2.2 billion, up by 25% from the previous year.

The Centennial State was one of the first two states in the U.S. to legalize adult-use cannabis.

"We are very excited about acquiring land for cannabis cultivation in Colorado," Hero Technologies CEO Gina Serkasevich said. "Clearly, the state is a large and important market for cannabis, and establishing integrated operations there should help us accelerate our ‘seed to sale' go-to-market strategy."

At the beginning of March, Hero reported raising $560,000 in financing via Regulation D equity offering, at around $0.0240 per share.