Hemp Fiber Market Projected To Reach $43.75 Billion By 2027

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Hemp fiber is majorly used in the textile and paper & pulp industry, due to its long and robust fibers as compared to cotton. Furthermore, being a renewable source material, its application has been increasing in many diverse industries such as construction, animal bedding, furniture, agriculture, and automobile. Additionally, its usage to obtain biofuels and bioplastic has been expected to increase its demand in the coming years.  Rising awareness among the consumers about the benefits of industrial hemp, increasing legalization to cultivate industrial hemp in many countries, and rising application of industrial hemp in diverse industries such as textile, pharmaceutical, food, beverage, personal care, furniture, construction & material, and paper is expected to drive the market for industrial hemp. Countries across the globe practice different levels of legalization for different types of hemp, the strict regulatory norms pertaining to the production and sales of industrial hemp across various states in the same country could be tedious for manufacturers and stakeholders to comply with. A report from Verified Market Research said that Hemp Fiber Market, which was valued at USD 4.46 Billion in 2019, is projected to reach USD 43.75 Billion by 2027, growing at a CAGR of 33% from 2020 to 2027. Another report from Global Market Estimates agreed saying that the Hemp Fiber Market Will Grow With A High CAGR Value Through 2026. Active companies in the markets this week include: Generation Hemp, Inc. (OTCQB: GENH), Tilray, Inc. (NASDAQ: TLRY) (TSX: TLRY), Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB), Canopy Growth Corporation (NASDAQ: CGC) (TSX: WEED), Trulieve Cannabis Corp. (OTCQX: TCNNF) (CSE: TRUL).

The Verified Report added: "Additionally, the regulations associated with hemp containing Cannabidiol and tetrahydrocannabinol also remain highly varied from state to state, which further leads to complications associated with the trading of the commodity. The increasing legalization of the cultivation of hemp is prompting the manufacturers and research institutions to develop new products from industrial hemp. Biofuels is one such application, which is expected to have significant growth potential in the upcoming years. With the rise in the prices of oil, along with the growing concerns about global warming, biofuels have been gaining popularity."

Generation Hemp, Inc. (OTCQB: GENH) BREAKING NEWS: GENERATION HEMP CHAIRMAN AND CEO TO SPEAK AT SOUTHERN HEMP EXPO COMPANY TARGETS GREEN POLICY Generation Hemp, Inc. (OTCQB: GENH), a Dallas/Fort Worth based midstream hemp company and its wholly-owned subsidiary, GENH Halcyon Acquisition, LLC (collectively the "Company"), today announced that its Chairman and CEO, Gary C. Evans, plans to speak at The Southern Hemp Expo located in Raleigh, NC on September 2, 2021 regarding the financial wellness for hemp companies. Also announced today is the Company's plan to implement green policies wherever possible for its existing operations of drying, cleaning, stripping, and located in western Kentucky.

The Southern Hemp Expo is a respected industry event, founded by hemp industry pioneers and provides a platform of collaboration and networking for industry professionals, along with an educational outlet and marketplace for the public.  Mr. Evans is slated to speak at 2:50 PM on the opening day of the show, next Thursday.

The Company's recent decision to launch its animal bedding segments, Rowdy Rooster and Kentucky Gold, is, in part, a result of the company's efforts to implement a "Green Policy" into its operations, wherever possible.  The Company's drying and processing facility operations created a byproduct of millions of pounds of hemp hurd, which is the woody stalk of the hemp plant.  To avoid adding additional disposal or haul-away costs to farmers and other corporate clients and in an effort to create a zero waste, sustainable operation, the Company brought in specialized engineers to assess the byproduct and provide management the guidance on what additional steps and equipment would be required to make this byproduct into high quality hemp animal bedding.  Now that the necessary equipment has been ordered, installed, and is operational, the facility is operating with zero waste and has taken the first step in the realization of the "Green Policy" goals.

Generation Hemp Chairman and CEO, Gary C. Evans commented, "When you are involved as a business owner in the hemp industry, you also become part of the hemp community.  This community was pioneered by a group of passionate people who have fought over the years for the legalization and utilization of hemp in our everyday lives.  At the core of the hemp community's principles, is an environmental awareness that is acute, and the potential of hemp to have immeasurable positive impact on the environment is an element in hemp's every use.  As a former fossil fuels executive for over three decades, I want to leave an impact that I can be proud, regarding our goal to fix the environment in which we live and breathe. It's incumbent upon hemp companies to make every effort we can to align with these principles. We, as a corporate citizen, will continue our efforts to make our operations sustainable and implement Green policies whenever and wherever that is possible.

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