LiveWire Ergogenics Inc (OTCMKTS:LVVV) Stock Falls After Letter to Shareholders
LiveWire Ergogenics Inc (OTCMKTS:LVVV) on October 5, 2022, wrote a letter to its shareholders. Though the company may not release a shareholder letter at this time the company felt it was necessary to keep stakeholders involved in some rapid developments in the last nine months.
Trading Data
On Wednesday, LVVV stock slid 3% to $0.0051 with more than 1.62 million shares, compared to its average volume of 1.63 million shares. The stock moved within a range of $0.0049 – 0.0054 after opening trade at $0.0054.
LiveWire Ergogenics Announces Letter to Shareholders
The letter summarizes the achievements and efforts for developing Estrella Ranch in Paso Robles as California’s premier cannabis cultivation facility. LiveWire has made much progress in realizing its vision for creating the world’s first “Estate Grown Weedery” for cultivating high-quality organic-style cannabis products. The firm expressed gratitude to Estrella team for the unwavering dedication to loyal shareholders and cause supporting the firm in its journey.
Estrella River Farms cultivated the best cannabis plants, providing viability of organic style and tractor-less farming process. A part of the harvest is being developed into “Estrella Weedery” brand of value-added specialty products for marketing.
Both firms have established distribution as well as delivery services throughout California. LiveWire will commence marketing and branding campaigns once the product is ready for sale. The company said to shareholders that there have been supplying chain disruption.
Many large cannabis stocks in the S&P index are hyped but have declined by over 50%. Though it has caused concern in financial circles, it might be a novel opportunity for investors for increasing position in reasonably priced cannabis stocks. As per Data Bridge, the North American cannabis market will grow to $528.2 Billion by 2028.
Technical Data LVVV stock is above the 20-Day and 50-Day Moving averages of $0.0052 and $0.0056 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.0067. The company has a total market capitalization of $7.7 million.
