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ECGI Holdings Inc. (OTCPK:ECGI), D/B/A Elite Cannabis Group Incorporated, a Nevada-based portfolio company pivoting into the legal cannabis and cannabinoid marketplace, signed a letter of intent with East West Pharma Group, Inc., a Wyoming corporation, outlining the terms under which ECGI will acquire the key personnel, intellectual property, and current and future business operations of EWPG.
"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," stated 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."
Management notes that this acquisition is a shift in the company's strategy by becoming part of the cannabis manufacturing, extract and concentrates market.
According 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.
The rare combination of industrial scale processing with fine quality distillation was the design brainchild of Dr. Zhihong Zhou, Ph.D., the dean of extraction of Yunnan University, School of Traditional Chinese Medicine. Key personnel assets incorporated into the acquisition include Dr. Zhou, Stanley Zhang, and Sam Lai.
Benzinga's Cannabis Capital Conference Is Back
The most successful cannabis business event in the world, the Benzinga Cannabis Capital Conference, returns to Miami for its 16th edition. This is the place where DEALS GET DONE, where money is raised, M&A starts, and companies meet investors and key partners. Join us at the Fontainebleau Miami Beach Hotel in Florida on April 11-12. Don’t miss out. Secure your tickets now. Prices will surge very soon.
Photo: Benzinga edit with photos by geralt and lindsayfox on Pixabay
Posted In: ECGI
