Mr. Evans commented, “Today’s announcement solidifies our long anticipated transition to becoming a pure-play, publicly traded U.S. Hemp company. In addition to Generation Hemp’s Denver, Colorado-based real estate asset under lease to a hemp seed company, our newly combined company will seek to explore various acquisition opportunities throughout the seed-to-sale value chain within the hemp industry. We believe that the new management team’s extensive acquisitive history and capital markets experience, combined with its knowledge within this exciting sector, provide us with key competitive advantages for the consolidation opportunities we see ahead. At the same time, we will pursue an eventual uplist to the NASDAQ Capital Markets Exchange, which will further position us as one of the few pure-play, publicly traded U.S. Hemp companies on a major U.S. stock exchange.”
Mr. Evans continued, “In conjunction with the divestiture of our existing oil and gas assets, which we anticipate to be finalized during fiscal 2020, the Company will begin execution on hemp sector acquisitions that have been thoroughly vetted over the past several months. Our shareholders should be clear that we have no plans to participate in any form within the marijuana sector. We believe that opportunities in the hemp sector are plentiful and that the benefits associated with cannabinoids have the potential to revolutionize entire industries, including, but not limited to, nutrition, wellness, sleep, food, healthcare and beauty. Projected growth of CBD sales in the U.S. are estimated to grow to over $2.7 billion in 2020 and to more than $8 billion by 2025.
“While many people are becoming familiar with the benefits associated with CBD, CBG, CBN and other cannabinoids, we also see significant opportunities and upside potential in the industrial hemp sector. Industrial hemp applications have already begun in some of our country’s largest industries, including lumber, textiles, plastics, automotive, home-building/installation and more. As mentioned, the Company is exploring a number of shareholder-friendly acquisition opportunities throughout the industrial and non-industrial hemp value chain.”
