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Orchid Ventures held its annual general meeting (AGM) on December 10, 2021, with 9.83% of shareholders present. All proposed items were approved by shareholders, including the receipt of annual audited financial statements for 2020 and 2021, the election of four directors, and the appointment of DMCL LLP as auditors. The Company focuses on innovative cannabis products and owns PurTec Delivery Systems, known for high-quality vaporizer hardware. Orchid aims to drive revenue growth through strong branding and strategic partnerships.
Orchid Ventures, Inc. (OTC: ORVRD) reported its Q3 2021 financial results, highlighting a 110% increase in net revenues to $3,425,484 compared to $1,631,219 in Q3 2020. Gross profits surged 321% to $1,537,939, with operating expenses reduced by 42% to $2,212,173. The net loss decreased 77% to $(994,357) from $(4,410,753) a year prior. The company launched PurCore R1 and PurCore F1 vaporizer technologies and completed a private placement of CAD$4,209,500 for growth financing. Focus remains on strategic growth initiatives to enhance shareholder value.
Orchid Ventures (CSE:ORCD) has entered an exclusive licensing agreement with Gold Flora, a leading cannabis company in California. Under this agreement, Gold Flora will manage the production, sales, and distribution of Orchid Essentials products statewide, purchasing hardware and packaging from Orchid's PurTec Delivery Systems. This partnership aims to leverage Gold Flora's operational strengths to enhance brand growth and positioning in California's expansive cannabis market, a significant step towards Orchid's goal of becoming a national brand.
Orchid Ventures (CSE:ORCD, OTC PINK:ORVRD) has successfully completed emissions testing for its PurCore R1 cartridges, achieving flawless results that meet AFNOR standards, the strictest in the EU. The testing revealed no trace elements of harmful substances like Arsenic and Lead. PurTec products utilize FDA-approved materials and 316L medical-grade stainless steel, ensuring high consumer safety. Additionally, the company has contracted Stockhouse Media for investor relations services worth $50,000 CAD.
Orchid Ventures, Inc. (CSE:ORCD, OTC PINK:ORVRD) has announced the grant of stock options to its directors, officers, and employees. A total of 4,470,000 options have been issued with an exercise price of $0.34 per share. This price is marginally above the closing price of $0.335 on the Canadian Securities Exchange as of April 22, 2021. The options will expire on April 22, 2026 and will vest immediately. Orchid Ventures is recognized for its premium cannabis products and innovative delivery systems.
Orchid Ventures, Inc. (CSE:ORCD)(OTC PINK:ORVRD) has signed service agreements with three marketing agencies to enhance the promotion of its PurTec products. High Noon will manage B2B marketing initiatives, while Mattio Communications will handle public relations for PurTec and Orchid Essentials. Additional agencies will support product design and digital asset creation. CEO Corey Mangold emphasized the importance of these partnerships in achieving growth and capitalizing on successful fundraising efforts. The company's OTC ticker has changed from ORVRF to ORVRD.
