ECGI Announces Fully Executed LOI Toward the Acquisition of 8bit, a California Cannabis Product Brand
ECGI Holdings Inc. (OTC: ECGI), operating as Elite Cannabis Group, has signed a Letter of Intent to acquire Endless Consciousness, Inc. (EC), a California-based cannabis company. The acquisition aims to integrate EC's experienced team, intellectual properties, and brands, including the recently launched 8bit BUDS. CEO Danny Wong noted that the EC team has a strong sales history, managing products in over 1,000 stores. This move aligns with ECGI's strategy to position itself as a leader in the rapidly growing California cannabis market, targeting a full integration by Q3 2023.
- Acquisition of experienced personnel from Endless Consciousness to enhance capabilities.
- Potential to expand market share with recently launched 8bit BUDS brand.
- Targeting full integration of operations by Q3 2023 to maximize profitability.
- None.
LOS ANGELES, March 9, 2023 /PRNewswire/ -- ECGI HOLDINGS INC. (OTC: ECGI) (ECGI or the Company), D/B/A Elite Cannabis Group Incorporated, a Nevada-based portfolio company pivoting into the legal cannabis and cannabinoid marketplace, is pleased to announce the signing of a Letter of Intent (the "LOI") toward the acquisition of the key personnel, intellectual properties, business operations, and the future business operations of Endless Consciousness, Inc. ("EC"), a California corporation involved in the legal cannabis product marketplace.
"The real gem in this deal is the experienced and accomplished EC team," remarked ECGI CEO, Danny Wong. "This team has sales experience that includes servicing over 250 stores and they have formulated and managed products reaching over 1,000 stores covering multiple states."
The EC team includes Chang Lee, CEO, who previously led Sales, Production and Formulation at a top-five cannabis brand. Lee drove strong growth in this role, achieving average monthly gross sales of
Management believes the transaction will drive value for shareholders by further moving towards the Company's target of becoming a leader in Cannabis manufacturing and branded products in the expanding multi-billion-dollar legal California Cannabis marketplace.
Wong continued, "Based on their track record, we have full faith that this acquisition is capable of driving not only impactful shareholder value but overall profitability. To maximize results, we are targeting full integration of key personnel, IP, and operations in Q3, positioning us straight at the end market. While we will sell to wholesale distributers, our current strategic plan is to go directly to dispensaries."
About ECGI
ECGI Holdings, which plans to operate as Elite Cannabis Group, is reorganizing as an acquisition-oriented corporation with California-based targets including undercapitalized and distressed licensed cannabis assets, properties zoned for cannabis cultivation and processing, and cannabis companies operating in market sectors with nationwide expansion possibilities.
Forward Looking Statements
This release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements also may be included in other publicly available documents issued by the Company and in oral statements made by our officers and representatives from time to time. These forward-looking statements are intended to provide management's current expectations or plans for our future operating and financial performance, based on assumptions currently believed to be valid. They can be identified by the use of words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "would," "could," "will" and other words of similar meaning in connection with a discussion of future operating or financial performance. Examples of forward-looking statements include, among others, statements relating to future sales, earnings, cash flows, results of operations, uses of cash and other measures of financial performance.
Because forward-looking statements relate to the future, they are subject to inherent risks, uncertainties and other factors that may cause the Company's actual results and financial condition to differ materially from those expressed or implied in the forward-looking statements. Such risks, uncertainties and other factors include, among others such as, but not limited to, economic conditions, changes in the laws or regulations, demand for products and services of the Company, the effects of competition and other factors that could cause actual results to differ materially from those projected or represented in the forward-looking statements. Any forward-looking information provided in this release should be considered with these factors in mind. We assume no obligation to update any forward-looking statements contained in this report.
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SOURCE ECGI Holdings
FAQ
What is ECGI's plan with Endless Consciousness, Inc.?
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How does the acquisition position ECGI in the cannabis market?
