ECGI Holdings Inc., D B A Elite Cannabis Group Incorporated, a Nevada-based portfolio company that is pivoting into the legal cannabis and cannabinoid marketplace, signed a letter of intent with East West Pharma Group, Inc., a Wyoming corporation, outlining the terms under which ECGI will acquire key personnel, intellectual property, and current and future business operations of EWPG.
Danny Wong, ECGI CEO, said that this is a key talent and asset acquisition that will expand our network of potential investors. East West has extensive knowledge and proprietary technology processes within the CBD eastern medicine field, and we will gain a tremendous base of specialized equipment as well as key personnel that are leaders in the cannabinoid extraction and product manufacturing space. Management notes that this acquisition is a shift in the company's strategy by becoming part of the cannabis manufacturing, extract and concentrates market.
East West Pharma Group said that the extraction equipment 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 L 2 L process designed to generate optimal refined product.
The rare combination of industrial scale processing with fine quality distillation was the design brainchild of Dr. Zhihong Zhou, Ph. D. is the dean of extraction of Yunnan University, School of Traditional Chinese Medicine. The key personnel assets included in the acquisition include Sam Lai, Stanley Zhang, and Dr. Zhou.
This is the place where money is raised, M&A starts, and companies meet key partners. On April 11 -- 12 at Fontainebleau Miami Beach Hotel in Florida.