The cannabis sector has not had a particularly great time in recent times but there are some companies that may still be worth looking into due to the sort of work that they have been accomplishing. One of the companies from the cannabis sector which may be worth looking into at this point in time is Hero Technologies Inc (OTCMKTS:HENC).
On Thursday, HENC stock gained 14.55% to $0.0630 with more than 233K shares, compared to its average volume of 68K shares. The stock moved within a range of $0.0475 – 0.0700 after opening trading at $0.0550.
The company is working towards building a vertically integrated cannabis operation in multiple states. Yesterday, the Hero stock was in sharp focus among investors after it made a major new announcement with regards to its land acquisition initiative in the state of Michigan. That resulted in heavy action in the Hero stock and it ended the day with gains of as much as 14.55%.
The company had announced not too long ago that it was looking to acquire land in the state of Michigan in order to create its vertically integrated operations. Yesterday, Hero confirmed that it had started negotiations with regard to the acquisition of property in the north-central region of Michigan.
It was a major new announcement from the company considering its ambitious ‘seed to sale’ plans and may have led to considerable excitement among investors. Hero Technologies is planning to create operations in Michigan which are going to consist of growing, processing, and eventually cannabis. The company will sell cannabis through its retail and wholesale channels.
The company is going to operate in Michigan through its subsidiary unit BlackBox Systems and Technologies LLC. In this regard, it should be noted that BlackBox has already been successful in getting licensing pre-approval from the relevant authorities for marketing marijuana for recreational and medical purposes. The negotiation that the company is locked in right now is with regards to a 10-acre parcel of land which is situated north of the city of Detroit.
HENC stock is trading above the 20-Day and 50-Day Moving averages of $0.0416 and $0.0368 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.417.