Orchid Ventures Announces That Purtec Vaporizer Cartridges Are Now on the Shelves in 4 Canadian Provinces
Orchid Ventures, Inc. (CSE: ORCD, OTC PINK: ORVRF) announced that its subsidiary, PurTec Delivery Systems, is now selling premium vaporizer hardware in four Canadian provinces. The company has successfully delivered over 500,000 cartridges and anticipates significant market growth. CEO Corey Mangold highlighted the challenges faced during the COVID-19 pandemic but expressed optimism regarding international expansion. However, the company reported delays in Annual Financial Filings due to ongoing audits, which are expected to be completed by December 28, 2020.
- PurTec's premium vaporizer hardware is now available in four Canadian provinces.
- Over 500,000 cartridges have been delivered to Canada, indicating strong demand.
- The company has established a partnership with a large Canadian licensed producer.
- Annual Financial Filings were delayed due to audit challenges stemming from the COVID-19 pandemic.
- Potential uncertainty regarding the company's financial health until filings are completed.
VANCOUVER, WA / ACCESSWIRE / November 11, 2020 / ORCHID VENTURES, INC. (CSE:ORCD)(OTC PINK:ORVRF) (the "Company" or "Orchid"), a multi-state cannabis innovation company, is pleased to announce that its wholly-owned subsidiary, PurTec Delivery Systems, now has its premium hardware for sale in four Canadian provinces.
The PurTec hardware can be purchased under two different brands in the Canadian market. The company has been working with a large Canadian licensed producer to bring to market the most stringently tested vaporizers in the market. PurTec has now delivered over 500,000 cartridges into Canada and expects to experience a lot of growth in this market.
"Through working with one of our largest clients, we have been able to successfully launch a proprietary hardware line that we believe will resonate with Canadian customers. Our clients in Canada have the same level of interest in consumer safety as we do, which makes the PurTec hardware an obvious choice for Canadian LP's." said Corey Mangold, CEO of Orchid Ventures, Inc. "The process of launching the PurTec line in Canada has not been easy during the Covid-19 pandemic, but we have been able to overcome the challenges with persistence. PurTec as a company is keenly focused on international expansion of the PurTec vaporizers as we have seen the industry mature in these international markets."
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.
Corey Mangold
CEO and Director
investors@orchidessentials.com
Investor Relations
Corey Mangold
949-357-5818
corey@orchidessentials.com
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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