Orchid Ventures Announces the Launch of its New Distribution Company
Utilizing Greenbloom will Reduce Orchid's Overall Cost of Goods and Increase Customer Touchpoints
IRVINE, CA / ACCESSWIRE / October 2, 2019 / Multi-state operator Orchid Ventures, Inc. (CSE:ORCD)(OTC Pink:ORVRF) ("Orchid Ventures" or the "Company") announced today it will begin distributing Orchid products through its new licensed entity in Oregon, Greenbloom Cannabis Distribution. Distributing through Greenbloom will drive wider margins and build a more solidified supply chain.
Orchid purchased Greenbloom last July to expand Orchid's infrastructure. Distribution from manufacturers to retailers often has to go through a third-party. The company will also be able to streamline customer service by optimizing Orchid's partnership with retailers. Greenbloom will supply Oregon dispensaries with Orchid's full assortment of branded products. Orchid plans to bring in more brands under its distribution umbrella.
"Launching our own distribution in Oregon is a very exciting time for us and the growth in our business. Bringing distribution in house saves the company the 20% in distribution fees being paid currently and adds a nominal expense as our teams have been in the field for over two years driving the majority of our sales," says Corey Mangold, CEO & Founder of Orchid Ventures. "This not only saves the company a significant amount of money but also increases the touchpoints with our retailers and further strengthens those relationships. We are excited to bring Greenbloom Distribution online as a value add in our supply chain."
ABOUT ORCHID ESSENTIALS
Orchid Essentials is an Irvine, CA-based multi-state operator that launched in Oregon and California in August 2017 and has since developed a mass-market brand and loyal consumer following with its premium cannabis products. Orchid's product lines are currently sold in 350+ dispensaries across California and Oregon and are handcrafted and designed for optimal user-experience 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 operations 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 continue to execute strategic acquisitions to further solidify it's vertically integrated infrastructure with the goal of becoming a dominant premium cannabis company 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