Vancouver, British Columbia–(Newsfile Corp. – July 30, 2020) – Orchid Ventures (CSE: ORCD) (OTC PINK: ORVRF), a multi-state cannabis innovation company, set purchase order records for the second month in a row, with orders totalling more than $2 million representing 100% month-over-month growth.
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Headquartered in Irvine, California, Orchid currently has two cannabis production facilities, a 1,200 square feet distribution facility in the City of Long Beach, California and a 4,800 square feet production facility located in Clackamas County, Oregon, which currently supports wholesale and co-packing activities. Orchid’s product lines are currently sold in more than 200 dispensaries across California and Oregon.
Launched in Oregon and California in August 2017, Orchid has developed a mass-market brand under Orchid Essentials, and a loyal consumer following with its premium cannabis products and unique vape hardware delivery system.
In February, the company launched its wholly-owned subsidiary, PurTec Delivery Systems, which designs and sells proprietary, patent pending hardware delivery systems to the Cannabis and CBD industries both in North America and globally. The PurTec Summit cartridge, the only hardware delivery system that is emissions tested to meet AFNOR safety standards, is a direct competitor to C-Cell, but with several engineering enhancements. The company’s patented and clinically proven bioavailability solution increases the absorption of THC and other cannabinoids making products much more effective with an activation time of less than 10 minutes.
PurTec is also driving significant revenue from eco-friendly, plastic free, child resistant retail packaging cartons. On July 23rd, PurTec received purchase orders from both its licensee in Oregon and from other substantial PutTec customers for PurTec’s innovative PurCore Summit cartridge. 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.
Corey Mangold, Founder & CEO, stated: “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. 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.”
For more information, please visit the company’s website www.OrchidEssentials.com, contact Corey Mangold, Founder & CEO, at 949-357-5818 or email [email protected] or for investor relations email [email protected].
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