NEWS! >> Thursday, June 01 2023 8:30 AM, EST ECGI Closes Acquisition of East West Pharma Group Onboarding Experienced Team and High-Volume State-of-the-Art Extraction Equipment
PR Newswire "Press Releases US - English"
LOS ANGELES , June 1, 2023 /PRNewswire/ -- ECGI HOLDINGS INC. (OTC: ECGI ) ( ECGI or the Company), D/B/A Elite Cannabis Group Incorporated , a Nevada -based portfolio company pivoting into the legal cannabis and cannabinoid marketplace, is pleased to announce the closing of the Company's acquisition of East West Pharma Group, Inc. ("EWPG"), a Wyoming corporation with specialized equipment and experienced personnel, including leaders in the cannabinoid extraction and product manufacturing space.
This announcement is pursuant to the announcement of a Definitive Agreement in the Company's press release dated Feb. 16, 2023 .
This acquisition includes specialized equipment: extraction equipment included in the acquisition was custom built to process very large volumes of industrial hemp (up to 500 pounds per hour) and distill crude material through a high-volume liquid to liquid (L2L) process designed to generate optimal refined product.
Based on an outdoor spot cannabis price quoted by CannabisBenchMarks.com's May 26, 2023 , report of $496 per pound, the equipment can process up to $248,000 of material per hour.
The acquisition also includes key personnel: Dr. Zhihong Zhou , Ph.D., the dean of extraction of Yunnan University , School of Traditional Chinese Medicine (TCM). Yunnan University is considered the foremost research facility of TCM in China , and perhaps the top TCM facility in the world.
Stanley Zhang , an expert in cannabis extraction and processing, and Sam Lai, an engineer with a focus on liquid-to-liquid extraction of cannabis cannabinoids and manufacturing of finished goods, will also be joining ECGI as part of the acquisition deal.
"We couldn't be more excited to have this deal closed and in the books as we look ahead to an exciting summer," noted ECGI CEO, Danny Wong . "The cannabis market has been recovering, with spot prices up over 20% in the past four months, and we now have a top-tier in-house product team and the infrastructure needed to materially scale up production."
About ECGI
ECGI Holdings , which plans to operate as Elite Cannabis Group , is reorganizing as an acquisition-oriented corporation with California -based targets including undercapitalized and distressed licensed cannabis assets, properties zoned for cannabis cultivation and processing, and cannabis companies operating in market sectors with nationwide expansion possibilities.
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