LiveWire Ergogenics Inc. LVVV released its financial results for the first quarter of the year ending March 31, 2023, revealing sales of $378,519, a decrease of 7.3% compared to $408,519 in Q1 2022.
Q1 2023 Financial Highlights
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Net profit was $179,300, an increase of 1,436% compared to $11,668 in Q1 2022
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Assets increased to $6.6 million an increase of $308,457 in Q1 2022
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The company’s assets exceeded its liabilities by $2.2 million.
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Fifth consecutive profitable quarter after having generated a net profit for the full year of 2022.
Bill Hodson, CEO of LiveWire, stated, “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.”
Hodson continued, “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.”
Photo by Esteban López on Unsplash
Related News
Livewire To Acquire Majority Equity Stake In LA Cannabis Direct-To-Consumer Delivery Company
Livewire Ergogenics' Estrella River Farms Expands Its Distribution Network Throughout California
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