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.”
https://www.globenewswire.com/news-release/2023/05/19/2672574/0/en/LiveWire-Ergogenics-Reports-First-Quarter-2023-Financial-Results-Generates-Fifth-Consecutive-Profitable-Quarter.html