LiveWire Ergogenics subsidiary Estrella Ranch Partners 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.
"We intend to transform this majestic property into the world’s first “Estate Grown Weedery”," the team with the company says. "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, we 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," they explain. "All escrow contingencies have been removed and the Company’s newly formed subsidiary, Estrella Ranch Partners, 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, “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.”
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," they conclude.
Residential Buildings and Turnkey Structures
According to the company, 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 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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