ECGI Acquires Northern California Farm To Boost Cannabis Cultivation Capabilities

ECGI Holdings Inc. ECGI has acquired a Northern California-based property intended for cannabis cultivation.

The site — which spans 1.7 million square feet — is zoned for the growing of cannabis strains and the development of facilities for the processing and manufacturing of cannabis.

The deal comes as just one of several acquisitions of cannabis-zoned real properties and associated cannabis businesses, the Los Angeles company intends to conduct.

Under the agreement closed last week, the company agreed to pay the property’s seller $3.5 million in cash and $500,000 of its restricted common shares.

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Besides property, ECGI is also entitled to all future cannabis licenses to be issued.

ECGI said Tuesday it plans to gather a management team consisted of cannabis and hemp industry experts to operate the new facility.

The company noted it will reveal the team members in the weeks to come.

“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,” CEO William Chung disclosed.

“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,” he added.