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Pervasip Announces 2nd Quarter Financials
GLOBENEWSWIRE 9:00 AM ET 7/18/2022
Symbol Last Price Change
PVSP 0.0015down -0.0001 (-6.25%)
QUOTES AS OF 10:08:44 AM ET 07/18/2022
SEATTLE, July 18, 2022 (GLOBE NEWSWIRE) -- Pervasip Corp.(PVSP) (“Pervasip” or the “Company”), a developer of companies and technologies in high value emerging markets, today announced the filing of its unaudited financial statements for its 2nd Quarter ended May 31, 2022.
The cannabis market on the Westcoast has seen a dramatic post pandemic retraction and created a challenging environment for all producer, processors and retailers. With an almost 18% contraction in retail revenues, massive oversupply and increasing costs, the industry has rushed head on into a perfect storm.
“Our systemwide restructuring launched end of 2021, the strength of the Artizen flower brand supported by our amazing independent cultivators, and several aggressive new initiatives have allowed us to be in a much better position than most of our competitors. Q2 financials reflect economic realities from increased expenses as well as a material investment into an aggressive market capture plan. Recognizing the economic headwinds being extremely strong, and competitors struggling, we decided in March on an aggressive strategy to go after market share and repriced in late April the classic Artizen brand at a lower shelf price and implemented an aggressive sales and marketing plan,” says German Burtscher, Pervasip’s CEO & President. “With strong surplus inventory coming out of Q1 the company is using wholesale channels to generate the cash needed to pursue this strategy, albeit at extremely low margins, yet allowing for cashflow positive operations. This is the time when established brands like Artizen show their strength and with aggressive and creative responses take advantage of their brand equity to gain additional market share. In many ways, this is reminiscent of the market contraction during 2017/18.”
The Company is adding key value products to its portfolio and is launching a new craft brand in September. During the last 6 months, the Company also executed on its Korea CBD strategy, launched Artizen Wellness, a global initiative, and added new product lines that are immediately revenue producing and are projected to reach $10 – 12 million in annualized sales by the end of the year, with $2.5 million in annualized revenues already being realized for July 2022.
With additional new product lines coming online over the next 3 – 4 months and further restructuring of expenses, the Company is poised for a positive 3rd and 4th quarter with annualized revenues reaching a conservative $21 million.
“We will also pursue additional restructuring efforts to strengthen shareholder value as it relates to our capital structure,” says German Burtscher. “We will report on those and provide a detailed 24 months company roadmap within the next few weeks.”
Second Quarter 2022 Financial Results
With an 18% general market contraction, and after repricing the Artizen brand at a lower price range and increasing wholesale volume from inventory to generate needed cash, revenue for Q2 was lower compared to Q2 2021. Adjusted inventories added COGs expenses and the Company also chose to reprice certain inventories which added another $225,000 in COGs.
Q2 21/22 Q2 20/21
Revenue $ 3,684,433 $ 4,384,331
COGs $ 3,514,094 $ 2,918,309
Inventory Adjustment $ 394,743 $ (343,246 )
Unadjusted COGs $ 3,119,351 85 % $ 3,261,555 74 %
Unadjusted EBIDTA COGs $ 2,855,647 78 % $ 2,922,695 67 %
Net loss attributable to Pervasip Corp(PVSP) for the period ended May 31, 2022 increased to $(433,279) from $128,915 for the period ended May 31, 2021
Key Highlights
Answering tough cannabis market conditions, the Company has chosen an aggressive strategy to capture market share, projecting several competitors to exit the market and Artizen adding shelf space
Utilizing surplus inventory from increased yields, the Company is generating needed cash through low priced wholesale channels
Additionally, the Company added a new product vertical via a strategic partnership for rollout of $12 million annual vape and concentrates vertical with first brands launched in July 2022
Announced a strategic partnership with one of Canada’s most well-known cannabis companies, Freedom Cannabis, and is in the process of licensing the Artizen brand for rollout in all major Canadian provinces
Launched Artizen Wellness, a non-THC, CBD/terpene focused wellness line that will disrupt the global wellness market
The Company is also pursuing additional operational, financial and legal restructuring to further clean and strengthen its balance sheet.
A reported default on a new lease agreement is being cured and the final arrangement will be reflective of new market conditions
Pervasip Corporation (PVSP)
Pervasip Corp. (PVSP), a developer of companies and technologies in high value emerging markets, owns Artizen Corporation and its subsidiary, Zen Asset Management LLC, a diversified asset management company founded to acquire, develop, and support companies and technologies in the cannabis industry. ZAM’s existing clients operate four licensed cannabis cultivation and one processing facility in Washington. Most of the biomass produced by these independent cultivators has been sold historically under the Artizen™ brand, including all-time top selling products in flower in Washington state. Additional information on Artizen-branded products is available online at www.artizencannabis.com. Pervasip(PVSP) additionally owns 5% of KRTL Biotech, Inc., a developer of biotechnologies with a focus on pharmaceutical applications of cannabinol and psilocybin. Additional information on KRTL is available online at www.krtlbiotech.com. Additional information on Pervasip(PVSP) can be found at www.pervasip.net.
Forward-Looking Statements
This news release contains statements and information that, to the extent that they are not historical fact, may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives, or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking statements can be identified by terms such as may, would, could, will, likely, except, anticipate, believe, intend, plan, forecast, project, estimate, outlook, or the negative thereof or other similar expressions concerning matters that are not historical facts. Examples of such statements include, but are not limited to, statements with respect to the objectives and business plans of the Company; ability to realize benefits from its recent corporate appointments; ability to retain its key personnel; the intention to grow the Company’s business and operations; the competitive conditions of the industries in which the Company operates; and laws and any amendments thereto applicable to the Company. Forward-looking information is based on the assumptions, estimates, analysis and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. The material factors and assumptions used to develop the forward-looking information contained in this news release include, but are not limited to, key personnel and qualified employees continuing their involvement with the Company; and the Company’s ability to secure financing on reasonable terms. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including, without limitation, risks relating to the future business plans of the Company; risks that the Company will not be able to retain its key personnel; risks that the Company will not be able to secure financing on reasonable terms or at all, as well as all of the other risks as described in the Company’s periodic disclosure statements. Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking information speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all of such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The Company does not undertake any obligation to update any forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unanticipated events, except as required by law, including securities laws.
For further information, please contact:
T: 206-590-2408, Extension 102
E: info@pervasip.net
Image: https://www.globenewswire.com/newsroom/ti?nf=ODYwMDk1MSM1MDQzNjk5IzUwMDEwMTE4OA==
Image: https://ml.globenewswire.com/media/OTRiNzFmMDItM2ExYy00M2IwLWE5MTEtZWZiZjE3YzI5ZDE1LTUwMDEwMTE4OA==/tiny/Pervasip-Corp-.png
Image: Primary Logo
Source: Pervasip Corp.(PVSP)
2022 GlobeNewswire, Inc.
I agree about the revenue part, we are nearly $30+ million revenue company and growing, which is absolutely fantastic no doubt about it.
But what you mentioned below for OTCQX uplisting, requires PVSP to be a minimum 25 cents/share company, is that possible soon, chances are less likely, but would love to see that share price jump. That is a 156x share price jump from where we are now, i.e. 0.0016. I think your dream is not very realistic.
"Up listing to OTCQX is coming very soon as the 3 year audit is nearly completed by Marcum LLP Accountants."
IMHO
Biden to Free Cannabis Prisoners! Huge
This has been the hang up with getting legalization bill passed in the Senate, and now it looks like Biden is going to do it! He also has the power to legalize cannabis according to recent report.
POLITICS
Biden Says He’s ‘Working On’ Fulfilling Marijuana Campaign Pledge To Free Prisoners.
President Joe Biden says his administration is “working on” plans to fulfill his campaign pledge to free people who are incarcerated for marijuana. This marks the first time that the president has publicly made a substantive comment about cannabis policy since taking office more than a year ago.
“I don’t think anyone should be in prison for the use of marijuana,” Biden said in response to a question from The New York Post’s Steven Nelson on Saturday night after stepping off Marine One on the White House lawn.
“We’re working on the crime bill now,” the president added —though it’s not clear what legislation he was referring to.
A report published by the Congressional Research Service (CRS) last year affirmed that the president has it within his power to grant mass pardons for cannabis offenses. It also said that the administration can move to federally legalize cannabis without waiting for lawmakers act.
https://www.marijuanamoment.net/biden-says-hes-working-on-fulfilling-marijuana-campaign-pledge-to-free-prisoners/
Freedom Cannabis receives approval for Retail Destribution
In case you missed it, in Sept 2021 Freedom received approval for retail distribution in two of the largest retail market in Canada.
Visionstate Portfolio Company Freedom Cannabis Inc. Secures Retail Sales Licences in Canada’s Two Largest Retail Markets
September 15, 2021 07:23 ET | Source: Visionstate Corp.
...
EDMONTON, Alberta, Sept. 15, 2021 (GLOBE NEWSWIRE) -- Visionstate Corp. (TSXV: VIS) (“Visionstate”), is pleased to announce that Freedom Cannabis Inc. (“Freedom”), a portfolio company of Visionstate Corp., has received approval for retail distribution in two of the largest retail markets in Canada. The addition of the provinces of Alberta and Ontario to the Freedom portfolio of retail licences has paved the way for the company to brand its premium brand products across the country.
In the past 30 days, the company has been approved in four jurisdictions in Canada and is executing on delivering product to these important markets. The licences were granted on August 27, 2021.
“This is a significant turning point for the company,” explained Freedom Cannabis Inc. CEO John Frank Potestio. “The new retail licences will not only result in growing revenues but will provide opportunities to build our brand across Canada with greater retail exposure. For years, we have been focused on the wholesale B2B market, where our products are in high demand. These approvals allow us to reach the retail consumer directly and show off our consistent quality under the Freedom brand.”
https://www.globenewswire.com/en/news-release/2021/09/15/2297390/0/en/Visionstate-Portfolio-Company-Freedom-Cannabis-Inc-Secures-Retail-Sales-Licences-in-Canada-s-Two-Largest-Retail-Markets.html
Buybuybuy . . . buy until it hurts!
Thanks, I will be Buying it Monday ! LOL
Have not been following it, but I will now.
Looks like it started trading NASDAQ 7/13 and closed the public offering 7/15.
Riss Plan for PVSP - NASDAQ
For those that missed this week announcement on Netcapital getting up listed to NASDAQ. Paul is an expert on getting this done and looks to be the plan for PVSP, and it is not going to take that long, considering how fast he moved with Netcapital from PINK sheets, to OYCQX, and now to NASDQ in a little over 1 year.
Paul Riss @PaulRiss • Sep 1, 2021
$PVSP plans to follow what I did with Netcapital - file a Form 10 to register
the stock, get a PCAOB audit, move to OTCQX, and more, but PVSP has
the ability to accomplish these steps much quicker than Netcapital.
Netcapital has $36 million market cap and growing
May 18, 2021
Netcapital Up listed from PINK to OTCQX
OTC Markets Group Welcomes Netcapital Inc. to OTCQX
Paul Riss @PaulRiss - July 13, 2022
Congratulations to $NCPL, now on #Nasdaq. Great team, great product, great stock https://otcmarkets.com/stock/NCPL/news/Netcapital-Inc-Announces-Pricing-of-Public-Offering-and-Nasdaq-Listing?id=364521 via
@OTCMarkets
9:07 AM · Jul 13, 2022·Twitter Web App
Ditto!!!!!
Zen $$$$$
ALL GOOD HERE! You and Everyone here have a safe and fun filled WE! GLTY GLTA
$PVSP Located in beautiful Port Townsend, on the northern end of the Olympic Peninsula, this gorgeous light deprivation greenhouse garden is producing beautiful flower and is home to some of the more exotic genetics in the Artizen brand. At 39,000 square feet it is the second largest of all of the gardens growing Artizen branded flower.
$PVSP The $380 million-dollar annual Washington State vape and concentrates market is an untapped opportunity for Artizen. The Dabs4Less and Vapes4Less brands are already established in several retail stores across the state of Washington generating roughly $200,000. Artizen’s deep retail distribution channel and using some of the biomass grown by Artizen’s independent cultivators will provide material go to market power, driving broad penetration.
Priced for sell through and taking advantage of certain production efficiencies the brand is expected to drive sales of up to $700,000 per month or $8.4 million annually.
“Months of development and staying focused on the ultimate goal - disrupting the market and gaining share quickly - allowed the teams at BGGTG and ZAM to realize a unique brand and go to market strategy. Our independent cultivators growing flower for the Artizen brand and a processing lab under BCCTG management that is known for high quality manufacturing worked tirelessly to bring the brand’s vision to realization and produce product quality at the high end of the given price segment,” says German Burtscher, Pervasip’s CEO & President.
Additional vape and concentrates brands and offerings will be developed by this new partnership and rolled out during the third and fourth quarter of 2022, driving annualized revenues towards $12 million for Artizen’s vape and concentrates vertical.
Looks like a great market.
PVSP
I agree it is.
PVSP
Great levels to add here this week.
PVSP
Got some more today. Lowered the averages by two ticks into the teens ;)
Cannabis Stocks Surge - Senate takes up Bill
Pot Gets Senate's Attention in Long-Shot Decriminalization Bill
Democrats planning introduction of legislation next week
Cannabis stock surge on news that Senate may take up bill
ByJarrell Dillard
July 14, 2022 at 11:56 AM EDTUpdated onJuly 14, 2022 at 12:59 PM EDT
Senate Democrats plan to introduce a bill to decriminalize marijuana at the federal level next week, a person familiar with the matter said, although the legislation faces long odds in the evenly divided chamber.
Majority Leader Chuck Schumer worked with Senators Cory Booker of New Jersey and Ron Wyden of Oregon on the measure. The senators circulated a draft of the bill last year and made tweaks after feedback from Senate committees.
https://www.bloomberg.com/news/articles/2022-07-14/marijuana-decriminalization-bill-teed-up-for-senate-introduction
Cannabis decriminalization Bill in Senate
https://markets.businessinsider.com/news/stocks/marijuana-stocks-aurora-canopy-tilray-soar-decriminalization-bill-senate-democrats-2022-7
Buckle up….
Marijuana stocks soared after Bloomberg reported that said Senate Democrats will introduce a federal decriminalization bill next week.
And PVSP convertibles getting sucked down with no end in sight. (checks pager)
Cannabis Stocks on FIRE !!
Something is going on, Trulieve up 6%, Tilray up 12%, Sundial up 5%, Medical Mj up 4%, Canop Growth up 6%, and on and on!
This is significant!! LFG
Pager Alert!! Pager Alert!! BZZZZZTTTT!! BZZZZZZTTT!!
Good morning!
Savior here, ready to help you save money!
Looks like the bid at .0015 is shrinking, good day to move down to .0014 and take some dumpings!
PVSP is Delivering, not just Talking!!
PVSP management is delivering real REVENUE, and NOW!!
PVSP is like the best property in a very bad neighborhood, the PINK Sheets and we need to move the House to a better neighborhood and get the price adjustment that reflects the true value of this great property.
Up listing to OTCQX is coming very soon as the 3 year audit is nearly completed by Marcum LLP Accountants.
IMO we are up listing to the NASDAQ late in 2023 and hopefully Cannabis will have been decriminalized in the US by then. The banking reform is very likely to be done this year and will be huge for the Cannabis Industry, nearly as much as the decriminalization in US.
That is huge news for sure.
PVSP
I agree Bud.
PVSP
The $380 million-dollar annual Washington State vape and concentrates market is an untapped opportunity for Artizen. The Dabs4Less and Vapes4Less brands are already established in several retail stores across the state of Washington generating roughly $200,000. Artizen’s deep retail distribution channel and using some of the biomass grown by Artizen’s independent cultivators will provide material go to market power, driving broad penetration. $PVSP
Additional vape and concentrates brands and offerings will be developed by this new partnership and rolled out during the third and fourth quarter of 2022, driving annualized revenues towards $12 million for Artizen’s vape and concentrates vertical.
https://www.instagram.com/dabs4less/ $PVSP
From their news: “Months of development and staying focused on the ultimate goal - disrupting the market and gaining share quickly - allowed the teams at BGGTG and ZAM to realize a unique brand and go to market strategy. Our independent cultivators growing flower for the Artizen brand and a processing lab under BCCTG management that is known for high quality manufacturing worked tirelessly to bring the brand’s vision to realization and produce product quality at the high end of the given price segment,” says German Burtscher, Pervasip’s CEO & President.
Additional vape and concentrates brands and offerings will be developed by this new partnership and rolled out during the third and fourth quarter of 2022, driving annualized revenues towards $12 million for Artizen’s vape and concentrates vertical.
PVSP
$PVSP New Partnership is Adding Up to $12 Million in Concentrates Revenue https://finance.yahoo.com/news/partnership-adding-12-million-concentrates-135000836.html?soc_src=social-sh&soc_trk=tw&tsrc=twtr via @YahooFinance
AGREE! Still HOLDING till the wheels come off! LOL GLTY GLTA
Paul Riss Netcapital up listed NASDAQ !!
Paul had been working on Netcapital books and getting accounting certification done and up listing to OTCQX recently and now he got them up listed to NASDAQ, which is a BIG DEAL
I think PVSP is going to follow the same path, up list to OTCQX late this year and then up list to NASDAQ late in 2023, which will be HUGE!
NetCapital could be our new financing partner in the future.
https://twitter.com/paulriss
Every PR is revenue producing. Gotta love it. Nickels & dimes coming.
Quarterly Filings as early as Tomorrow!!
Looking forward to another positive report on our rapid expansion!
Come back to Savior at .0015 to save money! Load up on dumpings for the next flip!
"Savior Sez"
And no, I am not Jesus, or Simon. Not really.
Good flipping volume here today!
Congrats to all FLIPPERS making money today!
News has been plentyful of late
PVSP
Some green volume here today PVSP
Good News Keeps Coming!
Good Crops Keep Growing!
One of these Days We Will Be Rocking!
$PVSP
Increasing Volume proceeds Increasing Prices
Volume has been increasing the past few days which is a good sign.
Price increasing will follow as flippers keep flipping, LOL
Pager Alert!! Pager Alert!! BZZZZZTTTT!! BZZZZZZTTT!! (where's the off switch) BZZ . . that gets annoying after a while
Savior here.
Looks like a big fat bid at .0015, ready to get dumped into. Nice volume, lots of dumpings getting swallowed.
Got Alka-Seltzer??
Looking good, solid base forming. $PVSP
Nice$$$$$$
Zen $$$$$$
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