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.
CEO and Director
THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE
Safe Harbor Statement
Except for historical information contained herein, statements in this release may be forward-looking and made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Words such as “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to Orchid Ventures, Inc. and Orchid Essentials (collectively, the “Company”) or its management, identify forward-looking statements. These statements are based on current expectations, estimates and projections about the Company’s business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and probably will, differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including those described above and those risks discussed from time to time in the Company’s Canadian securities regulatory filings with sedar.com, Factors which could cause actual results to differ materially from these forward-looking statements include such factors as (i) the development and protection of our brands and other intellectual property, (ii) the need to raise capital to meet business requirements, (iii) significant fluctuations in marketing expenses, (iv) the ability to achieve and expand significant levels of revenues, or recognize net income, from the sale of our products and services, (v) the Company’s ability to conduct the business if there are changes in laws, regulations, or government policies related to cannabis, (vi) management’s ability to attract and maintain qualified personnel necessary for the development and commercialization of its planned products, and (vii) other information that may be detailed from time to time in the Company’s Canadian securities regulatory filings with sedar.com. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.