LiveWire Ergogenics Reports 2022 Financial Results
Increases Revenue by 128% and Continues to Generate Net Profit
Anaheim, CA, April 3, 2023 — 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, announces financial results for the year ending December 31, 2022
The Company generated $1,938,030 in revenue for 2022, an increase of 128% over 2021, and a net income of $684,124. Assets increased to $6,271,903, an increase of $1,751,026 over 2021. Our assets exceeded our liabilities by $2,092,004.
Bill Hodson, CEO of LiveWire Ergogenics, states, “2022 has been a challenging yet transformative year for the entire cannabis industry. Many companies struggle to keep their doors open, renew their expensive licenses, maintain compliance, or generate the expected operating profits. During 2022, together with our subsidiaries and strategic partners, we finalized all required buildouts and improvements of our Estate Grown Weedery™ operation at our Estrella Ranch in Paso Robles, California. Our licensed grower, Estrella River Farms, has increased cultivation to three (3) acres of licensed canopy and is planning to process three harvests of high-quality sun-grown California cannabis at the Ranch during the next twelve months. We have renewed all licenses and maintained excellent standing with the local authorities, environmental agencies, and the State. After digesting the experience of our first pilot harvest on Estrella Ranch and confirming the feasibility of a profitable cannabis operation for an organic style, hand-crafted cannabis cultivation at the Ranch, we are now in a great position to face this year.”
“During the year, we have strengthened our manufacturing partnerships and distribution channels, including acquiring a minority equity position in a direct-to-consumer delivery service in Los Angeles. We have worked with our manufacturing partners to accelerate the development of our family of “Estrella Weedery” branded specialty products for licensing and branding. We are now launching marketing campaigns to bring our brands to market via digital awareness, customer engagement, and retention activities.”
Mr. Hodson continues, “We will continue to tightly manage Livewire and its subsidiary companies from our central location in Paso Robles, operating with low overhead, and develop exceptional high-quality specialty products to address an ever-increasing demand for high-quality, organic style products by our distributors and connoisseur customers. To meet this demand, we began creating and delivering a family of exceptional “Estrella Weedery” licensed products into distribution, including new product innovations to be introduced in the second quarter of 2023.”
Sales increased by 128%. During the year ended December 31, 2022, sales increased to $1,938,030, an increase of 128% from 2021. The increase in sales is due to increased revenues generated through rental, licensing, the management of our intellectual properties and real estate, and the initial launch of licensed specialty products into California distribution.
Net Income and Assets improved. Since the 1st quarter of 2022, we have generated a profit for four consecutive quarters. We ended the entire fiscal year 2022 with a net income of $684,124, an improvement of $4,116,550 compared to a loss of $3,432,426 for the fiscal year ending December 31, 2021. The company’s assets increased to $6,271,903 in 2022, an increase of $1,751,026 compared to 2021. Our assets exceeded our liabilities by $2,092,004.
For the full report, go to: www.otcmarkets.com/otcapi/company/financial-report/364203/content
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. These products are currently cultivated by Livewire’s subsidiary/affiliate companies Estrella Ranch Partners, Estrella River Farms, and Makana Ola Farms, and distributed through several well-established distribution channels 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.
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.