Generation Hemp Inc (OTCQB:GENH) said it has changed its formal name to Evergreen Sustainable Enterprises Inc and has been granted a new ticker symbol of EGSE as of the beginning of trading today, March 31, 2023.
With the company's strategic direction into sustainable projects, including sustainable energy assets starting with bitcoin mining utilizing hydroelectric power, and its continued operations in the sustainable hemp industry, the new name reflects the company's combined vision and mission.
All existing operations of Generation Hemp will continue to be maintained as a fully operating wholly-owned subsidiary, with all existing full-time personnel to remain in place at both the corporate and subsidiary levels.
READ: Generation Hemp sees its Rowdy Rooster Hemp animal bedding sales soar 385%
In a statement, Gary C Evans, chairman and CEO of Evergreen Sustainable Enterprises Inc commented: "The changes we have announced today are significant from a future direction and diversification perspective. We see the continued development in sustainable industries to be a climate-changing event and in the best interest of our shareholders. This new name more broadly and explicitly reflects our mission and defines what we are doing and plan to do in the future."
The research and development of using hemp for greener Bitcoin mining led to a discovery of additional, valuable opportunities for the company and its shareholders. A unique and untapped niche in the Bitcoin mining space, along with fortuitous timing with a downturn in the overall markets for cryptocurrency, created a unique opportunity that it was positioned to capitalize on with existing management expertise.
With a seasoned team already managing hemp operations, the choice was made to reallocate a portion of the company's resources to the Bitcoin mining opportunities the company continues to develop, while also exploring how to utilize hemp and other sustainable sources for green energy where it is urgently needed, given climate considerations.
Evans added: "With our two existing hemp hurd product lines, Rowdy Rooster Hemp (animal bedding) and Gas Monkey Spill-Jack (spill absorbent), we also continue our efforts to bring green sustainable choices to consumers of our products. Considering our hemp hurd animal bedding has now seen an increase in revenues that hit a YTD increase of 654% as of March 30th, we see that the public is continuing to support our goal of sustainability as well."
Evergreen Sustainable Enterprises is based in Dallas/Fort Worth, Texas. Its Bitcoin operations are located in Costa Rica, with future development plans in Arkansas and Kentucky and other Costa Rica locations. Hemp operations are located in western Kentucky and Denver, Colorado.
In the hemp industry, 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.
Contact the author at jon.hopkins@proactiveinvestors.com