LiveWire Ergogeneics Inc. (OTCMKTS: LVVV) has filed Q3 2021 financial report and announced the completion of the acquisition of a majority stake in Estrella Ranch Partners, LLC.
LiveWire announces Q3 revenue of $250,180
CEO Bill Hodson states, “With the end of the third quarter of 2021 behind us, we are now solidly positioned in the starting blocks ready to take off with expanding operations into 2022. We have spent most of the last two years maneuvering through an increasingly complex cannabis legal environment and concluding the cultivation compliance and permitting process.”
For the quarter ending September 30, 2021, the company reported sales of $250,180 relative to sales of $129,000 a year ago. The increase in revenue was down to revenue generated via marketing, leasing, and real estate management fees.
LiveWire finalized the acquisition of majority stake in Estrella Ranch
Hodson commented, “We have finalized all required buildouts on Estrella Ranch in its first phase and continue building out the entire 130,000+ sqft of a legal, environmentally compliant, and fully operational cannabis cultivation available under the current land use permit on Estrella Ranch. We will apply for additional permits to expand the current cultivation area once this phase has been successfully concluded.”
According to Hodson, the novel cultivation process spearheaded by Estrella Rivers Farms adheres to strict cultivation guidelines, which has been producing exceptional results. Already the Farm has delivered the first harvest for processing and distribution to the market. However, the achievement is not reflected in the third quarter financial results but is expected to improve financial performance in Q4 and fiscal 2022 and years ahead.
Hodson added, “Reaching this crucial milestone and having clarified some of the legal complexities, we are now in a position to proudly announce the acquisition of a majority equity position in Estrella Ranch Partners. We consider cannabis real estate property ownership one of the most crucial elements for success in the sector. This acquisition will allow us to consolidate financials and provide shareholders with a level of predictability of increasing revenue generation and, most importantly, profitability.”