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."
Benzinga Cannabis Capital Conference
The Benzinga Cannabis Capital Conference, the place where deals get done, is returning to Chicago this Sept 27-28 for its 17th edition. Get your tickets today before prices increase and secure a spot at the epicenter of cannabis investment and branding.
Photo by Esteban López on Unsplash
Related News
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Cannabis is evolving – don’t get left behind!
Curious about what’s next for the industry and how to leverage California’s unique market?
Join top executives, policymakers, and investors at the Benzinga Cannabis Market Spotlight in Anaheim, CA, at the House of Blues on November 12. Dive deep into the latest strategies, investment trends, and brand insights that are shaping the future of cannabis!
Get your tickets now to secure your spot and avoid last-minute price hikes.