Orchid Ventures, Inc. Plans to Expand Its Brand into Five New States Across the Country
COSTA MESA, CA and VANCOUVER, BC / ACCESSWIRE / May 28, 2019 / Premium cannabis brand Orchid Ventures, Inc. (ORCD.CN) (ORVRF) ("Orchid Ventures" or the "Company") announces plans to expand the sales of its premium vapes and growing product line into Nevada, Washington, Michigan, Florida and Massachusetts. This expansion will make Orchid Ventures' products available in seven states.
Orchid Ventures sells a premium line of vaporized products, and its expanding line of new CBD and THC products across several product categories.
"We've been impressed at the sell-through with Orchid products. Within two months of launching in our stores, it was the second-best selling product, and is the only brand that I've seen customers go on a waiting list for when it was out of stock," said Johnnie Hernandez, former Director of Retail at BestBuy and Head of Retail at Haven, a multi-state dispensary. "That type of demand shows the consumer need for high-quality, premium products in the cannabis marketplace."
Four of the five states that Orchid Ventures is expanding into have legalized cannabis for medical and recreational use. Florida allows cannabis to be sold medically. Las Vegas, Nevada is poised to become the world's largest adult-use cannabis tourism destination. Massachusetts recently announced that recreational sales topped $100 million in just five months. In Washington, one of the most mature cannabis markets, sales top $1 billion annually.
"This ambitious expansion comes after nearly two years of careful economic and demographic studies to identify which states and counties have the most growth potential. The goal is to bring Orchid Essentials global, and our team is working tirelessly to spread Orchid throughout the world," said Orchid Ventures Founder and Chief Executive Officer Corey Mangold. "We've built a brand founded on safety, efficacy and quality that resonates with consumers. As we expand, our values remain unchanged and our dedication to creating the best user experience remains at the core of everything we do."
Orchid Ventures, Inc. also announces that Rene Suarez, has resigned as President and director of the Company. We wish Rene the best on all of his future endeavors.
"As the company enters its next chapter of growth and scale, we're very pleased to have Corey continue as CEO and lead our team into the company's great future," said Tom Soto, Chairman of the Board for Orchid Ventures. "His deep experience with building brands such as Orchid and indeed, the cannabis industry, will help us scale effectively to meet market demands."
ABOUT ORCHID ESSENTIALS
Orchid Essentials is a Costa Mesa, CA-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 250+ 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.
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.
