Orchid Ventures Announces Second Record Month in a Row With Over 100% Growth and $2MM in Purchase Orders
IRVINE, Calif., July 28, 2020 (GLOBE NEWSWIRE) -- ORCHID VENTURES, INC. (CSE: ORCD OTC: ORVRF) (the “Company” or “Orchid”), a multi-state cannabis innovation company, is pleased to announce that, for the second month in a row, the Company has continued to set purchase order records totalling over $2MM CAD, or over 100% month-over-month growth.
On July 23, 2020, through its wholly owned subsidiary, PurTec Delivery Systems, the Company received purchase orders from both its licensee in Oregon and from other substantial PurTec customers. The orders are for PurTec’s innovative PurCore Summit cartridge which is a direct competitor to C-Cell, but with several engineering enhancements and the only hardware delivery system that is emissions tested to meet AFNOR safety standards. PurTec is also driving significant revenue from eco-friendly, plastic free, wind energy manufactured child resistant retail packaging cartons. In addition, the company has seen its licensee in Oregon start to successfully ramp up the Orchid business and with the company’s newly developed infrastructure for California they are making strong progress in expanding their footprint, building inventory and growing revenue.
“This is a huge step for our organization and further validation that the fundamental shifts we have undertaken as a company are setting us on a course of accelerated growth and profitability. Our focus has been on rebuilding the company by diversifying the business, commercializing new product innovation and expanding the Orchid brand through our licensing model. We are confident that this strategic direction will lead to continued growth opportunities and ultimately positive cash flow and incremental profits. To me, it has been most rewarding to see the energy, enthusiasm and dedication that everyone at Orchid has demonstrated to build the momentum that we are now experiencing. I am proud to be part of this exceptional group of people and excited to see our vision for the business start to unfold,” said Corey Mangold, Founder & CEO. “Since the downturn in the cannabis public markets, and Vape-Gate 2019, we have kept our heads down, and developed two subsidiaries without further dilution or adding additional debt. The fact that we are generating meaningful cash flows, and servicing our existing obligations, is a huge turning point in our evolution in becoming a profitable and innovative company. I’m excited for our shareholders and for our vision as a company.”
The Company has granted a total of 6,250,000 stock options to its officers and employees in accordance with the Company’s equity incentive plan. Each stock option is exercisable at a price of $0.06 per share for a period of 5 years. The Company has cancelled 1,750,000 stock options that were granted in March 2019 at a price of $0.33 per share.
The Company also announces that its Chief Operating Officer, Eric Vaughan, has taken a leave of absence. During this time and upon his return, Mr. Vaughan will act as a consultant to the Company.
Investors are reminded of the upcoming conference call scheduled for 11am PDT on July 28, 2020. Dial-in information is listed below.
Orchid Ventures Investor Update Call
Date: July 28, 2020
Time: 11:00 a.m. PDT
Toll Free: 844-407-9500
International: 862-298-0850
Replay Dial In: (replay expiration Tuesday, August 04, 2020)
Toll Free: 877-481-4010
International: 919-882-2331
Replay Passcode: 35713
ABOUT ORCHID ESSENTIALS
Orchid Essentials is an Irvine, CA-based cannabis innovation company, 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 and unique vape hardware delivery system. Since July 2019, Orchid has diversified its efforts and has brought to market innovative services and product offerings to support brands throughout the global cannabis industry. Orchid has diversified its portfolio to include PurTec Delivery Systems, a company that produces, markets and sells clean vaporizer hardware that has been emissions tested against the most stringent standards in the world set forth by the EU and has unrivaled product quality and value pricing. Orchid, through its wholly owned subsidiary, has launched a patented and clinically proven bioavailability solution to increase the absorption of THC and other cannabinoids making products much more effective and an activation time of less than ten minutes. With a continued focus on brand and intellectual property development, Orchid will continue to create new and innovative products and technologies, then bring them to the global cannabis marketplace and set the gold standard for delivery systems whether it’s vape or formulation sciences. Orchid's management brings significant branding, product development and distribution experience with a proven track record of scaling businesses and building sustainable revenue growth through value-generating partnerships and innovation that creates 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
Corey Mangold
949-357-5818
corey@orchidessentials.com