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We may see an accelerated Artizen spin out?
Oldrogue.
https://www.marijuanamoment.net/
Finally!
Oldrogue
Rescheduling would eliminate Code 280E, allowing for credits or deductions!!
Were DEA to accept FDA’s current recommendation, it would have significant implications for state-legal cannabis businesses, though the rescheduling would not change the ultimate conflict between state and federal law with respect to the sale and distribution of cannabis and its derivatives.
For example, though rescheduling would not federally legalize these businesses, it would eliminate the burden of Internal Revenue Code 280E (IRC 280E), allowing state-legal cannabis businesses to take credits or deductions other than those for costs of goods sold. Currently, cannabis businesses cannot make these deductions because they are prohibited for businesses that are “trafficking in controlled substances (within the meaning of schedule I and II of the Controlled Substances Act).”
DEA Cannabis Scheduling announcement as early as Today!!!!!
Officials with the nation’s top marijuana prohibitionist advocacy group say they are hearing that the results of the Drug Enforcement Administration’s (DEA) cannabis scheduling review will be announced “very soon,” possibly as soon as “today or tomorrow.”
Marijuana Rescheduling Announcement Coming ‘Very Soon,’ As Early As This Week, Opposition Group Says
Published on April 29, 2024By Kyle Jaeger
Officials with the nation’s top marijuana prohibitionist advocacy group say they are hearing that the results of the Drug Enforcement Administration’s (DEA) cannabis scheduling review will be announced “very soon,” possibly as soon as “today or tomorrow.”
DEA has spent the last eight months considering a U.S. Department of Health and Human Services (HHS) recommendation to move cannabis from Schedule I to Schedule III of the Controlled Substances Act (CSA). Now leaders of the organization Smart Approaches to Marijuana (SAM) say they’re seeing indications that DEA’s review is complete and will be revealed imminently.
“We’re hearing a lot of chatter—even as we’re having this podcast, I’m hearing from some sources that pro-marijuana Democratic senators are saying it’s very soon, as in today or tomorrow,” SAM President Kevin Sabet said during an interview on the organization’s “The Drug Report” podcast on Monday. “So it could be wishful thinking or not. I don’t know whether it will be coming as we as we talk. So, again, we’ll see.”
Rumors about the timing of a rescheduling decision have been swirling for months. But the sources of those rumors have been consistently pro-reform, making it all the more notable that this time it’s coming from a prohibitionist group that has advocated for keeping marijuana in Schedule I.
“We are hearing it’s going to come soon. It very well could happen this week,” Sabet said. “But it also could happen in three weeks. It could happen in three months. We don’t know.”
The SAM executive also reiterated his skepticism about the revised Food and Drug Administration (FDA) drug scheduling review process—a talking point that’s also been picked up by certain GOP lawmakers.
“One thing I have to say: Obviously sort of a glass half full-glass half empty way to look at this. Obviously, I don’t like [rescheduling] for many reasons, and we completely oppose it,” Sabet said. “But the glass half full, if you’re going to look at it that way—and I always think you’ve got to sometimes look at it that way, even if it’s overall not good, you don’t want it, you wanted a full glass of water—but if you have a half and you look at it that way, the goalposts have changed.”
Sabet said earlier in the interview that SAM has “some pretty decent intel that [the scheduling review is] moving through the process. There’s no doubt about it.”
He pointed out that past scheduling petitions have taken years to complete, only to have the government deny the asks to reclassify marijuana under the CSA. In this case, however, the scheduling review was directed by President Joe Biden. A DEA official also recently said it sometimes takes up to six months for the agency to complete its analysis of health officials’ recommendations—which is now less than how long it has now been since the agency began its current cannabis assessment.
SAM has long opposed even incremental marijuana reform, and it’s coordinated messaging with GOP lawmakers to discourage DEA from rescheduling marijuana. It’s also encouraged supporters to reach out to their congressional representatives to oppose rescheduling, marijuana banking reform and legalization proposals.
Last week, a coalition of 21 congressional lawmakers told DEA to “promptly remove marijuana from Schedule I,” while recognizing that the agency may be “navigating internal disagreement” on the issue.
That point references reporting in The Wall Street Journal that said DEA officials are “at odds” with the Biden administration over the scheduling review.
Marijuana Moment reached out to DEA about the status of its review multiple times in recent weeks, but representatives have not provided on-the-record comment. The White House has also so far declined to comment about the rumored timeline.
Meanwhile, the head of the Food and Drug Administration (FDA) says there’s “no reason” for DEA to “delay” making a marijuana scheduling decision.
Last month, HHS Secretary Xavier Becerra defended his agency’s rescheduling recommendation during a Senate committee hearing and also told cannabis lobbyist Don Murphy that he should pay DEA a visit and “knock on their door” for answers about the timing of their decision.
You who is waiting to collect the butter from the ant's belly...
You will never fry your eggs 🤣
Many thanks bj ... and also for the news you provide. Keep it coming!
oldroque: yes you’re correct on 3Q, thanks
PVSP fiscal year ends in November, 3 quarter is June, July and August. Check it if you would.
Oldrogue.
IMO Riss will be CEO of PVSP again!!
PVSP is very likely to announce a deal with a private company that wants to go public, just like Artizen did, and Mesa did with HTSC which Riss controlled.
Riss know everything about SEC listing and Spin Offs and is the guy to convince a partner that is seeking to go public that a reverse merger is the cheapest and most efficient way to become a public company and to up list.
The COO has already resigned and is continuing as a consultant which is expected with the spin off of Artizen just weeks away. IMO German will go with Artizen also, these guys know POT that is about it.
Lets see what happens, but Riss is the guy that can get PVSP a new partner with a reverse merger once again.
ccad72 : Page 2 of the filings states spin off of Artizen will be completed in Q3 2024 which is July/August/Sept. Link below:
https://www.otcmarkets.com/otcapi/company/financial-report/398323/content
The DEA must love dragging this along!! We don't care about the benefits and research barriers 🤬🤬
Most folks are realizing the benefits and a lot are seeing it in real time!!
"These changes in state law come as a broad majority of Americans say marijuana should be legal in some way. In an October 2022 Pew Research Center survey, 88% of U.S. adults said the drug should be legal, either for recreational and medical use (59%) or for medical use only (30%). Feb 29, 2024"
https://www.pewresearch.org/short-reads/2024/02/29/most-americans-now-live-in-a-legal-marijuana-state-and-most-have-at-least-one-dispensary-in-their-county/
Congressional Lawmakers Demand DEA ‘Promptly’ Reschedule Marijuana,
Regardless Of ‘Internal Disagreement’ At The Agency
Published on April 25, 2024By Kyle Jaeger
A coalition of 21 congressional lawmakers is telling the Drug Enforcement Administration (DEA) to “promptly remove marijuana from Schedule I,” while recognizing that the agency may be “navigating internal disagreement” on the issue.
In a letter led by Sens. Elizabeth Warren (D-MA) and John Fetterman (D-PA), as well as Reps. Earl Blumenauer (D-OR) and Barbara Lee (D-CA), members told DEA Administrator Anne Milgram and Attorney General Merrick Garland that it’s been eight months since the U.S. Department of Health and Human Services (HHS) recommended that DEA move cannabis from Schedule I to Schedule III of the Controlled Substances Act (CSA)—and it’s “time for [DEA] to act.”
They added that the current Schedule I status of marijuana “produces a cascade of severe penalties for marijuana users and businesses, including for criminal records, immigration statuses, employment, taxation, health care, public housing, social services, and more.”
CBD Can Help Treat Pain, Cancer, Schizophrenia, COVID And Other Conditions
Citing prior letters, the lawmakers—including Senate Majority Leader Chuck Schumer (D-NY)—reiterated that while a Schedule III reclassification would be a “meaningful improvement, the only way to remedy the most concerning consequences of marijuana prohibition is to deschedule marijuana altogether.”
“The DEA now has the power to determine whether it will continue the failed approach of keeping marijuana in Schedule I,” the letter says.
“Although some at the DEA have indicated that the agency’s review of an HHS scheduling recommendation often takes up to six months, almost eight months have now passed since the DEA received HHS’s recommendation,” they said. “While we understand that the DEA may be navigating internal disagreement on this matter, it is critical that the agency swiftly correct marijuana’s misguided placement in Schedule I.”
That point references reporting in The Wall Street Journal that said DEA officials are “at odds” with the Biden administration over the scheduling review.
“The longer marijuana remains scheduled in the CSA, the longer our communities face senselessly severe penalties and the longer the marijuana laws of the majority of U.S. states remain in conflict with federal law,” the letter continues. “Right now, the Administration has the opportunity to resolve more than 50 years of failed, racially discriminatory marijuana policy.”
“We trust that the DEA is working as quickly as possible toward a decision on how marijuana is scheduled, as Vice President Kamala Harris recently reassured stakeholders. We are also hopeful that the DEA will not make the unprecedented choice to disagree with HHS’s medical finding that a drug does not belong in Schedule I.”
The letter concludes by applauding President Joe Biden for promoting marijuana reform during his State of the Union address and saying Second Chance Month represents a “prime opportunity to finally begin remedying the harms of marijuana’s scheduling by removing marijuana from Schedule I.”
“We look forward to your prompt action and appreciate your attention to this important matter,” they said.
The letter, which was first reported by HuffPost, also cites a response several senators received from DEA earlier this month explaining that the agency is carrying out its duties in the cannabis review and “must follow the procedures set forth in the [CSA], including an opportunity for a public comment period and a hearing.”
That’s notable, as it appears to be the first time DEA has explicitly acknowledged the likelihood of a public feedback period including a public hearing after it announces the conclusion of its review.
Other signatories on the letter include Senate Finance Committee Chairman Ron Wyden (D-OR), Sens. Bernie Sanders (I-VT), Jeff Merkeley (D-OR), John Hickenlooper (D-CO), Reps. Robert Garcia (D-CA), Dina Titus (D-NV) and more.
Meanwhile, the head of the Food and Drug Administration (FDA) says there’s “no reason” for DEA to “delay” making a marijuana scheduling decision.
Last month, HHS Secretary Xavier Becerra defended his agency’s rescheduling recommendation during a Senate committee hearing and also told cannabis lobbyist Don Murphy that he should pay DEA a visit and “knock on their door” for answers about the timing of their decision.
The way this is going wouldn't surprise me at all!! Zen 😕😕😕
I’m sure the abounding opportunities are those no one else wanted. Not that I care as long as we get to a penny again!!!!
Zen
You don’t need to be seasoned to read a disaster after so many years of no growth. When a Co and it’s most favorable poster always point to ‘gross profit margin’ with no increase in revenue but an increase in net loses, you always know you’re being fed BS. I also like the mention of sales on Oregon with no numbers to support same. Unfortunately, there is NO top marketing management as yet to make this happen while shares are being sold.
Zen
Hey Urocka... I can't seem to find where it states Q3 for the spin-off reschedule! Also... Q3 for this company represents which months? Surely looking like Germany played us for an entire year... despicable!!!
“In the meanwhile, the Company also has entered into negotiations with several parties to bring to Pervasip certain technologies and related opportunities once the spinout is complete.”
Pervasip Announces First Quarter Financial
Reports 2024 First Quarter Revenues of $3.34 Million from Artizen Corporation
April 23, 2024 14:40 ET
| Source: Pervasip Corp.
SEATTLE, WASHINGTON, April 23, 2024 (GLOBE NEWSWIRE) -- Pervasip Corp. (OTCPK: PVSP) (“Pervasip” or the “Company”), a developer of companies and technologies in high value emerging markets, today announced its 2024 first quarter financial results.
Key Highlights
Gross Profit for the quarter ending February 29, 2024 totaled $831,079 on $3,347,086 in revenues, compared to gross profits of $716,213 during the same period in 2023.
Gross Margins increased from 20% to 25%, a 25% increase. The improved gross margin reflects increases in production yields and gains in production efficiencies.
Revenues of $3.34 million decreased slightly from 2023 first quarter revenues of $3.66 million, achieved in a market that continues to battle over supply and price compression.
Operating Loss for the quarter increased to $618,623, deeper than the $501,283 loss reported in the first quarter of 2023. This increase is attributable to one-time expenses related to the restructuring of operational staff and completion of the company’s 2022 audit.
Operating cashflow for the quarter ending February 29, 2024 totaled $98,320 compared to negative cashflow of ($38,044) during the same period in 2023.
Generated first retail sales in Oregon recreational market, fulfilling company’s goal of expanding its retail brand on the West Coast.
The Company initiated its debt and operational restructuring, continuing to reduce low yielding real estate footprint, entering into a voluntary debt restructuring, consolidating operations, and exiting one of its largest facilities which had seen 65% utilization over the past years. With a focus on higher margin products, operational objectives focus on improving gross and operating margins in preparation for the spin out of all of the Company’s cannabis assets.
“We are entering our final phase of restructuring which involves making difficult decisions to ensure additional expense reductions and separating the Company from assets it has held for many years,” said German Burtscher, Pervasip’s president and chief executive officer.
As part of the restructuring, George Jordan has resigned from his duties as CFO and COO of the company and will stay on as an advisor, supporting management through its final phase of changes in preparation of the spin out of Artizen Corporation.
The Company has engaged with Frucci & Associates for the completion of the fiscal 2023 audit of the Company and of Artizen Corporation, which is needed for a spinout and uplisting of Artizen Corporation to OTCQB. In the meanwhile, the Company also has entered into negotiations with several parties to bring to Pervasip certain technologies and related opportunities once the spinout is complete.
The basic and diluted loss per share remained constant at $(0.00), with the weighted average number of shares outstanding increasing slightly to 5,429,231,963 from 5,329,231,963.
As we continue our efforts to streamline operations and focus on higher-margin products, these quarterly figures reflect both the challenges and the ongoing strategic adjustments being undertaken by the company. Our commitment to improving our financial performance remains steadfast as we prepare for the strategic spin-out of Artizen Corporation and engage in new opportunities that align with Pervasip's growth trajectory.
For further information, please contact:
T: 206-590-2408, Extension 102
E: info@pervasip.net
Complete release: https://www.globenewswire.com/en/news-release/2024/04/23/2868067/0/en/Pervasip-Announces-First-Quarter-Financials.html
Man, I'm not seasoned at financial report reading and comprehending all the Details.....that being said things (Numbers) don't look good. Spin-Off schedule now Q3 2024....Dang.....that does Not Rock......Subsequent Events had some disappointing information. A Lot to Absorb....
Bloomberg Marijuana Stocks Gain Momentum on Cannabis Reform Hopes
US Edition
Markets
By Carmen Reinicke
April 19, 2024 at 12:00 PM EDT
Updated on April 19, 2024 at 4:20 PM EDT
Marijuana Stocks Gain Momentum on Cannabis Reform Hopes
Two cannabis funds have beat the S&P 500 in last six months
Investors see major upside for the industry with policy change
Bloomberg
By Carmen Reinicke
April 19, 2024 at 12:00 PM EDT
Updated on April 19, 2024 at 4:20 PM EDT
Investors have been diving into cheap pot stocks in hopes that a change in US policy will unlock major upside for cannabis companies.
A look at funds and stocks following the marijuana industry ahead of the unofficial marijuana holiday of April 20, popularly known a
finally a fact spoken we can all believe -thanks
Long wait but it will be worth it. Next steps
should be announced soon IMO.
Should We Be Getting the late filing Financials Today?? Or Monday??
Need some Numbers!!
Where is the ZEN? $PVSP
Gotcha!! My point was we need some "Showtime" around here!!
My point, ALL of the metals companies in pennyland go nowhere, but most run at least once.
Riss is already in a gold venture - in California and Arizona- it is called agdy
PCAOB Audit completed Feb, Spin Off SOON!!!
Paul Riss
@PaulRiss
·
Feb 9
$PVSP has uploaded PCAOB audited financial statements. Thank you! Thank you! Thank you! Now they can work on #spinoff and creating value. Onward and upward! I think my $MHRE spinoff will happen first. It's a race.
https://twitter.com/PaulRiss
Please explain the relevance to pvsp!! Enlighten us!!!
Zen
I was simply referring to an old post shen he was pumping.
Zen
Schumer And Other Democrats Amplify Calls For Marijuana Reform Ahead Of 4/20
Which Congressman Says Should Be Celebrated ‘Every Day’
Published on April 17, 2024By Kyle Jaeger
Democratic senators, including Senate Majority Leader Chuck Schumer (D-NY), are “trying to recruit Republicans” to join them in the push for federal marijuana legalization, Senate Finance Committee Chairman Ron Wyden (D-OR) said at an event ahead of 4/20, which another lawmaker said is a holiday that should be celebrated “every day” this year as advocates work to get reform “across the finish line.”
At a press briefing organized by the Last Prisoner Project (LPP) on Wednesday, multiple congressional champions of cannabis legalization marked progress in the fight to end prohibition.
As Schumer, Wyden and Sen. Cory Booker (D-NJ) prepare to file a bill to federally legalize marijuana later this month, Wyden said the trio are “out right now trying to recruit Republicans to join in.”
Teen Marijuana Use Has Declined In Washington Since Legalization
“I want you to hear what my message is. I’m gonna say one word: Deschedule,” he said. “Descheduling ought to be a Republican dream… Sometimes I think they’re only for states’ rights if they think the state is right.”
Schumer, meanwhile, applauded advocates and discussed his work on legalization and cannabis banking reform in a pre-recorded video that was shared with Marijuana Moment ahead of a National Cannabis Policy Summit on Wednesday.
“My commitment to ending federal prohibition on cannabis remains as strong as ever,” he said. “As many of you know, cannabis reform is an issue I’ve cared about, and I’ve been working hard on, for years. And as many of you know, momentum is now in our favor.”
“Here in Congress, we’re making some good progress,” he said, pointing to the Senate Banking Committee passage of the Secure and Fair Enforcement Regulation (SAFER) Banking Act last September. Schumer also reiterated his interest in attaching a measure to incentivize state-level cannabis expungements to the legislation when it’s brought to the floor.
The majority leader also talked about his forthcoming Cannabis Administration and Opportunity Act (CAOA) to legalize marijuana.
“Cannabis legalization has proven successful at the state level. It’s high time that Congress catches up with the rest of the country,” Schumer said. “Of course, we know none of this is easy, especially in divided government. We need all of you to continue reaching out to members, especially Republican members, so we can make cannabis reform a reality.”
Back at the LPP event, Congressional Cannabis Caucus founding co-chair Rep. Earl Blumenauer (D-OR) touted his 51 years of work to reform state and federal marijuana laws. He also said it’s “appropriate” that advocates and lawmakers are celebrating 4/20 three days early because, “this year, we ought to be celebrating 4/20 every day.”
“Forces are aligned to be able to end this failed war on drugs and mobilize unprecedented support across the country,” he said. “And, frankly, the Biden administration has been doing a little realignment, which I welcome. But it’s time to not just realign but get it done.”
“President Biden, if I was interested in mobilizing young people—if I was interested in energizing them—this is a no-brainer,” Blumenauer said.
"Showtime" is the word??? Zen??
Do you mean is it “showtime” yet???
What’s going on with Pervasip…
Getting into the metals biz is one of the oldest scams in pennyland. It takes billions to get into this biz re land leases, lab expenses and equipment. A farce for sure but farces in pennyland do run!!! I have done well by Riss but it’s not for peeps who do not have money that can sit for years. I can foresee a gold venture popping up in Bolivia for sure, lolololol!!
Zen
Yep, people want Riss stock so bad they spent 920 bucks buying it today, one of your usual analogies, right??
Zen
Pipe dream at this point, the Co has not pr’d actual funding. Pure BS from the BJ!!
Zen
Funding from where?????
Zen
It is the whole reason for the Spin Off!
They have explained it a dozen times now, read the releases.
Where do u see the extra money for acquisitions?? We are not profitable and seem to be struggling...
Paul is the Man!!!!!
Got to love this guy, he never quits and the Artizen spin off is going to set this gem FREE!!!
Just hope we can get the deal done soon, before the cannabis sector starts to run agin. With the much anticipated funding we should be able to acquire cannabis assets at Rock Bottom prices. Buying up some distressed Retail Locations in multi states would set to stock price on fire!!
"Company expects to file Qtrly report in several days"
The company was not able to complete its accounting for the period ended 02/29/2024 in sufficient time for
management to thoroughly review the report. The Company expects to file the report in several days
This was post...
Paul Riss
@PaulRiss
Spinoff is done. #Fortune now is a stand-alone entity separate from Mesa. Now that I have done a #spinoff I can give some pointers to our friends at $PVSP
Nice find ...
Holding Corp. (OTC Pink:HTSC) (the "Company" or "HTSC"), is thrilled to announce the successful completion of its acquisition of DCE Construction, Inc.
Thanks..
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