Shares of ECGI Holdings (OTCMKTS:ECGI) have been trading within a narrow range over the past sessions.
Market Reaction
On Wednesday, ECGI stock ended flat at $0.11 with 10 shares, compared to its average volume of 1.7k shares. The stock moved within a range of $0.1100 – 0.1100 after opening trade at $0.11.
ECGI Issues Shareholder Update Letter From the CEO
Nevada-based portfolio company, ECGI Holdings (OTCMKTS:ECGI) on February 16, 2022 issued letter to shareholders from the firm’s CEO.
The firm, pivoting into legal cannabis and cannabinoid marketplace, expressed its gratitude for the commitment, patience and loyalty of shareholders. The CEO stated that the company is undertaking transition to drive shareholder value as they see robust combination of growth potential and strategic edge.
The letter highlighted that the company will be coming in with further communications. Shareholders now understand that there have been some strides taken towards commercial stage operations in cannabinoid and cannabis space.
For helping ECGI achieve success, the firm is excited on introducing Danny Wong as the acting Chief Financial Officer. A finance and distribution professional, Danny comes with deep experience in hemp and cannabis industry.
In the last four years, Danny will be serving as contract CFO and COO overseeing sales operations for over 50 acres of cultivation across companies. He also held management roles for leading Fortune 500 firms in technology space.
Rife with competition, cannabis industry is evolving quickly and opening up fresh opportunities. ECGI is moving towards establishing itself as dominant organisation in wholesale and procurement center niche serving cannabis retailers throughout California. The firm opines that the cannabis wholesale market represents a powerful opportunity.
Traders Review
ECGI stock is trading below the 20-Day and 50-Day Moving averages of $0.1158 and $0.1315 respectively. trading, the stock is trading below the 200-Day moving average of $0.3002.
