LOS ANGELES —
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 excited to update current and prospective shareholders on the continued expansion of its soon-to-be-acquired cannabis brand, 8-Bit Buds.
Specifically, the 8-bit cannabis brand has expanded its active distribution footprint from twenty (20) cannabis stores to sixty-five (65) cannabis stores since the end of March, representing a 225% increase in distribution footprint in less than four months.
Management notes continued strong topline growth during the same period. To foster continued accelerating growth and market share penetration, the Company is preparing to launch a new pre-roll cannabis product line, consisting of three (3) new SKU’s, in the coming weeks to leverage the growth momentum at work in existing sales channels while continuing to add new channels.
As announced in a press release dated March 23, 2023, the Company signed a Binding Letter of Intent (the “Binding LOI”) to acquire the key personnel, intellectual property, business operations, and future business operations of Endless Consciousness, Inc. (“EC”), a California corporation involved in the legal cannabis product marketplace. EC’s primary asset is its 8-bit branded cannabis products line.
“We are excited about the prospect of wrapping up this acquisition with a finalized definitive agreement over coming weeks,” stated Danny Wong, CEO of ECGI. “8-bit has continued to expand as a brand, catching fire with distributors and end-market consumers in the California cannabis products space since the signing of our Binding Agreement in March. We are more confident than ever that this acquisition represents a critical growth opportunity for our stakeholders, and we look forward to demonstrating that in the back half of the year.”
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.
