Hero Technologies (OTCQB:HENC) plans to build a local cannabis growing facility in Michigan.
The Dover, Delaware-based company announced on Wednesday that, subject to certain minimal conditions, it has received a license and permit approval from Vassar Township, Michigan.
The company was approved subject to certain conditions. However, approval requires only resubmission, not an additional planning commission meeting.
In a parallel development, the company expects to close on its previously agreed-upon purchase of a 10-acre parcel in Vassar within the next 10 days.
Hero Technologies' subsidiary, BlackBox Systems and Technologies LLC, previously received pre-qualification approval from the state of Michigan for adult (recreational) and medicinal use cannabis licenses.
"We are grateful to the Vassar Township Planning Commission for its thorough and expeditious review of our license and permit application," Gina Serkasevich, the company's CEO, said. "Now that we have the necessary local approvals, we look forward to closing on our 10-acre property in Vassar as soon as possible, transforming the site into a state-of-the art cannabis production facility, and capitalizing on the strong cannabis market in Michigan."
Price Action
Hero's shares traded 8.11% lower at $0.034 per share at the time of writing on Wednesday morning.
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