Home Financial Markets Penny Stocks HENC Stock Rose 100% On Wednesday. How Can It Be Explained?

HENC Stock Rose 100% On Wednesday. How Can It Be Explained?

Yesterday, Hero Technologies (OTCPink: HENC) surged more than 102.98% to $0.1500 on trading volume of 43.16M compared to an average weekly volume is 9.30M shares.

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In terms of performance, Hero Technologies stock gained 106.90% for the week, and 89.87% for the month. HENC stock saw a quarterly increase of 59.57%, which was followed by an annual appreciation of 332.43 percent. YTD performance of HENC stock was also 59.57%, while its six-month performance was 396.69%.

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HENC stock price range in the last 52 weeks is $0.0210 – $0.3174, meaning it rose by 614% from its 52-week low but remained 111% below to the 52-week high. HENC stock price rose on Thursday after its subsidiary released updates on cannabis production.

What were the updates?

As a cannabis company, Hero Technologies is working toward a vertically integrated business model. HENC owns substantial stake in BlackBox Systems and Technologies LLC, a company that provides aeroponic cultivation systems for cannabis plants, creating optimal conditions to enhance photosynthesis and ensure that large flowering plants flourish, thus increasing harvest efficiency.

BlackBox Systems, a subsidiary of Hero Technologies, has provided detailed financial projections for cannabis production at the 120-acre property in Jackson, Michigan the Hero Technologies intends to purchase.

In addition, HENC plans to build state-of-the-art greenhouses for the cultivation of cannabis with high yields all year round, as well as cultivate cannabis in greenhouses. There are over 500 sun chambers on the Michigan property, each of which can generate as much as $10 million of potential income for HENC every year.

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Conclusion:

Hero Technologies (HENC) seeks to be the leading cannabis cultivation hub in the Midwest for its Blackbox project. With its multiyear plans, HENC could generate over $1 billion in revenue. So the statistical perspective of HENC’s Michigan plan to cultivate cannabis looks exceptionally strong.

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