Generation Hemp, Inc. announced a private placement of an unsecured convertible promissory note for gross proceeds of $100,000 on July 20, 2021. The transaction included participation from Gary C. Evans, chairman, director and chief executive officer of the company. The company shall make the principal payment on January 1, 2022. The notes will have an interest rate of lesser of 10% per annum and the highest rate permitted by law. The investor shall have the option to convert the then outstanding balance of principal and interest under the note into restricted shares of the company?s common stock at a conversion price equal to $0.50 per share of common stock. On the same date, the company received $100,000 in its first tranche.