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Hero Technologies Inc. (HENC) Looks to Expand as States Report $3.7B in Cannabis Recreational Tax Revenue in 2021

Apr 22, 2022 | Cannabis News Wire, Media Partners

This post is presented by our media partner Cannabis News Wire

View the original article here.

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  • MPP report notes that states with legalized marijuana for adult use generated $3.7 billion in tax revenue from recreational cannabis sales
  • HENC is looking to leverage its cannabis expertise in more of these states
  • Company is aggressively pursuing expansion into Colorado, Massachusetts

A new report reveals that states with legalized recreational marijuana collected an estimated $3.7 billion in tax revenues last year (https://cnw.fm/xP9p5). That news bodes well for savvy players in the legal cannabis space, including Hero Technologies (OTC: HENC), as states are often eager to support revenue sources. 

“States that have legalized marijuana for adult use collectively generated more than $3.7 billion in tax revenue from recreational cannabis sales in 2021, a report from the Marijuana Policy Project (‘MPP’) that was released on Wednesday found,” reported Marijuana Moment. “That’s a 34% increase compared to revenue that states received from cannabis sales in 2020.

“The report follows up on an analysis MPP put out in January that looked at the total adult-use cannabis tax revenue collected by all legal states since recreational sales started in Colorado and Washington State in 2014,” the article continued. “At the time, the 2021 figures were incomplete but still showed that states received more than $10 billion in tax dollars from recreational marijuana sales over the past seven years. Now that the data is updated for 2021, the organization says the 2014–2022 total as of March is $11.2 billion.”

While cannabis remains on the federal list of banned substances outlined in the 1970 Controlled Substances Act (“CSA”), a growing number of states have passed laws providing for the medical or recreational legal use of the drug, with some states legalizing both uses. 

“According to 2020 U.S. Census Bureau apportionment numbers, more than 145 million Americans now live in a state that has legalized marijuana,” a U.S. News article reports (https://cnw.fm/MSLdN). The article went to note that “the wave of initiatives to legalize marijuana began in 2012, and has mostly been driven by coastal states.” The article also projected that more states are likely to join those ranks in the coming years, as about two-thirds of American adults support marijuana legalization, according to a Pew Research Center. Survey.

Hero Technologies is looking to leverage its cannabis expertise in more of these states. The company currently has a majority stake in BlackBox Systems and Technologies LLC, which has been operating legally in Michigan as a medical caregiver. BlackBox Systems is an aeroponic cannabis cultivation system that provides optimal conditions to enhance photosynthesis and cultivation of large flowering plants, creating increased efficiencies. HENC is aggressively pursuing an expansion of its cultivation and dispensary operations in Colorado through Mile High Green LLC, a wholly owned subsidiary. The company is also looking to move into Massachusetts through an additional wholly owned subsidiary, MassCannabis LLC. 

These three states are in the top-six cannabis markets in the United States (https://cnw.fm/ZI3H1). While California tops the list, Colorado comes in at number three, reporting a $2.5 billion market, with Michigan following in the number-four spot, showing a $1.4 billion market. Massachusetts ranks number six, with a market of $1.2 billion.

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://cnw.fm/HENC

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