Orchid Ventures is pleased to announce that it will hold a groundbreaking ceremony planned for September 25th at its newly acquired site in Calexico, CA
IRVINE, CA / ACCESSWIRE / September 23, 2019 / Premium cannabis brand Orchid Ventures, Inc. (ORCD.CN)(ORVRF) ("Orchid Ventures" or the "Company") announces that it will hold a groundbreaking ceremony on September 25th, 2019 at 10:30 a.m. at what will become its new 220,000 sq. ft. cultivation facility in Calexico, CA.
The public is invited to attend the ceremony at 300 West Cole Rd., Calexico CA 92231.
Construction is scheduled to start in October 2019. The facility will feature, at full build-out of Phase 1, 150,000 sq. ft. of indoor canopy bloom space; estimated to produce roughly 7,000 pounds harvested every month; and, annual yield of roughly 85,000 pounds (increasing up to ~150,000 pounds when Phase 2 is completed in Q4 2020) of dried finished product available to be sold.
Proposed architectural plans break down construction in two phases. The first phase will begin as soon as permissible and the company expects to have buildings constructed by the end of this year with cultivation starting early February 2020. In addition, the company is targeting to install the HVAC system and solar panels by the end of the year. Phase 2 is targeted to begin early summer 2020.
"Calexico is a very special project that we feel will not only drive shareholder value and revenue growth for the company, but will establish Orchid as a serious contender in California because of our abilities to cut costs, focus on profits, and build facilities for a fraction of what others are spending in this industry," says Corey Mangold, CEO & Founder of Orchid Ventures. "Furthermore, as part of the agreement, there will be no rent payments due until after the first harvest."
"The Calexico project has been over a year in the making. My team and I have been working closely with the city and county officials to ensure the project is a success. Our first phase we expect will employ over 200 people. The entire building will be operated on its own solar farm and power banks. The rent cost, electricity cost, and tax rates will make Orchid one of the lowest cost cultivation facilities that we've ever seen," says George Mattia, CEO of Greenbloom Cannabis Co., which recently sold its assets including Calexico Project to Orchid. "The groundbreaking event is the first step in a journey that we couldn't be more excited to see moving forward."
The Company's Nevada subsidiary, CR Property Management, LLC ("Property Co."), entered into a Commercial Lease Agreement with Wildwood River Properties, LLC ("Landlord") on September 20, 2019, which provides that the Landlord will build two steel frame warehouses, each 110,000 sq.ft. The Landlord will rent each warehouse to the Property Co. for the base rent of $1.00 per sq. ft. or a term of 10 years with two (2) five (5) year renewals. Once the warehouses are built, Orchid will be responsible for interior build-out, as well as power and water consumption. Power will be provided by solar and purchased from the landlord at 50% of current local utility KWH pricing.
Case Study: Replicating Previous Successes
Orchid's operation of its grow facility in Salem, OR, which was part of the Greenbloom acquisition, as well as their new facility near Portland, OR, are being run as a small scale of what the Calexico project will be. The new Portland grow facility, which will be growing in the next 60-90 days (pending OLCC license transfer completion), is built-out almost identically to their build in Calexico. This new cultivation facility in Portland will be a testing ground for the company's already existing methodologies, as well as implementing new learnings that the company feels will give it a leg up on many other grow facilities. The collective experience in Oregon will help ensure a successful scale-up and build out of Calexico and enable the company to optimize harvests.
ABOUT ORCHID ESSENTIALS
Orchid Essentials is an Irvine, Calif.-based brand that launched in Oregon and California in August 2017 and has since developed a mass-market brand and loyal consumer following with its premium vape products. Orchid's product lines are currently sold in 350+ dispensaries across California and Oregon and are handcrafted and designed for maximum flavor and overall enjoyment. The company's proven processes and passion for what it does carry through into its products. The end result is an unparalleled experience for new and practiced cannabis users alike. Orchid plans to expand its brand into new national markets, as well as global markets such as Latin America and Europe. With a continued focus on brand and intellectual property development, Orchid will execute strategic acquisitions to solidify an integrated cannabis manufacturing and distribution infrastructure with the goal of becoming a dominant premium cannabis brand in the United States. Orchid's management brings significant branding, product development and distribution experience with a proven track record of scaling revenues, building value-generating partnerships and creating enterprise value. Learn more at https://orchidessentials.com/
ON BEHALF OF THE BOARD OF DIRECTORS - ORCHID VENTURES, INC.
CEO and Director
The CSE does not accept responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding "Forward-Looking" Information
This news release contains certain forward-looking information and forward-looking statements within the meaning of applicable securities legislation (collectively "forward-looking statements"). The use of any of the word "will" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such forward-looking statements should not be unduly relied upon.. Actual results achieved may vary from the information provided herein as a result of numerous known and unknown risks and uncertainties and other factors. The Company believes the expectations reflected in those forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct. The Company does not undertake to update these forward-looking statements, except as required by law.
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: