Hero Technologies (OTCQB: HENC), a cannabis company focused on a seed-to-sale vertical integration strategy, is migrating its banking operations from traditional financial institutions to banks that specialize in marijuana-related businesses (“MRB”). According to the announcement, the company is making the move to facilitate compliance with state and federal financial regulations and help it manage cash and financial risk as it grows. MRB banking presents unique challenges because of varied regulations in different states as well as the cash-intensive nature and explosive growth seen in the space. The company noted that marijuana is currently legal in 19 U.S. states and decriminalized and/or approved for medicinal use in 20 others, yet the substance remains illegal at the federal level, creating financial compliance challenges. In addition, legal transactions in the sector are disproportionately in cash. Finally, projections for the cannabis industry indicate significant growth. All of these factors present issues unique to the MRB sector, and MRB banks specialize in the due diligence and oversight to deal with these issues. “We are excited to move from traditional banks to MRB financial institutions,” said Hero Technologies CEO Gina Serkasevich in the press release. “We believe that backing from MRB banks will give us the specific financial tools we need to effectively execute our seed-to-sale cannabis market strategy. We are confident that this banking transition will help us manage rapid growth and maximize company value for our shareholders.”
To view the full press release, visit https://ibn.fm/CppLO
About Hero Technologies Inc.
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 (“MSO”). For more information about the company, please visit 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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