The Californian cannabis market is regarded as the most lucrative market in the world and one of the companies to have decided to focus on that market for its future growth is ECGI Holdings Inc (OTCMKTS:ECGI). The company is now reorganizing its business in a big way in order to become a company that is largely focused on acquiring struggling assets in the Californian cannabis industry.
In addition to that, it should also be noted that the company also aims to operate under the name Elite Cannabis Group in the future. On top of struggling cannabis firms, ECGI Holdings is also looking to acquire properties that have already been zoned for cannabis cultivation as well as processing.
The company has taken significant steps in its quest to reach these goals. In January, the company announced that it reached a definitive agreement by way of which it was going to acquire a property in Northern California. The property, which stretches across an area of as much as 1.7 million square feet, has already been zoned for cannabis cultivation, manufacturing, and processing.
ECGI Holdings is going to use the property for developing high-quality cannabis strains and also set up world-class facilities on the site. The company is looking to develop the site so that it can support robust cannabis manufacturing and as a processing facility.
In this regard, it is also important to point out that it is believed that the acquisition of the property is the first of many for the company as it tries to build its presence in a big way in California.
At the time, it was also revealed that the company is going to appoint a new management team in order to oversee the operations at the property. William Chung, the Chief Executive Officer of ECGI Holdings, stated that there are many cannabis and hemp focussed properties and businesses which are currently looking for collaborations.
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