ECGI Announces Fully Executed LOI Toward the Acquisition of 8bit, a California Cannabis Product Brand
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 $500-$1M. With this acquisition, the Company will acquire all current and future planned brands developed by EC; including, recently launched, 8bit BUDS brand. Currently, 8bit BUDS sells Live Rosin THC Vapes.
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."