Anaheim-based real estate cannabis company Livewire Ergogenics Inc. (OTC: LVVV) said its affiliate Estrella River Farms received approval for nine cultivation licenses from the California Department of Cannabis Control.
The approvals grant Estrella River Farms permission to expand its cultivation area by two additional acres, which will significantly increase the capacity of its cannabis production, company officials said. The permits will bring Estrella River Farms’ total acreage to three.
“Although the process took much longer than anticipated, we support the intense due diligence to meet all the legal and environmental requirements,” Livewire CEO Bill Hodson said in a statement. “Many companies that entered the initial process light-heartedly are now failing this difficult and expensive process.”
About 49% of California cultivation permits have expired or were surrendered this past year, Hodson added.
Livewire trades at less than a penny and has a $12 million market cap.