LOS ANGELES, May 17, 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 excited to announce continued rapid growth in its soon-to-be-acquired cannabis brand, 8bit.
Specifically, the 8bit cannabis brand has expanded its active distribution footprint from twenty (20) cannabis stores to fifty (50) cannabis stores since the end of March, representing a 150% increase in distribution footprint in less than two months, which tops 1,000% annualized growth in distribution footprint over the same period.
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 8bit branded cannabis products line.
ECGI management notes that the Company anticipates closing the acquisition through the signing of a definitive agreement in coming weeks.
"8bit's powerful growth rate over the past two months is further validation of our committed interest in this brand," noted ECGI CEO, Danny Wong. "We are hard at work, actively driving further expansion of the brand's footprint through current sales efforts and a plan to increase sales personnel to focus on aggressively penetrating the Northern California dispensary marketplace over coming months. We believe we can take further market share from industry leaders like Stiizy an others given the strength of our product line and the talented team backing 8bit."
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.
For additional information, please contact us at info@ecgiholdings.com.
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
