If you are currently looking into the possibility of tracking hemp companies then Generation Hemp (OTCMKTS:GENH) could well be one of the options. As a matter of fact, the Dallas based company was in the news yesterday, after it reported its unaudited revenues for the month of July 2022.
Trading Data
On Tuesday, GENH stock ended flat at $0.3013 with 6.05K shares, compared to volume of 1.18K shares. The stock moved within a range of $0.3013 – 0.3013 after opening trade at $0.3013.
Generation Hemp Reports Record One Month Revenues
The revenues also included the revenues generated by its fully owned subsidiary unit GENH Halcyon Acquisition LLC. The company announced that the revenues for the month came in at $438,000 and that proved to be record monthly revenue for Generation Hemp since it had been established.
It was noted that the record revenues had been achieved mainly because of the fact that there had been a major rise in hemp biomass processing during the month for some of the company’s clients. Additionally, during the month of July, the company had also managed to sell some its inventory that it had deliberately kept stored for the past 18 months.
The Chairman and Chief Executive Officer of the company Gary C Evans spoke about the situation as well. He stated that such record monthly revenue numbers are going to be seen throughout the rest of the third fiscal quarter.
Key Quote
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.”
Technical Data
GENH stock is above the 20-Day and 50-Day Moving averages of $0.37 and $0.37 respectively. However, the stock is trading below the 200-Day moving average of $0.63.
