ORCHID VENTURES INC - ORVRF STOCK NEWS

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 reported its financial results for Q1 2022, ending September 30, 2021, showing revenues of $398,423, down $1,555,568 from the same quarter in 2020. The company incurred a net loss of $221,201 compared to a profit of $97,276 last year. Despite an increase in marketing expenses by 2700% to support brand awareness, operational expenses decreased to $678,081. Management anticipates improvements in revenue generation due to recent marketing initiatives and a focus on building a sales pipeline for future growth.

Orchid Ventures has reported its audited annual financial results for the year ending June 30, 2021. Revenues increased by 137% to $3,720,366, with a gross profit of $1,198,662, marking a substantial recovery from a gross loss of $152,466 in the previous period. Net losses decreased by 55% to $3,150,866. The company has implemented a strategic shift away from cannabis cultivation towards licensing and hardware delivery systems. Total assets rose to $2,182,197. The operational expenses were reduced by 27% to $3,951,165.

Orchid Ventures, Inc. (CSE:ORCD, OTC PINK:ORVRF) has announced a delay in filing its annual financial statements for the year ended June 30, 2021, missing the October 28, 2021 deadline. The delay, attributed to the nature of the company's business and the impact of the COVID-19 pandemic, has led to a management cease trade order (MCTO) against its CEO and CFO. The company aims to file by December 27, 2021, with expectations to complete the filing by November 5, 2021. They will provide bi-weekly updates during this period.

Eybna, a leading terpene manufacturer, has partnered with renowned cannabis brands Spherex and Orchid Essentials to develop custom terpene formulations tailored to enhance consumer experiences. This collaboration aims to ensure consistency across products as these brands expand into new markets. Eybna's CEO highlighted the importance of data-driven formulations that reflect unique genetics and aromas. Both Spherex and Orchid Essentials are well-established in the cannabis sector, with innovative offerings and plans for growth in multiple states.

Orchid Ventures (CSE:ORCD, OTC:ORVRF) reported a significant sales milestone, achieving over $545,000 in closed sales for August 2021 within just 18 days, the highest since October 2020. Sales primarily stemmed from PurTec Delivery Systems products in California, Florida, and Oregon. The launch in California with licensee Gold Flora has been successful, with a focus on expanding accounts and product offerings. Orchid's PurGuard software aims to limit underage cannabis use, while new marketing campaigns are set to enhance visibility.

On August 17, 2021, Orchid Ventures announced the launch of its innovative PurGuard technology platform aimed at preventing vape product usage by minors. This system requires age verification through a mobile app and includes an auto-lock feature for enhanced safety. Orchid's CEO, Corey Mangold, emphasized its significance for consumer safety in the cannabis industry. The PurGuard products will allow users to access detailed product information and are expected to set a new industry standard for safety. These products will be showcased at MJ Biz Con in October 2021.

Orchid Ventures (CSE:ORCD, OTC PINK:ORVRF) announced that CEO Corey Mangold will present at the Summer Emerge Conference on June 24, 2021. The presentation, titled "Vaping & Federal Legislation", will focus on the implications of federal cannabis legalization on consumer safety and product testing. It will also discuss Pre-Market Tobacco Applications and safety concerns related to vaping. Attendees can register for the virtual event and use code SPKRPALS for a 25% discount.

Orchid Ventures (CSE:ORCD OTC:ORVRF) announces a 1-for-4 share consolidation effective March 31, 2021, to enhance its capital structure. Following this, the company closed a private placement of 16,838,000 units at $0.25 each, raising $4.2 million. Each unit includes one post-consolidation share and half a warrant, exercisable at $0.40. The funds aim to support working capital and aggressive marketing of its PurTec vaporizer products. The company plans a virtual shareholder update in the coming month.