Orchid Ventures Announces Its Products Now Carried in Several New Key Retail Accounts and Updates on Annual Audit
*VANCOUVER, WA / ACCESSWIRE / November 26, 2020 ***/* ORCHID VENTURES, INC. (CSE:ORCD)(OTC PINK:ORVRF) *(the "*Company*" or "*Orchid*"), a multi-state cannabis innovation company, is pleased to announce that it has launched its products into several new key retail accounts including SDRC in San Diego, High Times Delivery service, Sundial Collective and Redwood Herbal Alliance in Northern California and others.
The company's continued sales growth initiatives with Landrace Distribution, Orchid's contract sales agency, have continued to expand into new key retail accounts and further the company's growth into the Northern California and Bay Area markets. Orchid is also set to launch its logistics and wholesale delivery efforts with Filigreen Distribution.
"We are excited to see the growth we're experiencing with new key accounts in California and are continuing to drive sales of Orchid Essentials month over month. We are building more inventory than we have in over a year which is allowing us to expand, and maintain enough safety stock for re-orders to ensure our clients do not run out of product in between production cycles. SDRC, High Time Delivery, Sundial, and Redwood Herbal Alliance are all key accounts that we are thrilled about onboarding. We expect those relationships to bring value to all organizations and have begun developing and launching marketing campaigns to ensure strong consumer offtake of our products at retail." said Richard Brown, President of Orchid Ventures, Inc. "As we further the relationship with all of our accounts, as well as with the team at Landrace, we hope to continue to push for growth in California. The more access we have to inventory capital, the more inventory we can build, and the more we can sell. There has never really been an issue selling our products as our brand has a strong reputation and customer following. The challenge has always been the capital resources required to build sufficient inventory."
The Annual Financial Filings were not filed on or before the Filing Deadline due to the nature of business and the COVID-19 pandemic. The Company has been advised by its auditors, Dale Matheson Carr-Hilton Labonte CPAs, that they need more time to complete the audit.
Default Status Report in accordance with National Policy 12-203 - Management Cease Trade Orders. The Company intends to satisfy the provisions of the Alternative Information Guidelines during the period it remains in default of the filing requirements. The Company confirms that there is no other material information relating to its affairs that has not been generally disclosed. The company confirms that Dale Matheson Carr-Hilton Labonte CPAs are working with the company to finalize the annual audits. The company expects to have the filings completed prior to December 28, 2020.
*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.*
CEO and Director
The CSE does not accept responsibility for the adequacy or accuracy 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 any of its affiliates or subsidiaries (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.
*SOURCE:* Orchid Ventures, Inc.
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