Business
Hero Technologies' Subsidiary Completes Appraisal and Survey of Michigan Cannabis Property Planned for Purchase
Hero Technologies' Subsidiary Completes Appraisal and Survey of Michigan Cannabis Property Planned for Purchase.
About this update from Hero Technologies Inc.
[{"type":"text","content":"Formal appraisal to assist with financing for property acquisitionDOVER, DE / ACCESSWIRE / March 24, 2021 / Hero Technologies (OTC PINK:HENC)(Twitter: @heroicmindtech), a cannabis company focused on a "seed-to-sale" vertical integration strategy, today announced that its majority owned subsidiary, BlackBox Systems and Technologies LLC (the "Company" or "Blackbox") has completed a survey of the 120 acre property in Concord, Michigan that the Company intends to purchase. The Company signed an agreement to purchase the property for $1,500,000. On March 18, 2021, the Company received a valuation report where the property was appraised for $1,700,000. Blackbox has until approximately mid-2021 to close on the property.The Company expects that the appraisal will help expedite financing to develop the property for cannabis farming. The Company plans to use part of the Michigan acreage for a state-of-the-art greenhouse complex for year-round, high-yield cannabis cultivation. It recently executed a contract for the initial phase of greenhouse construction with Ceres Greenhouse Solutions. The Company also plans to allocate some acreage to seasonal outdoor cannabis grows through low cost hoop houses."We are very pleased with our continued progress in Michigan, and we expect the Concord property to quickly become a linchpin in our seed-to-sale cannabis marketing strategy," said Hero Technologies' CEO Gina Serkasevich. "We look forward to securing financing to develop the land through our BlackBox subsidiary, using the property appraisal to speed up the process."The company's appraisal contract is with Newmark, a leading commercial real estate firm. Newmark, formerly Newmark Knight Frank, has been one of the world's leading commercial real estate companies for over 90 years. The company's comprehensive real estate services generate over $2 billion in annual revenues.The survey of the company's Concord property was performed by Wolverine Engineers and Surveyors, which has provided civil engineering services in Michigan for over 100 years.About Hero TechnologiesHero Technologies Inc. is a cannabis company with a vertically-integrated business model. The company has a majority stake in BlackBox Systems and Technologies LLC, an aeroponic cannabis cultivation system that provide...