ECGI Holdings (OTC: ECGI) has closed on its previously announced definitive agreement to acquire a farming property in California that is zoned for cannabis cultivation, processing and manufacturing. In the announcement, the company noted that the closure is ECGI’s first steps toward the development of its special cannabis acquisition model. The farm is a 1.7 million-square-foot property located in North California, which ECGI intends to use to cultivate premium cannabis strains. The company will also build facilities on the property as it follows a strategic business model targeting regulated cannabis processing and manufacturing. The property is zoned for numerous cannabis business operations when appropriate licensures and approvals have been obtained. The Northern California farm is only the first of several similar acquisitions the company is pursuing. The company has announced plan to change its corporate identity to Elite Cannabis Group Inc. and operate out of new offices in the Los Angeles area while still retaining its Nevada corporate business registration. “We are seeing there are numerous cannabis and hemp-related properties and businesses seeking to partner with companies that can apply financing and managerial expertise,” said ECGI CEO William Chung in the press release. “ECGI is particularly interested in applying our team’s considerable expertise in cannabis and hemp extraction and in the manufacturing of ultra-high-quality concentrates as these market segments rapidly expand. We are currently performing due diligence on several other real properties and other assets in these related areas to add to a portfolio of investments.”
To view the full press release, visit https://cnw.fm/GT18F
About ECGI Holdings, Inc.
ECGI Holdings, which plans to operate as Elite Cannabis Group, is reorganizing as an acquisition-oriented corporation with California-based targets of distressed cannabis assets, properties zoned for cannabis cultivation and processing, and cannabis companies operating in market sectors with national expansion possibilities. For more information about the company, please visit info@ECGIHoldings.com.
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