Hero Technologies Optimistic about US Cannabis Market Market momentum, increasing legalization in US states, and federal legislation supported by President Biden bode well for Hero Technologies' growth prospects.
DOVER, DE / ACCESSWIRE / November 22, 2022 / Hero Technologies (OTCQB:HENC)(Twitter: @heroicmindtech), a cannabis company focused on a "seed-to-sale" vertical integration strategy, today presented a positive outlook for the legal marijuana market in the US.
Hero Technologies' CEO, Gina Serkasevich, noted, "According to the research firm BDSA, legal cannabis sales in the US will reach $27 billion by the end of 2022, and an average compound annual growth rate of about 15% is expected for the rest of the decade."
In Michigan, where the company is in the process of establishing cannabis growing, processing, and distribution operations, the cannabis market has surged 27% in the past year. According to the Michigan Marijuana Regulatory Agency, legal marijuana sales in the state should approach $2.3 billion in 2022, up from $1.8 billion in 2021. This rapid growth has been driven by adult recreational use, which has generated 88% of the state's year-to-date cannabis revenue. The company's subsidiary, BlackBox Systems and Technologies LLC, has pre-qualification approval in Michigan to produce and market cannabis for both adult recreational and medicinal use.
"The broad US cannabis market has strong growth prospects, not just because of organic increases in demand, but also because more states continue to legalize marijuana," said Serkasevich. Currently, 37 states, the District of Columbia, and three territories (Guam, Puerto Rico, and the U.S. Virgin Islands) allow medicinal use of cannabis, and 24 of those jurisdictions have also legalized adult recreational use.
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