GENERATION HEMP REPORTS RECORD ONE MONTH REVENUES

Rhea-AI Summary

Generation Hemp, Inc. reported record unaudited revenues of approximately $438,000 for July 2022, marking the highest monthly revenue since the company's inception. This surge is attributed to increased processing of hemp biomass and the presale of stored inventory. CEO Gary C. Evans expressed optimism regarding sustained revenue growth through the third quarter, citing existing contracts and prior strategic inventory accumulation. The company has effectively leveraged market conditions to benefit its shareholders, anticipating ongoing price improvements in the hemp sector.

Positive

• Record July 2022 revenues of approximately $438,000, highest monthly revenue in company history.
• Increased processing of hemp biomass and effective presale of inventory contributed to revenue surge.
• CEO anticipates continued revenue growth through Q3 due to existing contractual obligations.

Negative

• None.

DALLAS, Sept. 13, 2022 /PRNewswire/ -- 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.

GENH July 2022 unaudited revenues approximately $438,000 - a record for any single month since the company was founded.

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. In addition, Generation Hemp also owns and leases real estate to companies needing seed storage facilities located within the greater Denver area.

Forward Looking Statements

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The use of words such as "believes", "expects", "anticipates", "intends", "plans", "estimates," "projects", "forecasts", "proposes", "should", "likely" or similar expressions, indicates a forward-looking statement. These statements and all the projections in this press release are subject to risks and uncertainties and are based on the beliefs and assumptions of management, and information currently available to management. The actual results could differ materially from a conclusion, forecast or projection in the forward-looking information. The identification in this press release of factors that may affect the company's future performance and the accuracy of forward-looking statements is meant to be illustrative and by no means exhaustive.

Contact:
Melissa M. Pagen
Generation Hemp, Inc.
Phone: (310) 628-2062
Email: mpagen@genhempinc.com

View original content:https://www.prnewswire.com/news-releases/generation-hemp-reports-record-one-month-revenues-301622568.html

SOURCE Generation Hemp Inc.

FAQ

What were Generation Hemp's revenues for July 2022?

Generation Hemp reported unaudited revenues of approximately $438,000 for July 2022.

What is the significance of the $438,000 revenue reported by GENH?

The $438,000 revenue is a record for Generation Hemp, marking the highest monthly revenue since the company was founded.

What does CEO Gary Evans say about future revenues for GENH?

CEO Gary Evans anticipates that record revenue numbers will continue throughout the third quarter due to existing contracts.

What factors contributed to the record revenue for Generation Hemp?

The record revenue was largely due to increased processing of hemp biomass and successful presales of stored inventory.

What is Generation Hemp's strategy in response to market conditions?

Generation Hemp strategically accumulated raw biomass inventory, allowing it to benefit from improving market prices in 2022.