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LiveWire Ergogenics Announces Purchase of 450-Acre Historic California Ranch Property to Develop Premier Cannabis Operation in California
LiveWire Ergogenics Announces Purchase of 450-Acre Historic California Ranch Property to Develop Premier Cannabis Operation in California.
About this update from Livewire Ergogenics, Inc.
[{"type":"text","content":"\nAnaheim, CA, May 23, 2019 (GLOBE NEWSWIRE) -- LiveWire Ergogenics, Inc. (OTC: LVVV) announced today that its subsidiary Estrella Ranch Partners, LLC has finalized the purchase of a historic ranch property in Paso Robles, the center of the renown California wine country. Under the terms of the Purchase Agreement the first phase of the transaction, the acquisition of 265 acres has been concluded and the Company has executed an exclusive option to acquire the remaining 185 acres at any time within a 12-month period. \n The Company intends to transform this majestic property into the world’s first “Estate Grown Weedery”, and develop it into one of the largest, vertically integrated, high-end cannabis facilities and wellness retreats in California. The property, once owned by George R. Hearst, the eldest grandson of the late William Randolph Hearst, will be managed by LiveWire Ergogenics and host essential cannabis cultivation, manufacturing and research facilities. In order to fully utilize this exquisite property, the Company will also establish a cannabis-based health and wellness retreat and provide educational and recreational experiences for shareholders, industry partners, local governments and State agencies. All escrow contingencies have been removed and the Company’s newly formed subsidiary, Estrella Ranch Partners, LLC took possession of the property on May 23, 2019. Estrella Ranch Partners has already commenced with the permit application process and will begin retrofitting existing structures and necessary buildouts as soon as possible. Bill Hodson, CEO of LiveWire states, “This is by far the most significant milestone in our company’s development and possibly the most significant real estate acquisitions in the entire California cannabis industry. During the last twelve months, our management team, legal, environmental and architectural consulting firms have concluded the extensive due diligence process and confirmed the suitability of the property for the operation of our fully legal, “closed-loop” cannabis production facility. We have closed escrow on the first 260-acres for $6 million with an exclusive option to acquire the remaining 185-acres. Estrella Ranch is located on the Central Coast of California, midway between Los Angeles and San Francisco and just 30 m...