LOS ANGELES, Dec. 12, 2022 (GLOBE NEWSWIRE) -- via InvestorWire – 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 offer current and prospective shareholders with the following update.
The Company is targeting a leadership role in product manufacturing and wholesale distribution in the legal cannabis marketplace in California. Management believes the Company has a built-in edge in targeting this niche, which offers a value proposition to small and medium sized grow operations and retailers.
“The industry has effectively over-verticalized and there’s rampant inefficiency that drives value destruction for smaller producers and for the whole retail side of the equation,” noted Danny Wong, CEO of ECGI. “We are now well into the process on the strategic side, and we believe ECGI can grow into something akin to the CostCo of the California cannabis market.”
Management notes that ECGI plans to actualize this vision through a series of strategic deals and cultivated brand relationships, which will be manifest as minority stake acquisitions, exclusive licensing contracts, or similar contractual agreements that build the Company’s scale as a central player in the California cannabis supply chain.
Wong added, “There’s an enormous opportunity here to disrupt the big vertically integrated operations and bring in the smaller producers on an even playing field, which stands to offer huge value to retailers and consumers at the same time.”
In line with this vision, the Company is currently negotiating an exclusive licensing deal with a premier cannabis vape line that includes the former sales team of one of the most successful brands in the cannabis market. Additional details will be announced very soon.
“We also want to express our sense of urgency about getting caught up on every level now that things are moving,” concluded Wong, “To that end, we are working actively with our accountants to complete and file outstanding financials in the most timely manner possible. We have also engaged with OTCmarkets.com as we work to update our corporate information and online presence quickly and comprehensively.”
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.
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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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