- U.S. House passes key cannabis bill to remove cannabis from federally banned substances
- A 2021 Pew Research Center poll indicates 91% of Americans agree that either medical or recreational cannabis use should be allowed
- HENC plans to expand into two states — Colorado and Massachusetts — that have legalized cannabis
For the second time, the U.S. House of Representatives has passed a bill designed to end the federal ban on marijuana, which a Reuters article says has “created legal headaches for users and businesses in the states that have legalized” the substance (https://cnw.fm/guV9E). The bill now heads to the Senate, where its fate is uncertain. Companies that operate in the cannabis space, including Hero Technologies (OTC: HENC), are watching closely.
“The Marijuana Opportunity Reinvestment and Expungement [‘MORE’] Act, sponsored by Democratic Representative Jerrold Nadler of New York, which is in the process of legalizing the drug, removes marijuana from the list of controlled substances and eliminates criminal penalties for individuals who grow, distribute or possess it,” reported Reuters. “But the MORE act will need to gain 60 votes in the evenly divided Senate before moving to President Joe Biden’s desk for his signature.”
The bill would “end decades of failed and unjust marijuana policy,” said Democratic Representative Ed Perlmutter. “It is clear prohibition is over. Today we have an opportunity to chart a new path forward on federal cannabis policy that actually makes sense.” Perlmutter noted that the bill will not force any state to legalize marijuana.
The Reuters article stated that “marijuana users and businesses that sell it face a complicated legal patchwork in the U.S, where 37 states have legalized it in some form, either for recreation or medical use, while 13 still ban it entirely. Because federal law classifies cannabis as an illegal drug with no medical uses, researchers are severely limited in how they can study the drug and its impacts, making policy difficult to write. Cannabis businesses are also largely blocked from the U.S. banking system because of the federal ban.”
The article noted that legalization of marijuana is extremely popular among Americans, with a 2021 Pew Research Center poll indicating that 91% agreed that either medical or recreational use should be allowed.
Hero Technologies is a cannabis company working toward a vertically integrated business model with plans to expand into two states — Colorado and Massachusetts — that have legalized cannabis. HENC’s multistate model includes cannabis genetic engineering, farmland for medical and recreational cannabis cultivation, production licenses, distribution licenses, consumer packaging, retail operations and dispensaries.
Currently, 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. Its Colorado expansion will come through its wholly owned subsidiary Mile High Green LLC, while expansion in Massachusetts is planned through another wholly owned subsidiary, MassCannabis LLC.
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://cnw.fm/HENC
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