- A recent analysis reports that the cannabis sector is projected to add approximately $92 billion to the general U.S. economy this year
- From jobs to tax revenue to commercial real estate, the marijuana industry has a growing impact on broader U.S. economy
- Hero Technologies is planning expansion in cultivation and dispensary operations
Companies operating in the cannabis space in the United States sometimes have to deal with negative stereotypes and news, but this week, cannabis headlines focused on the positive. A recent MJBizFactbook analysis reports that the cannabis sector is projected to add approximately $92 billion to the general U.S. economy this year (https://ibn.fm/RF9pN). Hero Technologies (OTC: HENC), a cannabis company focused on growing into a multistate, vertically integrated entity with strong cultivation and dispensary assets, is in a position to contribute to this economic benefit.
“From jobs to tax revenue to commercial real estate, the marijuana industry has a large — and growing — impact on the broader economy in the United States,” reported an MJBizDaily article. “The total U.S. economic impact from marijuana sales in 2021 is expected to reach $92 billion – up more than 30% from last year – and upwards of $160 billion in 2025, according to analysis from the newly published MJBizFactbook.” The article notes that the numbers are a best guess because the marijuana industry’s structure is somewhat unique because it encompasses agricultural, manufacturing and retail activity.
The projected impact may be even greater than the dollar-amount indicates, according to the article, which notes that in calculating these particular numbers, analysts believe that each dollar that a patient or recreational user of marijuana spends at a retail outlet translates into an extra $2.5 injected into the local economy.
“Those additional dollars added to local economies arise because employees of cannabis firms spend on food, transportation, housing, entertainment as well as other necessities of life. Furthermore, buyers of cannabis products also pay local and state taxes or fees,” the article stated. “This increases the impact of their purchase upon the economy since those tax dollars go to maintaining schools, building infrastructure and meeting other expenses at the state or even federal level. This is where the broader U.S. economy benefits, according to the MJBizFactbook team.”
As Hero Technologies Inc. focuses on growth and expansion, the company could be a contributor to this boon to the country’s economy. HENC’s growing portfolio includes a majority stake in BlackBox Systems and Technologies LLC, an aeroponic cannabis cultivation system that provides optimal conditions to enhance photosynthesis and cultivation of large flowering plants, creating increased efficiencies. Hero Technologies is also planning expansion in cultivation and dispensary operations into both Colorado, through its wholly owned subsidiary Mile High Green LLC, and Massachusetts, through wholly owned subsidiary MassCannabis LLC. In addition, Hero Technologies owns and operates two hemp websites: HighlyRelaxing.com under Highly Relaxing LLC and VeteranHempCo.com.
HENC is working toward a vertically integrated business model. The company’s strategic business plan includes cannabis genetic engineering, space 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.
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://ibn.fm/HENC