VANCOUVER, BC / ACCESSWIRE / August 18, 2021 / Orchid Ventures, Inc. (the "Company" or "Orchid") (CSE:ORCD)(OTC PINK:ORVRF) announces that the Company has already reached its highest month in closed sales since October 2020 only 18 days into August. The Company reports over $545,000USD in sales closed so far for the month of August 2021. The sales come primarily from PurTec Delivery Systems product sales to cannabis companies in California, Florida, and Oregon. The Company reports that PurTec product sales are recurring in nature as the products are consumed by their customers and reordered regularly.
The company reports that the launch of Orchid in the state of California with their new Licensee Gold Flora has gone exceptionally well, as the onboarding process is complete and all current accounts are now being serviced by the Gold Flora sales and distribution company, RYL Distribution. They have also been adding new accounts on a weekly basis as they are realizing the popularity of the Orchid Brand and the desire for dispensaries to carry Orchid products. In addition to California, the Orchid Brand is also licensed for the state of Oregon. The company's licensee in Oregon, Tine Trading Company, has carried the Orchid brand for a year and results for year 1 have been solid with $4M in retail sales, but were impacted by the onboarding process and time required to get up and running independently and effectively. There still remains tremendous opportunity to expand and accelerate growth in this market. The company is currently working with the licensee on a Year 2 Business Plan, including investments in an expanded sales team and product portfolio that will be supported by more aggressive marketing.
The company is expanding within Gold Flora with the launch of their new PurTec Denali disposable vaporizer which they launched under the Gold Flora Naked AF line in August 2021. So far, given the strong retail response to the new line, the outlook for this product is positive. Gold Flora is seeing significant product acceptance across the retail spectrum and with early results for consumer offtake. Volume expectation and repeat orders are expected to be 25,000+ units on a monthly basis for the balance of 2021.
Pictured above: PurTec Denali disposable created for Gold Flora's Naked AF product line.
The new PurTec website launched yesterday along with the announcement of the Company's age-verification software, PurGuard, which is aimed to limit the usage of cannabis vapes by minors. The Company also launched marketing campaigns on over 1,000 websites yesterday after 4 months of developing multi-channel ad campaigns with an Arizona based ad agency.
"Today marks an exciting day for the entire family at Orchid Ventures. It's been a long year working on a company turnaround and subsequent financing. Now that our sales pipeline is growing significantly and marketing is in full force, we hope to see continued growth towards reaching our goals. The launch of three disruptive platforms, PurCore F1 nano-film technology, PurCore R1 316L Stainless Steel notch technology, and the PurGuard Safety Platform, have positioned us to compete on a global level with all other hardware manufacturers and resellers." said Corey Mangold, CEO of Orchid Ventures. "Our partnership with JWEI, the manufacturer of the first mass market vape, the Blu e-cigarette in 2011, as well as significant investments in technology, has allowed us to develop products that are highly differentiated and safer for consumers while maintaining unrivaled scale which allows us to launch these products into the market with competitive pricing against our primary competitors. The last six months have been the most exciting for me as CEO, seeing all of our hard work starting to pay off with our keen focus on leveraging design, technology and software to create advanced products that are safer for consumers, eco-friendly and importantly, provide for an exceptional consumer experience."
Learn more at https://purtecdesigns.com
About Orchid Ventures, Inc.
Orchid Ventures is a California-based cannabis innovation company that has developed a mass-market brand and loyal consumer following with its premium cannabis products and unique vape hardware delivery systems. Orchid also owns 100% of 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'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.
ON BEHALF OF THE BOARD OF DIRECTORS - ORCHID VENTURES, INC.
Corey Mangold
CEO and Director
investors@orchidventures.com
Investor Relations
Corey Mangold
949-357-5818
corey@orchidventures.com
CAUTIONARY STATEMENT REGARDING "FORWARD‐LOOKING" INFORMATION: This news release contains forward‐looking statements. The Company has provided the forward‐looking statements in reliance on assumptions that it believes are reasonable at this time. The reader is cautioned that the assumptions used in the preparation of the forward‐looking statements may prove to be incorrect. All such forward‐looking statements involve substantial known and unknown risks and uncertainties, certain of which are beyond the Company's control. Such risks and uncertainties include, without limitation, delays resulting from or inability to continue to grow revenue. The actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward‐looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward‐looking statements will transpire or occur, or if any of them do, what benefits, the Company will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
SOURCE: Orchid Ventures, Inc.
View source version on accesswire.com:
https://www.accesswire.com/660248/Orchid-Ventures-Announces-Highest-Month-of-Sales-Closed-in-Nine-Months
