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If you are currently looking into the cannabis sector then the Hero Technologies (OTC:HENC) stock may well be one to look into considering the frenetic activity that the company has been engaged in, in recent times.
Market Reaction
On Monday, HENC stock ended lower by 13.50% to $0.0510 with 14K shares, compared to its average volume of 65K shares. The stock moved within a range of $0.0500 – $0.0590 after opening trade at $0.0590.
The company was in the news this morning after it announced the advantages of having acquired a 10-acre property in Vassar, Michigan for its operations in the state. It should be noted that Hero is looking to have a ‘seed to sale’ vertically integrated cannabis operations. Not too long ago, Hero had also signed a purchase agreement for the above-mentioned property. Gina Serkasevich, who is the Chief Executive Officer of the company, noted that she expected its operations in the state were expected to drive growth.
The reason for that is the fact that the company already had a pre-approval in place with regard to state licensing. More importantly, the legal cannabis sale in the state was also soaring rapidly and this year alone, the sales have hit a staggering $2.8 billion so far. However, that is not all. She added that Hero Technologies was looking for a base of operations that was friendly to cannabis companies and Michigan fit the bill in that regard.
As it happens, the CEO noted that Michigan was friendly to every stage of a regular cannabis operation starting from cannabis cultivation to eventual sales of the product. It could be a good idea to keep the stock in your watch lists for the week.
Traders Review
HENC stock is trading above the 20-Day and 50-Day Moving averages of $0.0512 and $0.0418 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0424.
