ECGI Holdings Closes on Definitive Agreement to Acquire California Property for Cannabis Cultivation and Manufacturing – GlobeNewswire

LOS ANGELES, Jan. 26, 2021 (GLOBE NEWSWIRE) — via InvestorWire – ECGI Holdings, Inc. (“ECGI” or the “Company”) (OTC PINK: ECGI) today takes its first steps toward the development of its special cannabis acquisition model via the closing of a definitive agreement to acquire a privately held farm, which includes a 1.7 million-square-foot Northern California property zoned for cannabis cultivation, processing and manufacturing. The Company plans to initially utilize the site to cultivate premium cannabis strains while developing facilities onsite and a business model for regulated cannabis processing and manufacturing. The zoning of the site will support numerous cannabis business operations when licenses are issued.The definitive agreement is the first of several planned acquisitions of cannabis-zoned real properties and related cannabis businesses. ECGI Holdings, Inc. intends to operate the new facility through a new management team possessing considerable cannabis and hemp industry expertise. The Company plans to announce this team over the coming weeks. “We are seeing there are numerous cannabis and hemp-related properties and businesses seeking to partner with companies that can apply financing and managerial expertise,” commented Company CEO William Chung. “ECGI is particularly interested in applying our team’s considerable expertise in cannabis and hemp extraction and in the manufacturing of ultra-high-quality concentrates as these market segments rapidly expand. We are currently performing due diligence on several other real properties and other assets in these related areas to add to a portfolio of investments.”Under the terms of the definitive agreement, which closed on Jan. 20, 2021, the Company will pay the seller of the property $3,500,000 in cash and $500,000 of restricted ECGI common shares in exchange for the property and all future cannabis licenses to be issued. The Company will acquire 100% of the farm and assume all mortgage on the property.ECGI’s investments were recently reorganized, targeting a

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