Orchid Ventures Issues Shares In Payment for a Distribution License in Long Beach, CA

Rhea-AI Summary

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.

Positive

• Successful debt settlement with the issuance of shares.
• Acquisition and subsequent sale of a cannabis distribution license in Long Beach, showcasing operational capability.

Negative

• Issuance of shares may dilute existing shareholder value.

VANCOUVER, BC / ACCESSWIRE / February 1, 2022 / Orchid Ventures, Inc. (the "Company" or "Orchid") (CSE:ORCD)(OTC PINK:ORVRF), a multi-state cannabis innovation company, announced today that pursuant to a debt settlement agreement with Adam Forrest dated July 14, 2021, Orchid has issued Mr. Forrest 299,928 common shares as a full repayment of his debt. The shares are subject to a four month hold. The transaction was payment for a cannabis license in Long Beach, CA which Orchid subsequently sold.

ABOUT ORCHID VENTURES

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. Learn more at https://purtecdesigns.com/

ON BEHALF OF THE BOARD OF DIRECTORS - ORCHID VENTURES, INC.

Corey Mangold
CEO and Chairman
investors@orchidventures.com

Investor Relations

Corey Mangold
949-357-5818
corey@orchidventures.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.

View source version on accesswire.com:
https://www.accesswire.com/686836/Orchid-Ventures-Issues-Shares-In-Payment-for-a-Distribution-License-in-Long-Beach-CA

FAQ

What was the purpose of Orchid Ventures' recent share issuance?

The share issuance was part of a debt settlement agreement to repay Adam Forrest.

How many shares did Orchid Ventures issue to Adam Forrest?

Orchid Ventures issued 299,928 common shares to Adam Forrest.

What does the debt settlement agreement with Adam Forrest pertain to?

The agreement relates to a cannabis distribution license in Long Beach, CA.

What is the stock symbol for Orchid Ventures?

The stock symbol for Orchid Ventures is ORVRF.

What is Orchid Ventures known for?

Orchid Ventures is known for its premium cannabis products and clean vaporizer hardware.