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Cannabis company Hero Technologies (PINK: HENC) has launched a subsidiary to pursue acquisition opportunities in Massachusetts.
The Dover, Delaware-based company plans to utilize MassCannabis LLC to obtain both properties and land in the Bay State as well as launch dispensary projects.
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"In forming our new MassCannabis subsidiary, we have taken another key step in executing our growth strategy as a multi-state operator (MSO) and diversified our vertically integrated business model," the company's CEO Gina Serkasevich stated.
The company recently confirmed raising $560,000 in financing via Regulation D equity offering, at roughly $0.0240 per share.
Moreover, Hero disclosed its intentions to welcome up to three new corporate development managers to its ranks earlier, with one person being already hired.
Serkasevich explained they are poised to expand their footprint in Massachusetts - which is a "fast-growing cannabis market"- to "extend our geographical reach in the US and diversify our addressable market."
Since the launch of the sale of legalized cannabis in Massachusetts, the market has grown exponentially, reaching over $1 billion, according to the state's Cannabis Control Commission.
In addition, a number of Hero's industry peers opted to expand their presence in the state over the past year, including 4Front Ventures Corp. (OTCQX:FFNTF), Apothca Inc., Curaleaf Holdings Inc. (OTCQX:CURLF), and Verano Holdings, to name a few.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.