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ECGI Closes Acquisition of East West Pharma Group Onboarding Experienced Team and High-Volume State-of-the-Art Extraction Equipment
ECGI Closes Acquisition of East West Pharma Group Onboarding Experienced Team and High-Volume State-of-the-Art Extraction Equipment.
About this update from Ecgi Holdings Inc.
[{"type":"text","content":"\n\n\n\nECGI Closes Acquisition of East West Pharma Group Onboarding Experienced Team and High-Volume State-of-the-Art Extraction Equipment\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 Closes Acquisition of East West Pharma Group Onboarding Experienced Team and High-Volume State-of-the-Art Extraction Equipment\nPR Newswire\nLOS ANGELES, June 1, 2023\n\n\n\nLOS ANGELES, June 1, 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 closing of the Company's acquisition of East West Pharma Group, Inc. (\"EWPG\"), a Wyoming corporation with specialized equipment and experienced personnel, including leaders in the cannabinoid extraction and product manufacturing space.\nThis announcement is pursuant to the announcement of a Definitive Agreement in the Company's press release dated Feb. 16, 2023.\nThis acquisition includes specialized equipment: extraction equipment included in the acquisition 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.\nBased on an outdoor spot cannabis price quoted by CannabisBenchMarks.com's May 26, 2023, report of $496 per pound, the equipment can process up to $248,000 of material per hour.\nThe acquisition also includes key personnel: Dr. Zhihong Zhou, Ph.D., the dean of extraction of Yunnan University, School of Traditional Chinese Medicine (TCM). Yunnan University is considered the foremost research facility of TCM in China, and perhaps the top TCM facility in the world.\nStanley Zhang, an expert in cannabis extraction and processing, and Sam Lai, an engineer with a focus on liquid-to-liquid extraction of cannabis cannabinoids and manufacturing of finished goods, will also be joining ECGI as part of the acquisition deal.\n\"We couldn't be more excited to have this deal closed and in the books...