ORCHID VENTURES INC - ORVRF STOCK NEWS

Orchid Ventures (CSE:ORCD, OTC Pink:ORVRF) has announced a shareholder update conference call scheduled for November 30, 2022, at 9:00 AM PST. CEO Corey Mangold will discuss the company's operational status, details on the 2022 Annual Audit, and other sales and financial updates. This call aims to provide shareholders with critical insights regarding the company's progress and future direction. Participants can join via a provided Zoom link or dial-in. Further background on Orchid's business and product offerings can be reviewed through their official website.

Orchid Ventures announces the immediate resignations of its President and CFO, Richard Brown, and independent Director Wayne Johnson. Currently, Corey Mangold serves as the sole Director and Officer. The Company has significantly reduced expenses, staff, and salaries, facing challenges to complete its 2022 audit due to minimal cash reserves. Orchid is currently exploring options to address financial constraints and will communicate updates to shareholders. The Company specializes in premium cannabis products and innovative vaporizer hardware systems.

Orchid Ventures, Inc. (CSE:ORCD, OTC:ORVRF) announced the removal of Luke Hemphill as Chief Product Officer effective July 1, 2022. Although he will remain with the company, his new role will focus on lead generation and sales development. The company also clarified that 299,928 common shares were issued on July 21, 2022, as part of a debt settlement agreement dated July 14, 2021. These shares relate to a cannabis license payment which Orchid has since sold. The shares are subject to a four-month hold ending November 22, 2022.

Orchid Ventures, Inc. (CSE:ORCD; OTC PINK:ORVRF) reported its Q3 2022 financial results, revealing a net loss of $421,885 on revenues of $162,602, marking a 98.6% decline in revenue compared to Q2 2022. Operational expenses decreased by 37% to $409,979. The company faced production challenges due to a Covid-related factory shutdown, impacting Q3 revenue recognition. Management is optimistic for Q4, expecting a stronger performance bolstered by new sales orders and a substantially expanded sales pipeline.

Orchid Ventures has terminated its licensing agreement for Orchid Essentials with Orechid, LLC, and entered a new agreement with JHMR, Inc. as of March 15, 2022. Under this new deal, JHMR will pay royalties of $0.75 per cartridge and $0.50 per battery sold. The new partner must purchase all vaporizer hardware from Orchid and meet specific sales growth requirements. Orchid's management expressed confidence in the brand's growth potential under this new partnership.

Orchid Ventures (CSE:ORCD) (OTC PINK:ORVRF) announced a significant distribution agreement with Rokin Inc., part of Limitless Venture Group. Starting in four months, Rokin will purchase a minimum of 200,000 cartridges monthly from PurTec Delivery Systems, potentially generating several million dollars in revenue over the next year. This partnership is expected to enhance Rokin's product portfolio and accelerate growth by attracting new clients. Orchid's new Director of Sales, Jessica Cox, was crucial in securing this agreement, indicating positive sales prospects for the company.

Orchid Ventures (CSE:ORCD; OTC PINK:ORVRF) reported Q2 2022 financial results with revenues of $478,964, an increase of 18.4% from Q1 2022. Gross profit rose by $155,236 to $255,516. Despite increasing revenues, the company reported a net loss of $(413,776) compared to $(221,201) in the previous quarter. Management anticipates a stronger Q3 with over $900,000 in booked sales orders and is focused on reaching profitability through strategic initiatives including brand licensing and new product launches.

Orchid Ventures (CSE:ORCD, OTC PINK:ORVRF) announced the issuance of 299,928 common shares to Adam Forrest as part of a debt settlement stemming from a July 14, 2021 agreement. This settlement fully repays Forrest's debt and is linked to a cannabis distribution license in Long Beach, CA, which Orchid has since sold. The issued shares are subject to a four-month hold. Orchid Ventures specializes in premium cannabis products and clean vaporizer hardware.

Orchid Ventures has appointed Richard Brown as its new CFO effective January 17, 2022, following the resignation of Yousuf Jaffar. Brown, who has been President since 2019, brings over 30 years of executive experience from various leading companies. He will oversee financial strategies with support from GrowthLabs Financial. The company also appointed Luke Hemphill, Chief Product Officer, as Corporate Secretary. Orchid Ventures specializes in cannabis innovation, offering premium products and clean vaporizer hardware.