Tech company invests in greenhouse cannabis production

The land is likely to be assigned and held by the company's new subsidiary for Colorado operations and acquisitions, Mile High Green.

"We will use the Mile High Green entity to acquire land, property, and licenses," according to a statement from Hero Technologies. "We expect to obtain a cannabis license for cultivation."

After closing, the deal would expand the company's footprint in the Colorado cannabis market. In 2012, Colorado became one of the first two states in the U.S., along with Washington, to legalize recreational cannabis. Annual cannabis sales in the state increased 25% in 2020 to a record $2.2 billion. Since legalization, cannabis sales in Colorado have reached a cumulative total of more than $10 billion.

"We are very excited about acquiring land for cannabis cultivation in Colorado," says Hero Technologies' CEO Gina Serkasevich. "Clearly, the state is a large and important market for cannabis, and establishing integrated operations there should help us accelerate our 'seed to sale' go-to-market strategy."

Source and Photo Courtesy of Greenhouse Grower

Source: Greenhouse Grower