Business
LiveWire Ergogenics Reports 2022 Financial Results
LiveWire Ergogenics Reports 2022 Financial Results.
About this update from Livewire Ergogenics, Inc.
[{"type":"text","content":"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, 2022The 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 companie...