Los Angeles, CA--ECGI Holdings Inc., trading as Elite Cannabis Group Incorporated, a Nevada-based portfolio company transitioning into the legal cannabis and cannabinoid market, has reported significant expansion of its 8bit cannabis brand. From the end of March to present, 8bit's distribution footprint has increased from 20 to 50 cannabis stores, signifying a 150% growth in less than two months and translating to a 1,000% annualized growth over the same period.
According to a release, ECGI signed a Binding Letter of Intent (Binding LOI) to acquire the key personnel, intellectual property, business operations, and future business operations of Endless Consciousness, Inc. (EC), a California corporation operating in the legal cannabis product marketplace. The 8bit branded cannabis product line is EC's principal asset.
ECGI's management anticipates that the acquisition process, which will involve signing a definitive agreement, will be completed in the coming weeks.
"8bit's powerful growth rate over the past two months is further validation of our committed interest in this brand," noted ECGI CEO, Danny Wong, as per the release. "We are hard at work, actively driving further expansion of the brand's footprint through current sales efforts and a plan to increase sales personnel to focus on aggressively penetrating the Northern California dispensary marketplace over coming months. We believe we can take further market share from industry leaders like Stiizy and others given the strength of our product line and the talented team backing 8bit."
Learn more in the release on PR Newswire.