- Passage of SAFE Banking Act will open access to financial services for the multibillion-dollar marijuana industry
- LiveWire focusing efforts on expanding operations on path to a vertically integrated Company
- Acquisition of Estrella Ranch property, the LiveWire “Estate Grown Weedery” is “biggest accomplishment yet”
LiveWire Ergogenics Inc. (OTC: LVVV), a forward-thinking company involved in the acquisition, licensing and management of fully compliant turnkey facilities engaged in the production of high-quality cannabis-based products and services in California, is closely watching the progress of the SAFE Banking Act, which once passed on the Senate, would allow banks and credit unions to provide financial services to legal cannabis businesses. With LiveWire’s evolving role in the multibillion-dollar cannabis industry, as it develops its high-quality cannabis brands in the world’s first “Estate Grown Weedery,” the company has a keen interest in the status of legislation related to cannabis and is actively supporting further legalization efforts.
While many states have legalized cannabis for either medical or recreational (or both) use in recent years, under Federal law cannabis is still considered an illegal substance and the Federal Government has been slow to change its status. In December 2018 the U.S. Farm Bill was passed, which de-scheduled hemp as a Schedule 1 drug, although the use, sale and possession of cannabis with over 0.3 percent THC remains illegal under Federal law. Despite that reclassification, most financial institutions continue to avoid providing services to businesses operating in the cannabis space.
The Secure and Fair Enforcement (SAFE) Banking Act of 2019, HR19-1595, could change that. The bill was passed by the House of Representatives in September and then sent to the Senate, where it was referred to the Committee on Banking, Housing and Urban Affairs. According to the official summary by the Congressional Research Service, the SAFE Banking Act prohibits federal banking regulators from punishing a financial institution for offering financial services to a legal marijuana-related business
Passage of the SAFE Banking Act in the Senate and signing of the bill by the President will open access to broad financial services in the multibillion-dollar marijuana industry (http://cnw.fm/h8HqV) and would clearly give legal and vertically integrated operators such as LiveWire a significant boost.
For the last few years LiveWire has been operating with a clear focus on “doing it right” in the cannabis industry. The company, via its subsidiary Estrella Ranch Partners has purchased the 265-acre Estrella Ranch property, which it plans to develop into one of the largest, vertically integrated, high-end cannabis facilities and wellness retreats in California. On the path to full vertical integration, the company is also expanding its state-wide distribution network operating under a license issued to its subsidiary GHC Ventures from The California Bureau of Cannabis Control.
“Our Estrella Ranch is probably the most beautiful piece of property and is considered a gem in the midst of the world renown California wine country,” said Bill Hodson, the CEO of LiveWire. It has the infrastructure, sufficient power, abundant water supply and the perfect micro-climate to put out the best possible high-quality product and establish a great portfolio of high-end brands. We feel that establishing the ‘Estrella Weedery’ as a central location to eventually house all our operations is our biggest accomplishment yet.”
“With the cannabis market expanding rapidly in California, we truly believe that “doing it right” will assure a sustainable success in this rapidly developing and changing cannabis industry” continued Hodson (http://cnw.fm/L23Pi). “While conducting the environmental research and maneuvering trough the complicated legal maze of laws, rules and regulations that one needs to comply with to operate legally, requires considerable resources, we are confident that getting behind a product that we know has enormous potential and establishing a high-quality brand, we will be able to rise above the noise in a turbulent market and continue to aggressively expand our presence in the cannabis market.”
Under Hodson’s leadership, LiveWire began exploring the cannabidiol (CBD) and cannabis market several years ago and has since grown into an operation with a unique portfolio of special-purpose properties focused on a variety of cannabis operations from cultivation to extraction and research for human and veterinarian applications. To continue on its path to full vertical integration, the company is also focused on expanding its statewide distribution network under a license granted by the California Bureau of Cannabis Control.
LiveWire Ergogenics specializes in identifying and monetizing current and future trends in the health and wellness industry. The company is focused on acquiring, managing, and licensing specialized, closed-loop, turnkey, cannabis, real-estate locations of fully compliant and permitted turnkey facilities to produce cannabis-based products and services in California and the statewide distribution of these products.
For more information, visit the company’s website at www.LiveWireErgogenics.com
NOTE TO INVESTORS: The latest news and updates relating to LVVV are available in the company’s newsroom at http://cnw.fm/LVVV
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