- Cannabis sales in Colorado broke another record last year, topping $2.22 billion in products sold
- Cannabis is “massive” driver of tax revenue for Colorado, raking in over $423 million last year alone
- HENC continues to pursue diversification and integration strategy through subsidiary
Another record-breaking year for Colorado’s cannabis industry bodes well for Hero Technologies (OTC: HENC). The company anticipates expanding into the booming market via cultivation and dispensary operations through its wholly owned subsidiary, Mile High Green LLC.
Cannabis sales in the state broke another record last year, topping $2.22 billion in products sold, according to the Colorado Department of Revenue (https://ibn.fm/NNChl). This figure “eclipses” 2020 sales reaching upwards of $2.1 billion, which set a previous record, reported a recent “CPR News” article (https://ibn.fm/uSmIo).
“Peter Marcus, a spokesperson for the recreational and medical cannabis dispensary chain Terrapin Care Station, wasn’t surprised when he saw the latest numbers from the state,” the article noted. “Popularity for cannabis has only grown since the state-licensed retail sales of the plant in 2014, he said. Plus, 2021, just like its predecessor, was filled with pandemic anxiety.”
The article quoted Marcus, who stated, “We find during crises times that people tend to turn to relief, and previously it had been alcohol. I think having this legal alternative was a significant shift for people. What we learned from the pandemic is that cannabis is more or less recession-proof.”
According to “CPR News,” cannabis sold by both medical and retail cannabis stores has totaled more than $12.2 billion since the state began tracking cannabis sales in January 2014. “Retail cannabis made up the vast majority of last year’s sales, approximately 82% or $1.82 billion of the $2.22 billion,” the article noted. “Business peaked in March 2021 when retailers brought in more than $207 million that month.
“Cannabis is a massive driver of tax revenue for Colorado, raking in over $423 million last year alone and upwards of $2 billion since 2014 in sales and excise taxes and fees,” the CPR article continued. “It’s also a big employer. According to an annual Leafly report, over 35,500 Coloradans worked in the cannabis industry in 2021.”
Hero Technologies announced the formation of Mile High Green in March of last year, stating that the purpose of the subsidiary was to seek cannabis license, land purchase and strategic acquisition opportunities in the state of Colorado (https://ibn.fm/DeXf4).
“By establishing another subsidiary to target cannabis property acquisitions and cannabis licenses, we continue to aggressively pursue our diversification and integration strategy,” said Hero Technologies CEO Gina Serkasevich. “Colorado is an obvious market for us to target for expansion. It was exciting to see the state’s cannabis sales soar to $2.2 billion in 2020, truly an all-time high. We will work hard to gain market share in this important territory and participate in its healthy growth.”
Hero Technologies is a cannabis company working toward a vertically integrated business model. The company owns a majority stake in BlackBox Systems and Technologies LLC, an aeroponic cannabis cultivation system that provides optimal growing conditions to enhance photosynthesis and cultivation of large flowering plants, creating increased harvest efficiencies. 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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