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ECGI Announces Fully Executed LOI Toward Acquisition of East West Pharma Group
ECGI Announces Fully Executed LOI Toward Acquisition of East West Pharma Group.
About this update from Ecgi Holdings Inc.
[{"type":"text","content":"\n\n\n\nECGI Announces Fully Executed LOI Toward Acquisition of East West Pharma Group\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nECGI Announces Fully Executed LOI Toward Acquisition of East West Pharma Group\nPR Newswire\nLOS ANGELES, Feb. 8, 2023\n\n\n\nLOS ANGELES, Feb. 8, 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\") between East West Pharma Group, Inc. (\"EWPG\"), a Wyoming corporation, and ECGI outlining the terms under which ECGI will acquire the key personnel, intellectual property, and current and future business operations of EWPG.\n\"This is a key talent and asset acquisition that will expand our network of potential investors through the lead operations team we get as part of the deal,\" noted ECGI CEO, Danny Wong. \"East West has extensive knowledge and proprietary technology/processes within the CBD & eastern medicine field, and we will gain a tremendous base of specialized equipment as well as key personnel that include leaders in the cannabinoid extraction and product manufacturing space.\"\nManagement notes that this acquisition is a shift in the Company's strategy by becoming part of the Cannabis Manufacturing, Extract and Concentrates market – a $2.7 Billion dollar industry in 2021 (https://www.grandviewresearch.com/industry-analysis/cannabis-extract-market).  ECGI's goal is to pair the vast cannabis space network and knowledge capital already at ECGI with EWPG's talent and equipment to drive rapid growth as an emerging leader in the California cannabis manufacturing space.\nAccording to East West Pharma Group, the extraction equipment was custom built to process very large volumes of industrial hemp (up to 500 pounds per hour) and distill crude material through a high-volume liquid to liquid (L2L) process designed to generate optimal refined product. Assuming, outdoor prices quoted by CannabisBenchMa...