DALLAS, Sept. 13, 2022 Generation Hemp, Inc., a Dallas/Fort Worth based midstream hemp company (OTCQB: GENH), and its wholly-owned subsidiary, GENH Halcyon Acquisition, LLC (collectively the “Company”) reported today that its unaudited revenues for the month of July 2022 were approximately $438,000, which is a record for any single month since the company was founded. This is predominantly a result of a significant increase in processing of hemp biomass for certain clients along with the presale of certain inventory that the company had intentionally stored over the past year and a half.
Gary C. Evans, Chairman and CEO of Generation Hemp, Inc. commented, “We anticipate that these record revenue numbers will continue throughout the entire third quarter due to existing contractual agreements in place that are being fulfilled. The hemp industry over the last several years has been very volatile and because of this price variation for hemp biomass, many companies were overleveraged and didn’t have the proper funding to survive a downturn that occurred. Fortunately, we were in a position to take advantage of the situation by acquiring significant amounts of raw biomass inventory over the past couple years and storing this product in our warehouse facility located in western Kentucky. This in turn created an opportunity for us to “sit and hold” millions of pounds of unprocessed biomass in hopes that the market environment for hemp would improve. That price improvement, which we had anticipated, has continued to occur throughout most of calendar year 2022. Therefore, our shareholders are now reaping the benefit of this decision.”
About Generation Hemp, Inc
Generation Hemp, Inc. is a Dallas/Fort Worth based hemp company that operates in the midstream sector. With operations in western Kentucky and Denver, Colorado, the company uses its proprietary technology to dry, clean, process and store hemp.
(This information is primarily sourced from Generation Hemp, Inc. Highly Capitalized has neither approved nor disapproved the contents of this news release. Read our Disclaimer here).