Orchid Essentials Archives - Green Market Report

William SumnerWilliam SumnerJune 26, 2019
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It’s time for your Daily Hit of cannabis financial news for June 26, 2019.

On the Site

Canopy Growth

Canopy Growth Corporation (TSX: WEED, NYSE: CGC)  has acquired Saskatoon-based bio-product extractor KeyLeaf Life Sciences. Canopy Growth said it has been working closely with KeyLeaf – formerly known as POS Bio-Sciences – as a trusted partner building out extraction processes and technology for the past year as it refines its scale extraction model for Canadian and global markets.

Executive Spotlight: Corey Mangold, Co-Founder & CEO of Orchid Essentials

No stranger to entrepreneurship, Corey Mangold started his first company at the young age of 18. Even in his teens, he understood the great risk, and potential reward of going into business for yourself and accepted that challenge head-on.

In Other News

GrowGeneration Corp.

GrowGeneration Corp. (OTCQX: GRWG) announced that it had raised $12.8 million in an upsized private placement offering, issuing 4,123,254 shares at a price of $3.10 and 2,061,632 warrants exercisable at $3.50 per share. All the company’s strategic institutional investors participated in the offering. “With the completion of our oversubscribed offering, the Company now has over $16 million of cash on the balance sheet to execute on multiple acquisitions, with several planned to close in the 3rd and 4th quarters of 2019,” said Darren Lampert, Co-Founder and CEO of GrowGen.

Fire & Flower Holdings Corp.

Fire & Flower Holdings Corp. (TSXV: FAF) announced the closing of a private placement offering. Selling 27,188 convertible debenture units at a price of $1,000 per unit, the company raised $27.18 million. The company also announced its financial results for the three-month period ending on May 4, 2019. Recognized revenue was $9.5 million, with a gross margin of 38.5%. The net loss for the period was $17.1 million. “These results provide a solid foundation upon which Fire & Flower will continue to execute on our growth strategy. Our growth plan is well funded and in addition to the strength of our retail network, we have set ourselves apart as a modern retail company through the Hifyre digital cannabis platform that is reflective in our financial performance” commented Fire & Flower CEO Trevor Fencott.


StaffStaffJune 26, 2019
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No stranger to entrepreneurship, Corey Mangold started his first company at the young age of 18. Even in his teens, he understood the great risk, and potential reward of going into business for yourself and accepted that challenge head-on. 

That risk has paid off more than once for Mangold, who has built multiple successful businesses over the last 20 years, the most notable so far being co-founding Gigasavvy, a leading Southern California advertising agency. Gigasavvy has launched and managed award-winning campaigns for Toshiba, Knott’s Berry Farm, Johnny Rockets, Hi-Chew Candy, Tenet Healthcare, and Northgate Markets, to name a few. 

Despite the numerous noteworthy clients and accolades, Corey Mangold measures success a little differently. When asked what his biggest achievement is, he highlights two things–building companies that feel like families who work passionately together toward a common goal and never compromising personal integrity or ethics. 

It is with that same uncompromising dedication to high standards that Corey approaches the cannabis industry. A studied medical cannabis user, Mangold started Orchid Ventures, Inc. with the intent of creating products that are enjoyable, approachable, and the highest quality, truly Creating the Highest Standards in Cannabis™.

GMR Executive Spotlight Q&A – 

Full birth name: Corey Mangold

Title: Founder & CEO

Company: Orchid Ventures, Inc. (https://orchidessentials.com/)

Years at current company: 2.5

Education profile: High School, started first business at 18 years old.

Most successful professional accomplishment before cannabis: Co-Founder & Principal of Gigasavvy, a nationally recognized advertising agency that’s been Top 10 Places to Work in Orange County for 4 of the last 5 years, and winner of dozens of American Advertising Awards.

Company Mission: The mission of Orchid Ventures, Inc. (Orchid Essentials) is to be a global CPG cannabis company built on integrity and customer loyalty. We are developing a house of lifestyle brands that focus on the mass-market appeal of medicinal & lifestyle products to be sold globally in both cannabis-focused and traditional retail outlets.

Company’s most successful achievement: Created one of the top-selling brands in Oregon within the first 4 months of launching our premium vaporizer lineup.

Has the company raised any capital (yes or no): Yes

If so, how much?: Approximately $6MM USD

Any plans on raising capital in the future? No financing rounds have been announced at this time.

Most important company 5-year goal: To have over 5 brands and 100 products sold in over 50 countries and in every medicinal and recreational state within the United States, as well as non-THC products sold in major big-box retail channels.

 

 


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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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