VANCOUVER, WA / ACCESSWIRE / February 3, 2021 / ORCHID VENTURES, INC. (CSE:ORCD)(OTC PINK:ORVRF) (the "Company" or "Orchid"), a multi-state cannabis innovation company, announces that it has entered into a licensing agreement with Weedbox, a licensed Canadian cannabis retail and technology company.
The licensing agreement states that Weedbox has secured the exclusive Canadian rights to manufacture, market and sell the Orchid Brand of clean vaporizer hardware that has been emissions tested against the most stringent standards in the world set forth by the EU. As per terms of the agreement, Weedbox will pay Orchid Brands a royalty on all net sales for a period of 10 years with an auto renewal for 5 years thereafter. As part of the agreement Weedbox will purchase proprietary hardware from Orchid's wholly owned subsidiary, PurTec Delivery Systems and will have access to PurTec's bioavailability solutions to increase the absorption of THC and other cannabinoids. According to the licensing agreement, to maintain exclusive rights to Orchid in Canada, Weedbox must be producing and selling 37,000 units per month by month 4 (four) of the agreement and 75,000 units per month by month 8 (eight). The company expects products to be ready for retail in early April 2021 pending Health Canada approval. All products will be manufactured by the Licensed Producer, Diteba Laboratories. Learn more at diteba.com/cannabis.
"We are pleased to announce the further expansion of the Orchid Essentials brand license platform into our first international market, Canada. As a fellow Canadian, it is exciting to be able to bring the Orchid brand into the country where I was born and that I am still very connected with. The selection of Weedbox as our Licensee partner was made after evaluating other options under consideration and after finalizing our evaluation and qualification assessments. The decision to select Weedbox was due to a combination of their industry experience and knowledge of the Canadian market, their strong marketing and sales capabilities, their technology platform TokeText and their access to capital, which is critical to building the infrastructure and inventories necessary to ensure a successful launch of Orchid and continued growth", said Rick Brown, President of Orchid Ventures. "We feel that Orchid is highly differentiated from the existing vape products available throughout Canada and that our positioning of best price-value, highest quality and testing standards will resonate with the Canadian consumer. By leveraging Weedbox's ability to secure and expand distribution, effectively manage the retail marketplace, plus their commitment to aggressively market and sell our portfolio of Orchid products in Canada, we are confident that this relationship will be successful."
Jeremy Potvin, CEO of Weedbox stated, "We are thrilled to announce Weedbox joining the Orchid Essentials family and to represent their brand in the Canadian market. With clean vaporizer hardware, unrivalled product quality and value pricing, the Orchid suite of products has always been an in-house favourite of the Weedbox team. Their clean vaporizer hardware has been emissions tested against the most stringent standards in the world set forth by the EU, and we are very excited to bring this level of excellence to the Canadian consumer."
ABOUT ORCHID VENTURES
Orchid Ventures 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/
About Weedbox
Weedbox Inc. is an Ontario based cannabis retail and technology company. Through its proprietary SMS based marketing platform TokeText, Weedbox has built an unmatched level of consumer reach through its proprietary media channels and exciting and frictionless cannabis shopping experience. Learn more at https://weedbox.io/
For More Information:
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
ON BEHALF OF WEEDBOX
Jeremy Potvin
CEO, Co-Founder
416-841-7664
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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