LiveWire Ergogenics Reports First Quarter 2023 Financial Results Generates Fifth Consecutive Profitable Quarter
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Anaheim, CA, May 19, 2023 (GLOBE NEWSWIRE) -- LiveWire Ergogenics Inc. (OTC: LVVV), a company focused on acquiring, managing, leasing, and licensing special purpose real estate properties and operations conducive to producing high-quality, handcrafted, and organically grown cannabis specialty products for medical and recreational adult-use, sun-grown in California, today announces financial results for the first quarter of the year ending March 31, 2023. This is the fifth consecutive profitable quarter after having generated a net profit for the full year of 2022.
Q1 2023 Financial Highlights
- Net Profit was
$179,300 , an increase of 1,436% compared to$11,668 in Q1 2022 - Sales amounted to
$378,519 , compared to$408,519 in Q1 2022 - Assets increased to
$6,580,360 , an increase of$308,457 in Q1 2022 - Our Assets exceeded our Liabilities by
$2,248,206.
Bill Hodson, CEO of LiveWire, states, “Our flagship property, Estrella Ranch in Paso Robles, California, the world’s first Estate Grown Weedery, is home to the largest cultivator in San Luis Obispo County, CA - Estrella River Farms. Our expert cultivation team produces quality sun-grown cannabis at Estrella River Farms under the ideal micro-climate in the Estrella District Appellation, in the heart of California’s wine country. As the cannabis market continues to evolve, consumers have become more educated and gained more experience with cannabis; they demand quality, taste, convenience, efficacy, and affordability delivered by a legal and credible producer. The Estrella Weedery branded sun-grown specialty products, cultivated in Paso Robles, meet these demands perfectly.”
Mr. Hodson continues, “Despite the turbulent market conditions of the past year, with several Multi-State Operators leaving California and a number of operators not renewing their licenses, we have established a solid model for a successful and efficient cultivation operation. We have remained steadfast in our commitment for our subsidiaries and affiliates to deliver only the highest quality products and services to customers while expanding the operations at Estrella River Farms and Makana Ola Farms in Humboldt, CA. Our strictly implemented low-overhead and highly efficient business model has generated a net profit for Q1, 2023, the fifth consecutive profitable quarter, and a profit for the full fiscal year of 2022.”
“With approximately 20,000 beautiful plants currently thriving under the California sun, we are confident that Estrella River Farms will be a top performer in 2023. We understand that investing in cannabis is not for the faint of heart, but we believe that those who dare to take the leap will reap the rewards. We believe that our business model and the improving general market conditions represent a promising opportunity for experienced and somewhat risk-tolerant investors in the sector. There is an emerging consensus among the experts that undervalued cannabis stocks of well-managed companies, such as ours, are primed for a strong return on investment. Join us on our journey towards delivering the best sun-grown California cannabis to customers while continuing to expand our operations with caution and, at the same time, remain focused on producing a good return on investment for our shareholders.”
The Livewire Estrella Ranch Weedery
Estrella Ranch is a historic ranch property in Paso Robles, the center of California wine country. Together with its subsidiary Estrella Ranch Partners, Livewire has transformed this stunning property into the world's first "Estate Grown Weedery™," with three acres of high-end, organic sun-grown cannabis products. Estrella Ranch is the central hub for all Livewire operations in California and plans to eventually develop it into the ultimate Cannabis tourist and education destination. Estrella Ranch shares valuable resources as needed with Livewire’s subsidiary Makana Ola Farm in Humboldt, California, the birthplace of California's cannabis cultivation. Makana Ola cultivates under a well-guarded secret of unique marijuana horticulture with a long tradition of quietly growing amongst the giant redwoods. The Livewire “Estate Grown Weedery” cultivation process focuses on the cost-effective production of the best quality organic-style, sun-grown cannabis in California while generating the smallest possible carbon footprint using as few of California's energy resources as possible. Visit https://estrellariverfarms.com.
About LiveWire Ergogenics Inc.
Livewire focuses on acquiring, managing, and licensing well-qualified cannabis real estate locations to produce high-quality cannabis-based products for statewide distribution in California. This includes developing and licensing organic-style grown cannabinoid-based specialty products and services to create the high-quality "Estrella Weedery™" brand. Our products are cultivated by Livewire’s subsidiary/affiliate companies Estrella Ranch Partners, Estrella River Farms, and Makana Ola Farms, and manufactured, tested, and distributed through several well-established companies in California. LiveWire Ergogenics does not produce, sell, or distribute products that violate the United States Controlled Substances Act. For more information about LiveWire Ergogenics, visit www.livewireergogenics.com. For non-material updates, follow LiveWire Ergogenics on Twitter @livewireLVVV, or go to www.stockwatchindex.com/livewire-ergogenics.
Forward-Looking Statements
This release contains forward-looking statements within Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. All forward-looking statements, predictions, and projections are inherently uncertain as they are based on current expectations and assumptions concerning the successful execution of planned events or the Company's general future performance. Readers are cautioned not to rely on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should carefully review various risks and uncertainties identified in this release, the Company's Social Media postings, and matters set in the Company's SEC filings. These risks and uncertainties could cause the Company's actual results to differ materially from those indicated in the forward-looking statements.
| LIVEWIRE ERGOGENICS, INC 1600 North Kraemer Blvd. Anaheim, CA 92806 714-740-5144 www.livewireergogenics.com info@livewireergogenics.com | MARKET AWARENESS Stockwatchindex, LLC 442-287-8059 www.stockwatchindex.com info@stockwatchindex.com | LIVEWIRE INVESTOR RELATIONS Tristan Cavato (805) 835-2415 ir@livewireergogenics.com info@livewireergogenics.com |
