ECGI HOLDINGS INC. ECGI, D/B/A Elite Cannabis Group Incorporated, a Nevada-based portfolio company pivoting into the legal cannabis and cannabinoid marketplace, provided an update on the continued expansion of its soon-to-be-acquired cannabis brand, 8-Bit Buds.
Specifically, the 8-bit cannabis brand has expanded its active distribution footprint from twenty cannabis stores to sixty-five cannabis stores since the end of March, representing a 225% increase in distribution footprint in less than four months.
Management notes continued strong topline growth during the same period. To foster continued accelerating growth and market share penetration, the company is preparing to launch a new pre-roll cannabis product line, consisting of three new SKU's, in the coming weeks to leverage the growth momentum at work in existing sales channels while continuing to add new channels.
As announced, the company signed a binding letter of intent to acquire the key personnel, intellectual property, business operations, and future business operations of Endless Consciousness, Inc., a California corporation involved in the legal cannabis product marketplace. EC's primary asset is its 8-bit branded cannabis products line.
"We are excited about the prospect of wrapping up this acquisition with a finalized definitive agreement over coming weeks," stated Danny Wong, CEO of ECGI. "8-bit has continued to expand as a brand, catching fire with distributors and end-market consumers in the California cannabis products space since the signing of our binding agreement in March. We are more confident than ever that this acquisition represents a critical growth opportunity for our stakeholders, and we look forward to demonstrating that in the back half of the year."
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