Orchid Ventures Announces State Approval of a Type 11... Orchid Ventures Announces State Approval of a Type 11 Distribution License
CA Forrest Green Distribution, LLC, a subsidiary of Orchid Ventures, is granted a provisional distribution license by the BCC
IRVINE, CA / ACCESSWIRE / August 9, 2019 / Premium cannabis brand Orchid Ventures, Inc. (OTC PINK:ORVRF) (CNSX:ORCD) (“Orchid Ventures” or the “Company”) announces the Bureau of Cannabis Control (“BCC”) has granted the Company a provisional distribution license.
Orchid Venture, Inc.'s subsidiary, CA Forrest Green Distribution, LLC, a California limited liability company, was approved for a provisional Type 11 Cannabis distribution license with the Bureau of Cannabis Control (C11-0000967-LIC) for its Long Beach location. The Type 11 distribution license gives licensees the ability to distribute products, store, package, test, transport, re-package, label, and re-label cannabis, including pre-rolled cannabis for retail sale.
Orchid Ventures plans to use the licensed facility as a packaging and distribution center. Although this is a distribution license, the Company doesn’t plan to self distribute products in California.
“This furthers our California footprint and our ability to maintain appropriate stock levels and adds agility to our supply chain,” commented Orchid Ventures CEO and Director, Corey Mangold. “We have a great distributor in California in Indus Holdings, Inc. (CSE:INDS) and have no intention or interest in moving away from this partnership, in fact we are working with Indus to further our involvement and partnership.”
In addition, last week Orchid Ventures hired Rick Brown as its President. Orchid Ventures is paying Mr. Brown partially in stock the total of 200,000 shares of common stock (“Shares”) at CAD$.30 per share and is granting him an option to purchase 1,200,000 Shares at CAD$.30 pursuant to the Company’s 2019 Stock Option Plan. None of the Shares have been or will be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and any Shares are anticipated to be issued in reliance upon available exemptions from such registration requirements pursuant to Rule 506(b) of Regulation D and/or Section 4(a)(2) of the U.S. Securities Act and applicable exemptions under state securities laws. In addition, the securities issued under an exemption from the registration requirements of the U.S. Securities Act will be “restricted securities” as defined under Rule 144(a)(3) of the U.S. Securities Act and will contain the appropriate restrictive legend as required under the U.S. Securities Act.
ABOUT ORCHID ESSENTIALS
Orchid Essentials is an Irvine, Calif.-based brand that launched in Oregon and California in August 2017 and has since developed a mass-market brand and loyal consumer following with its premium vape products. Orchid’s products lines are currently sold in 350+ dispensaries across California and Oregon and are handcrafted and designed for maximum flavor and overall enjoyment. The company’s proven processes and passion for what it does carry through into its products. The end result is an unparalleled experience for new and practiced cannabis users alike. Orchid plans to expand its brand into new national markets, as well as global markets such as Latin America and Europe. With a continued focus on brand and intellectual property development, Orchid will execute strategic acquisitions to solidify an integrated cannabis manufacturing and distribution infrastructure with the goal of becoming a dominant premium cannabis brand in the United States. Orchid's management brings significant branding, product development and distribution experience with a proven track record of scaling revenues, building value generating partnerships and creating enterprise value. Learn more at https://orchidessentials.com/.
ON BEHALF OF THE BOARD OF DIRECTORS - ORCHID VENTURES, INC.
Corey Mangold
CEO and Director
investors@orchidessentials.com
Investor Relations
Antonio Cruz
(949) 769-3859
a.cruz@orchidventures.com