One of the companies that had come into focus among investors on Tuesday was ECGI Holdings Inc (OTCMKTS:ECGI) and it may be a good time for investors to consider taking a closer look at it. It is a portfolio company that is based out of Nevada but now the company is looking to pivot into the legal CBD and cannabis space.
Market Action
On Tuesday, ECGI stock ended flat at $0.12 with 11 shares, compared to its average volume of 1.4K shares. The stock moved within a range of $0.1200 – 0.1200 after opening trade at $0.1200.
ECGI Approaching Key Strategic Milestones in the Cannabinoid Marketplace
Yesterday, the company came into focus among investors in a big way after it provided a key update addressed to its prospective and existing shareholders. The Chief Executive Officer of the company William Chung noted yesterday that ECGI Holdings was working on the possibility of finalising a transaction for the acquisition of certain key assets.
The acquisition of those assets is going to help the company in its quest to be granted the Major Use Licence for the upcoming year. He went on to add that once the acquisitions are completed it will be possible for the company to start its cannabis cultivation operations. Hence, it is perhaps no surprise that the ECGI Holdings stock was in significant focus on Tuesday and it is going to be interesting to see if the stock can make a move over the course of the week.
Key Quote
“We are working to finalize a transaction to acquire key assets that will serve the purpose of granting us our Major Use License for the upcoming year so we can start our cultivation operations in full,” said William Chung, CEO of ECGI Holdings.
Traders Note
ECGI stock is trading below the 20-Day and 50-Day Moving averages of $0.1679 and $0.1594. Moreover, the stock is trading is the neutral zone with RSI stands at 43.
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