Orchid Ventures Inc (ORVRF)

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Multi-State Cannabis Brand Orchid Ventures Announces Close Of Acquisition Of Certain Greenbloom Cannabis Co. Assets

Orchid Ventures closes the acquisition of GreenBloom Cannabis Co. Assets
IRVINE, CA / ACCESSWIRE / July 30, 2019 / Premium cannabis brand Orchid Ventures, Inc. (CSE: ORCD) (OTC PINK: ORVRF) announced today that it signed an amended and restated asset purchase agreement (originally announced on July 3, 2019) and completed the acquisition of certain assets of GreenBloom Cannabis Co., a vertically-integrated cannabis operator. Through the acquisition, Orchid Ventures will add, pending regulatory approval, five retail stores, two cultivation facilities, one distribution entity, and six brands to its operations. The integration of all GreenBloom Cannabis Co., staff and facilities will begin immediately.
Importantly, Orchid will control a sophisticated and quality supply-chain from seed to sale, cementing itself as a diverse and robust cannabis portfolio. As a combined entity, Orchid Ventures plans to develop a cultivation and processing facility that includes 300,000 square-feet of canopy and a 25,000 square-foot extraction facility.
“We are singularly focused on increasing revenues and building a more solidified supply chain in both California and Oregon,” said Corey Mangold, CEO of Orchid. “We’re pleased that this deal not only achieves those goals, but also builds the company’s market share, increases shareholder value, and strengthens the Orchid team overall to drive further successes.”