Nevada based portfolio company ECGI Holdings Inc (OTCMKTS:ECGI), which is looking to move into the cannabis and CBD spaces, announced yesterday that it had inked a binding letter of intent with regards to the acquisition of Endless Consciousness Inc.
On Thursday, ECGI stock gained 7.53% to $0.0200 with 224.27K shares, compared to volume of 122.77K shares. The stock moved within a range of $0.0175 – 0.0270 after opening trade at $0.0198.
ECGI Announces Binding LOI to Acquire 8bit Cannabis Brand as Target Distribution Widens to 20 Dispensaries
Endless is a company that is based out of California and is focussed on the legal cannabis products market. Danny Wong, who is Chief Executive Officer of ECGI, spoke about the development as well. He noted that the signing of the binding letter of intent was also an indication to the company’s partners that ECGI was committed to ramp up its commercial operations. It would also help in building credibility with the future and current capital partners of the company.
It was also noted by Wong that Endless had managed to grow its 8Bit brand and the foot print of the brand was also growing. He added that ECGI was in a good position to help in the growth of that brand. The company had announced that it inked a non-binding letter of intent back on March 9 this year. It was noted at the time the team at Endless had considerable sales experience that included the fact that it served in excess of 250 stores.