Livewire Ergogenics Inc (LVVV)

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LiveWire Ergogenics Announces Purchase of 450-Acre Historic California Ranch Property to Develop Premier Cannabis Operation in California

May 23, 2019 16:41 ET | Source: LiveWire Ergogenics, Inc
Anaheim, 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.

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 minutes from the Pacific Ocean. We will immediately begin developing it into the center piece of our business model with the goal to develop it into a shining example for the entire cannabis industry, and Estrella Ranch branded products soon will be recognized as one of the finest in California. We would not have been able to achieve this without the continuing support of our loyal shareholders and I would like to take this opportunity to thank these shareholders for their support in our quest to become a major force in the wellness industry.”

LiveWire will consider partnerships, joint ventures, strategic alliances and create networking opportunities with the best operators in the cannabis industry, exploring the opportunities for those companies to operate on the Estrella Ranch-Estate Grown Weedery property, with the goal to create a cannabis production and retreat of unrivaled excellence in California. Operations will include cultivation, extraction, lab and research facilities complimented by luxury recreational opportunities. The Company is also considering growing hemp to take advantage of the sprawling acreage and beneficial topographical features of the property. This will add to the value of the company’s already awarded Minor Use Permit for its nursery in Paso Robles and the State-wide California distribution license granted by the California Bureau of Cannabis Control based in Coachella, California.


Third Party Operators Welcome

Over the past several months, LiveWire has been preparing its plan to develop one of the most exclusive, vertically integrated cannabis operations in California. The Company will enter into carefully selected strategic alliances and contract with select experienced and credible operators from different sectors of the cannabis and wellness industry. Operators will have to meet the high level of standards that LiveWire has established for all operations that want to operate a turnkey and fully legal cannabis production platform on this property. In addition, Estrella Ranch will also benefit from products produced in the Company’s nursery and its cloning operation in a separate location on the same property and in in Coachella, California, to expedite the start of production on the Ranch, according to the Company’s focus on “Best-in-Class” operations. The Company will strictly comply with all Federal, State and local laws and rigorously maintain the natural beauty and openness of the Paso Robles property and its surroundings.

Estrella Ranch – Historical Significance

Estrella Ranch has a longstanding history, once owned by George R. Hearst, the eldest grandson of the late William Randolph Hearst, is considered among the finest Ranches in California and the gem of the California Central Coast. The acquired property sits within a 21,000-acre property of pristine countryside of rolling hills and gorgeous views traversed by 1.75 miles of the Estrella River. The Company’s recently permitted nursery is located within this massive property, about a mile from Estrella Ranch and will supply “babies” and “teens” to the indoor and outdoor cultivation operations with proprietary and sought-after strains under strict supervision and quality control.

Residential Buildings and Turnkey Structures

The property is equipped with an abundant water supply of natural springs and artesian wells, high-power pumps feeding a sophisticated irrigation system, ample electricity and beautiful recreational areas with an exquisite Spanish-style main estate and two additional residences that can house up to 30 people. Storage buildings and elaborate equestrian facilities surround four equestrian barns and thirty-five stables. This is complimented with both covered and open arenas, a pole barn, additional workshop and ranch headquarters with seven offices.

Taking full advantage of these abundant and well-suited buildings with over 50,000 square feet of possibility, LiveWire is designing and will build a truly unique property that consists of indoor and outdoor cannabis operations, manufacturing facilities and the LiveWire 7X Pure testing and verification lab. The operation will eventually be supplemented with educational workshops, entertainment events and luxury recreational facilities focused on providing a comprehensive and unique cannabis related retreat experiences; all while maintaining the beauty and serenity of one of the most gorgeous landscapes in California.

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For more information about LiveWire Ergogenics, visit http://www.livewireergogenics.com. For non-material updates, follow LiveWire Ergogenics on Twitter @livewireLVVV. Download the Stockwatchindex Research Report at www.swiresearch.com/report-index