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Legalizing cannabis is now at the top of the docket for the Minnesota Senate.
ST. PAUL, Minn. -- Legalizing cannabis is now at the top of the docket for the Minnesota Senate. The bill is likely to pass with a vote expected some time Friday. It's very similar to the one the House passed earlier this week, but with some slight differences.
The Senate's version includes a 10% tax on cannabis products -- 2% higher than what was passed in the House. This bill also allows people to have up to 5 pounds of cannabis in their home, whereas the House limits it to 1.5 pounds.
RELATED: What legal marijuana could look like in Minnesota
Local governments would also be allowed to limit the number of cannabis businesses under the Senate's plan. The House plan doesn't have a cap.
Expungements would also go into effect in 2025 under the Senate's bill, which is much later than the House's version that is effective this August.
Debate began Friday in the Senate. The main thing some Republican Senators have stressed is their worry over public health and public safety. They feel the bill is premature.
GOP Sens. Mark Johnson and Carla Nelson held a press conference that lasted for about a half hour. They said they worry that passing a cannabis bill at the state level takes control away from local leaders about how they want to regulate cannabis sales.
Another issue they foresee is putting more pressure on police when it comes to ensuring public safety, especially when it comes to people potentially driving under the influence of marijuana.
"Our law enforcement is against this bill. There are just too many questions about how, if, we can ensure public safety. Number one is we don't have a reliable road test," Nelson said.
They're also worried that increased marijuana use would lead to more substance abuse, and that local governments wouldn't have any control when it comes to regulating marijuana sales.
"The reality is the implications of this particular bill that's up today on the senate floor are very dire for the state of Minnesota and it's not a joking matter," said Johnson said. "The bill is simply not ready."
Supporters of the bill say those concerns are being addressed.
"It's had an enormous amount of public input and public vetting, we know the issues about public safety. We know the issues about public health," Sen. Ryan Winkler said. "To the extent that we can address those issues and put funding into local communities, funding into public health, we are doing that.
Winkler is the chairman for "Minnesota is Ready." A group that's been pushing for legalizing marijuana. He highlighted the positives of a potential cannabis law, including automatically expunging low level cannabis convictions from people's criminal records.
"This bill is ready. And Minnesota is ready for cannabis legalization. People know adults can make responsible decisions for cannabis and the system of prohibition for so long hasn't worked," said Winkler.
Once the Senate passes its version then members from both the House and Senate will have to get together to work out their differences before a final version heads to the governor's desk. Gov. Tim Walz says he intends to sign the bill once it gets there.
Minnesota Senate to vote on legalizing marijuana Today!!!
The Senate vote comes after the House passed the bill on Tuesday.
By Ryan Faircloth Star Tribune APRIL 28, 2023 — 11:01AM
DAVID JOLES, STAR TRIBUNE FILE
Sen. Lindsey Port and Rep. Zack Stephenson heft the nearly 300-page bill that would legalize marijuana in Minnesota. The House passed Stephenson’s bill on Tuesday.
The Democrat-led effort to legalize recreational marijuana in Minnesota will face its toughest test yet Friday when the state Senate votes on the bill.
The measure, which the House approved on Tuesday, will need support from every Democrat in the Senate to pass. Democrats control the chamber by a razor-thin 34-33 margin.
If passed, both the Senate and House bills will be sent to a conference committee where their differences will be reconciled into a final version. The House and Senate would then hold final votes on the compromise bill.
DFL Gov. Tim Walz has said he will sign the marijuana bill if it reaches his desk.
Both bills would allow Minnesotans 21 and older to buy up to two ounces of cannabis flower, eight grams of concentrate and 800 milligrams worth of edible products at one time. Adults could also grow up to eight cannabis plants at home.
Some differences would have to be worked out, particularly around the issues of at-home marijuana possession and the tax rate for products.
Under the Senate bill, Minnesotans who grow their own marijuana could possess up to five pounds of consumable flower in their homes, while those who acquire their marijuana elsewhere could possess no more than two pounds.
The House bill imposes a private possession limit of 1½ pounds across the board.
Senate Democrats are also proposing a higher tax of 10% on cannabis products, while the House bill would enact an 8% gross receipts tax over the next four years.
PVSP $4 on Breakout Boards!!!
i
www.nvestorshub.advfn.com/boards/breakoutboards.aspx
Audited Financials may be DONE and Ready to Go!!
Told you they are done .0006 on ASK
5m on BID at .0005!!!
MM are handling the converted shares
Mommoth is the Note holder that converted their debt into 175M shares. They arrange for mm to handle the liquidation of those shares to cash.
MM are offering/selling Shorted shares at ASK and by end of day they will cover those positions with the Mommoth Shares that they are processing for Mommoth.
No one is dumping shares, Brad at Mommoth needs the cash, even though he is getting back less that 20 cents on the dollar that he provided to Pervasip. My estimation he may realize about $70k for the 175m shares.
That is about what 400 shares of Tesla would cost you, LOL
We as share holders get our debt reduced and have an opportunity to buy up these super, super cheap shares.
Lawmakers reintroduce SAFE Banking Act, a bill the cannabis industry hails as a lifeline
MARIJUANA
PUBLISHED THU, APR 27 202312:52 PM EDT
UPDATED 4 HOURS AGO
Stefan Sykes
@THESTEFANSYKES
KEY POINTS
Lawmakers from both parties reintroduced the Secure and Fair Enforcement (SAFE) Banking Act, which the cannabis industry views as a financial lifeline.
The legislation is expected to go before the Senate Banking Committee, a key step toward what would be the first Senate vote on the measure.
The bipartisan proposal would ensure that legal cannabis businesses have access to critical banking and financial services.
A group of bipartisan lawmakers reintroduced the Secure and Fair Enforcement (SAFE) Banking Act in the House and Senate on Wednesday, after the legislation designed to free up banking services for the cannabis industry stalled in last year’s Congress.
The bill, which has been tweaked since last session, was introduced by Sen. Jeff Merkley, D-Ore., Sen. Steve Daines, R-Mont., Rep. Dave Joyce, R-Ohio, and Rep. Earl Blumenauer, D-Ore.
If the critical banking and financial protections advance through committees, they could see a vote on the Senate floor for the first time. The bill, which has always had strong bipartisan support, passed in the House seven times previously.
“For the first time, we have a path for SAFE Banking to move through the Senate Banking Committee and get a vote on the floor of the Senate,” Merkley said in a statement. “Let’s make 2023 the year that we get this bill signed into law so we can ensure that all legal cannabis businesses have access to the financial services they need to help keep their employees, their businesses, and their communities safe.”
Senate Majority Leader Chuck Schumer, D-N.Y., expressed his support for the legislation on Thursday and said he would work to make sure the legislation includes criminal justice provisions when it reaches the floor.
I say they are DONE Conversion!!!
Look at the tape, they are DONE.
106M on BID, 1M on ASK
Looks like another 18M Converted Today
16.6M Converted Tuesday
18M Converted Wed
18M Converted Thurs
That is over 50M just in 3 days
They have to close to done, probably want it finished before announcing Audited Financials and the Spin Off of Artizen!
Texas House Passes Marijuana Decriminalization Bill
Forbes
Texas House Passes Marijuana Decriminalization Bill
A.J. Herrington
Contributor
Apr 26, 2023,05:01pm EDT
The Texas House of Representatives on Wednesday gave preliminary approval a bill to decriminalize the possession of small amounts of marijuana. The legislation, House Bill 218, was approved on its second reading by members of the House with a voice vote Wednesday afternoon, leaving one more vote in the chamber before final passage, according to a report from Marijuana Moment.
Pot producers UP 8% on NEWS Banking Legislation
Numerous reports of the New Banking reform for Cannabis companies has market moving in anticipation of passage this time!!
18M Converted today, they are stepping it UP!
Let's get er done!!
The last 175M conversion was 6 months ago, which is less than 30M a month to sell, and we just did nearly 40M in couple days.
Can't be much left
Money Never Sleeps, LOL
Like your energy, many have fallen asleep as you can see.
MM are Shorting the ASK for debt Conversion
Those shares being bought at the ASK are MM shorted shares that they cover at end of day with the Conversion shares they have in hand. The T trades are shown in Purple on the tape, as the cover trade was below the BID at .000399 today.
People are not Selling PVSP shares they are accumulating share for the spin off.
The debt holder that is converting must really need any cash he can get.
Texas House To Vote On Marijuana Decriminalization Bill,
As Committee Takes Up Broader Legalization Proposal
Published 59 mins ago on April 25, 2023By Kyle Jaeger
The Texas House of Representatives will vote on a bill to decriminalize marijuana on Wednesday—on the same day that a committee is scheduled to take up a broader cannabis sales legalization proposal.
The full House will act on the decriminalization legislation, which would also create a process for expunging marijuana conviction records, that’s being sponsored by Rep. Joe Moody (D).
Meanwhile, the House Licensing & Administrative Procedures Committee will hold a hearing on another bill from Moody that would allow adults 21 and older to possess and purchase cannabis from licensed retailers, and cultivate up to 12 plants for personal use.
The floor vote on the decriminalization measure comes about a month after the House Criminal Jurisprudence Committee unanimously passed it. The bill would remove the risk of arrest or jail time for low-level possession of cannabis and allow people to eventually erase cannabis issues from their criminal records.
The House has already passed similar cannabis decriminalization proposals during the past two legislative sessions, in 2021 and 2019. But so far the proposals have consistently stalled in the Senate amid opposition from Lt. Gov. Dan Patrick (R), who presides over the chamber.
HB 218, the bill heading to the floor, combines two separate measures from last session, both of which passed on the full House.
It would make possession of up to one ounce of marijuana a Class C misdemeanor, removing the risk of jail time and instead imposing a maximum fine of $500. Existing law classifies possession of small amounts of cannabis as a Class B misdemeanor, which carries penalties of up to 180 days in jail and up to a $2,000 fine.
The bill also specifies that possession of up to two ounces of cannabis would not result in an arrest, meaning violators would be cited and released. Further, people with possession convictions for up to two ounces of marijuana could seek to have those convictions expunged through a court process for a $30 fee.
Meanwhile, the legalization bill that’s heading to committee would allow adults to purchase, possess and gift up to 2.5 ounces of cannabis. They could also grow up to 12 plants, so long as they’re kept in a secure, enclosed space.
The Texas Department of Licensing and Regulation would be responsible for administering the program, including developing a process to license marijuana businesses.
The bill, HB 3562, proposes a 10 percent tax on cannabis products, and revenue would go to local municipalities where marijuana businesses are operating (10 percent), counties where those businesses are located (10 percent), a “cannabis testing and quality control fund” (one percent) and administrative costs. The remainder would support a public school teachers fund.
Localities couldn’t ban marijuana businesses in their area, though they could set rules “governing the hours of operation, location, manner of conducting business, and number of cannabis growers, cannabis establishments, or cannabis testing facilities.”
It doesn’t appear that the bill proposes to take any specific steps to support social equity goals, such as expungements or licensing prioritization for people from communities that have been disproportionately impacted by the war on drugs.
PVSP Twitter: $1.2M Revenue, it all adds UP
Pervasip Corp
@PervasipC
·
1h
$PVSP Excited about Oregon! A beautiful garden facility and planning to access 50 retail stores by year-end with 5 - 7 of our strains. Projecting about $1.2M in annualized revenues to start as we carefully take our brand to market, with tremendous upside from there
Hey who is taking all my .0005's, LOL
Minnesota House near passage of marijuana bill; Senate to vote Friday
Brian BakstSt. PaulApril 24, 2023 4:48 PM
Minnesota House near passage of marijuana bill; Senate to vote Friday
Updated: April 25, 12:10 a.m. | Posted: April 24, 4:48 p.m.
Minnesota’s foray into legal marijuana neared its first major decision point as the state House moved to the brink of passing a bill that establishes a seed-to-sale program and streamlines a process for clearing prior criminal offenses off records.
The House debated the bill for nearly three hours Monday night but delayed a final vote until Tuesday.
The House vote that will come during daylight hours Tuesday– along with one set for Friday in the Senate – won’t end the debate. Differences in the two versions would have to be reconciled before anything reaches Gov. Tim Walz, who supports permitting adults over 21 to buy, possess and use cannabis.
But if a bill passes before May 22, Minnesota’s marijuana landscape would change starting this summer.
“Cannabis will be no longer illegal this summer,” said the bill’s lead sponsor, Rep. Zack Stephenson, DFL-Coon Rapids. “The regulation, rulemaking and licensing process will take many more months. Beyond that you will of course also be able to home grow starting this summer, so it will be a while before Minnesotans can expect to see a dispensary open up.”
Opponents of the bill acknowledged the votes appeared stacked against them. They attempted to alter the plan to give local officials more say in how cannabis is sold, provide law enforcement more tools to spot impairment and reduce fallout from addiction and youth use.
“We saw sort of the consequences of rolling out the edibles last year with no framework and no guidance. And it was a train wreck,” said Rep. Kristin Robbins, R-Maple Grove. “And we don't want that to happen with legalization of marijuana because this will have even more significant consequences.”
The Minnesota House takes a roll call vote at the Minnesota State Capitol in St. Paul during its session on Monday.Ben Hovland | MPR News
As the House debated the bill, Rep. Dave Baker, R-Willmar, tried unsuccessfully to increase the legal purchase age to 25, citing concerns over the drug's effect on brain development.
“Let's get it right out of the gate because if it goes in now at 21, it ain't changing,” Baker said.
Rep. Jessica Hanson, DFL-Burnsville, spoke against the change.
“We allow 21-year-olds to legally consume toxins like alcohol, nicotine and tobacco,” Hanson said. “We allow 18-year-olds to gamble, join the military, work in dangerous facilities and to serve those toxins to other people and, in my opinion, one of the more dangerous ones -- to get married, right? Unless and until we are going to stop all potentially life-altering decisions from happening before 25, we really can't start with cannabis."
The House also rejected an amendment that would have capped THC levels in cannabis products sold under the new system.
“We really need to limit the access that our young people have to these high potency THC levels because it’s really harmful to their brain development,” Robbins said, citing concerns among some in the medical community about the effects of high potency marijuana, but her amendment was defeated on a voice vote.
Republicans were also unsuccessful in trying to change the bill to allow local governments to prohibit cannabis businesses from operating in their communities and to have the power to issue or deny licenses for events involving cannabis.
Noting that the bill does require local governments to license cannabis businesses, Stephenson said he was trying to strike a balance.
“States that have allowed opt outs, that's where the illicit market continues to thrive and grow,” he said. “We need to have a uniform set of cannabis standards across the state to make sure that we're doing the best we can to curb the illicit marketplace and move to a legitimate marketplace with consumer protections and controls.”
The legislation also sets up a tax structure for both cannabis and products containing hemp-derived THC, which were given the state’s blessing last year. House and Senate sponsors differ over what that tax should be, with the House version starting higher and falling as the industry matures; the Senate bill keeps it constant.
Stephenson said the elastic tax fits with his philosophy that the taxes merely cover the cost of regulations and to foster a buildout of a legal market.
Another facet of both bills is an expungement process to wipe prior marijuana convictions off of records, automatically in the case of low-level crimes and through a crisper process for those with extenuating factors.
The vote on the cannabis bill in the House didn’t appear to line up along party lines.
One DFLer, Rep. Gene Pelowski of Winona, has said he was against legalization after also having voted against the bill when it cleared the House in 2021.
Republican Rep. Nolan West of Blaine said he would vote for it. At a morning news conference, he railed against what he saw as flaws in the licensure, social equity goals, treatment of hemp products and other aspects. But he said voting for the bill would probably land him on a House-Senate committee to work on a final version.
A state rep speaks into a mic on the House floor.
“We saw sort of the consequences of rolling out the edibles last year with no framework and no guidance. And it was a train wreck,” said Rep. Kristin Robbins, R-Maple Grove.Ben Hovland | MPR News
West said he remains concerned about abuse and about security of a nascent industry given that marijuana lacks legal status on the federal level.
“Unfortunately, even legal marijuana businesses are cash businesses,” West said. “And we've seen in other states, they become targets for burglary.”
The bill would permit people to keep up to 1.5 pounds in their home. They could transport and give away two ounces legally to a person of age, but would need to be a licensed business to sell larger quantities.
Robbins said those amounts were concerning to her.
“Two ounces is enough for 168 joints,” she said. “The 1.5 pounds you're allowed to legally keep in your home is enough for 2,043 joints.”
Stephenson said the long-standing prohibition of the drug hasn’t worked and it’s time to let people make responsible decisions about the drug.
“This is a historic day for Minnesotans who have been waiting for cannabis legalization for many, many years,” he said. “We're going to get the job done this year.”
The roll call board is lit up affter a recent vote
The bill would permit people to keep up to 1.5 pounds in their home. They could transport and give away two ounces legally to a person of age, but would need to be a licensed business to sell larger quantities.Ben Hovland | MPR News
Me thinks the Conversions may be DONE!!
Been a few weeks now, if they are, it is off to the RACES!
Banking Bill is nearly as BIG as Legalization
Really important to get this done so we can access the financial markets for capital and also to allow normal business banking services, like writing a check, LOL
More important is that it will allow Cannabis companies to DEDUCT business expenses like every other business, gain access to new business financing programs etc.
Delaware Bill to Legalize marijuana to become Law!!!
Delaware Governor Carney drops opposition to marijuana legalization
The governor said Friday that he will allow bills legalizing recreational marijuana use by adults in the state.
AP logo
Friday, April 21, 2023 4:46PM
Delaware governor drops opposition to marijuana legalization
Delaware Gov. John Carney says he will not veto legislation legalizing recreational marijuana use by adults in the state.
Delaware Gov. John Carney says he will not veto legislation legalizing recreational marijuana use by adults in the state.
DOVER, Delaware -- Delaware Gov. John Carney said Friday that he will allow bills legalizing recreational marijuana use by adults in the state and authorizing the establishment of a state-licensed and regulated cannabis industry to become law without his signature.
The Democratic governor's move marks a turnaround from last year, when he vetoed a legalization bill championed by fellow Democrats. That led to a failed veto override attempt by House Democrats.
Just last month, Carney's office said he continued to have strong concerns about the unintended consequences of legalizing marijuana for recreational use, including the effects on young people and highway safety.
"I want to be clear that my views on this issue have not changed. And I understand there are those who share my views who will be disappointed in my decision not to veto this legislation," Carney said in a prepared statement Friday. "I came to this decision because I believe we've spent far too much time focused on this issue, when Delawareans face more serious and pressing concerns every day. It's time to move on."
"I remain concerned about the consequences of a recreational marijuana industry in our state," Carney added. "I'm concerned especially about the potential effects on Delaware's children, on the safety of our roadways, and on our poorest neighborhoods, where I believe a legal marijuana industry will have a disproportionately negative impact. Those concerns are why I could not put my signature to either House Bill 1 or House Bill 2.
The legalization bill allows people 21 and older to possess up to 1 ounce (28 grams) of leaf marijuana, 12 grams of concentrated marijuana, or marijuana products containing up to 750 milligrams of the psychoactive compound THC. Possession of more than an ounce of marijuana and public consumption would remain misdemeanors. The bill also prohibits people from growing their own marijuana for personal consumption.
The separate industry-creation bill calls for state officials to issue up to 30 initial retail marijuana licenses, 30 manufacturing licenses, 60 cultivation licenses and five testing licenses. It includes special license pools for "social equity" and "microbusiness" applicants.
The Democrat-controlled Senate voted 16-4 last month for the legalization bill after it cleared the Democrat-led House on a 28-13 vote. The industry bill was approved by votes of 27-13 in the House and 15-5 in the Senate. The industry bill required a three-fifths supermajority because it creates a new tax in the form of a 15% levy on retail sales.
Veto overrides also require three-fifths votes in both chambers, meaning 25 in the House and 13 in the Senate.
Delaware Democrats have tried for years to legalize recreational marijuana use for adults. The marijuana bills are essentially the same as legislation considered last year, but the election of several progressive Democrats in November helped increase support for the legalization bill and gain the required supermajority for the industry bill. It also likely would have improved chances for overriding any vetoes by Carney.
GOP lawmakers have been mostly united in opposition to legalization, although three Republican House members voted for the legalization bill and two voted for the industry bill. In the Senate, the legalization bill received one GOP vote, while the industry bill passed on a straight party-line vote.
Opponents have argued that legalization and creation of a state marijuana industry will lead to increased marijuana use among teens and young adults that could affect their cognitive development, expose business owners to liability and result in more traffic deaths and injuries. They also say it will do little to eliminate illegal sales.
Supporters say neither bill changes laws regarding driving under the influence and that public consumption of marijuana would be prohibited. They also say employers will be able to test workers for marijuana and discipline employees for being under the influence at work. Supporters also argue that a state-regulated industry will reduce illegal black market sales, create jobs and generate more tax revenue.
To date, 21 other states have passed laws legalizing recreational use of marijuana by adults.
Good see fellow LONGS focus on the Business
Buffett and Graham have long preached to those that would listen, that the only thing that matters in investing is the intrinsic value of the company and its future profits and revenue growth. The last thing that will predict the future success of any company over time, is the current Share Price and the fools that try to predict every single tic up or down borders on insanity.
I personally have no problem with the extremely undervalued share price, it means I can more equity for a lower cost, and I buy nearly every week, as unlike some, I am not a fortune teller and can not predict the future. LOL
Harvest and distribute our first products late summer 2023 in Oregon!!!!!!!!!!
Revenue Growth will EXPLODE!!!!
"The Company plans to harvest and distribute its first products late summer 2023 and rapidly expand its Oregon retail footprint. Current production will be limited to 280 lights, allowing for a measured market entry and will be supplemented with value added products sourced through local partnerships."
If you are trying to out trade the MM Algorithms good luck
First off no one here has the cash to compete with a dozen MM doing their trading thing and you don't have too.
Invest in the future of Artizen and Pervasip based on their Business prospect and the kind of earnings they will return in the future as Cannabis continues to grow and expand over the entire world.
The numbers are staggering, over $57 BILLION dollars in Global sales by 2026, and the US and Canada are projected to top $72 BILLION by 2030.
Tons and tons of MONEY are going to be made in this industry, but it will take sometime and it will not be next week, or next month LOL
Outstanding Decision to launch wholly owned Subsidiary, Artizen Oregon
Fantastic NEWS, never liked licensing the Artizen brands to another in stare operator, much better to do the whole thing ourselves and totally control operations and distribution etc. To build huge value we need to own the operations, welcome Artizen Oregon!!!!
"Rather than licensing the Artizen brands to an in-state operator, Artizen is entering the market with a wholly owned subsidiary, Artizen Oregon. The company plans to leverage its cultivation and distribution expertise to operate a modern grow and processing facility in Ashland, an agricultural center in southern Oregon. "
LOL some still chase the price
The trading price is irrelevant to the overall success of PVSP, has nothing to do with VALUE of Company. Price is a function of Supply and Demand or money flow. Add in a bunch of very active Short Sellers MM and others looking for a fast buck and the price can go anywhere.
Do your DD and decide if the Enterprise Value of the Company is attractive, the stock price is simply the current cost to access that value.
This is dirt cheap and the recent conversions are the main reason. The Stock Price is a market Gift, take it, LOL
PVSP Shareholders to get 4 time the share Equity on Spin Off
PVSP common shareholders currently own about 15% of the equity of the company, but after spin off of Artizen we will get 80% of the equity of the company and the remaining 20% will be used for future acquisitions, expansion, securing loans, raising capital etc.
Nice deal for loyal shareholders!!!
PVSP shareholders gaining huge ownership 15% to 80% Equity
Most still don't get it here, they just chase the stock price, which is a terrible indicator of the value of the company when trading on the PINK sheets.
There is nearly no liquidity in OTC Pinks for now, and prices can move UP or Down with little regard to the companies value.
Real Investors will see the value the current share price presents !
"Current common shareholders will be handsomely rewarded."
”Burtscher concluded: “While the current market is not yet recognizing the value of our 2 businesses post spin-off, as I mentioned before, we believe today more strongly than ever that the new Artizen Corporation will justify a value exceeding $50 million.
With the post spin-off reduction of the current Series K shares from 85% to 25% in the remaining Pervasip business, current common shareholders of record at the spin-off date will be handsomely rewarded.”
4/20 is HUGE Cannabis Day across industry!
Expecting BIG News on Thursday, 4/20 National Cannabis Day
Twitter: Several Exciting NEWS starting later this Week!!!
pvsp Look out for several exciting news, starting with later this week and several more to follow. Executing the plan, one step at a time! ?? $$$
10:08 AM · Apr 17, 2023
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March and April have seen price strengthening across all categories
Great NEWS as pricing is strengthening!!!
"March and April have seen price strengthening across all categories, providing a positive outlook for Q2 as we see a general strengthening in the west coast markets due to the beginning of a diminishing bulk flower supply which will last through 2023 and into 2024."
PVSP Key Highlights Qtr 1 Report
Pervasip Corp.
Mon, April 17, 2023 at 9:15 AM EDT
SEATTLE, April 17, 2023 (GLOBE NEWSWIRE) -- Pervasip Corp. (OTCPK: 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 1st Quarter ended February 28, 2023.
Key Highlights
1. Completed transition of 35,000sf cultivation facility to further rationalize its WA State business, moving from negative operating margins to net positive contribution of $25,000 monthly.
2. Reduced weekly cash repayments for debt service from $40,625 to $33,224, freeing up almost $30,000 monthly to deploy to operating needs and expansion opportunities.
3. While Q1 (December, January, February) are traditionally the lowest revenue months of the year and the market contraction continued through January 2023, the Company realized only a small reduction in revenues compared to Q1 2022. Q1 revenues declined 4.9% sequentially and 2% from a year ago. However, the company realized a 24% reduction in SGA expenses for the same period a year ago, a direct result of its continuing restructuring efforts toward profitability.
4. The company continued to right size its cultivation operations to better align with current retail sales with a 43% reduction in inventory values from the same period a year ago.
5. 25% reduction of personnel year over year (“YOY”), largely a result of infrastructure and technology upgrade implements over the last twelve months.
6. While Retail gross margin decreased due to continuing price pressure in the overly competitive retail space, the market appears to be correcting with wholesale gross margin up 9.5% YOY.
7. The company also realized gross margin gains for certain retail products, with its margin for vape cartridges increasing 3% YOY.
Pervasip Announces First Quarter Financials
Press Release | 04/17/2023
SEATTLE, April 17, 2023 (GLOBE NEWSWIRE) -- Pervasip Corp. (OTCPK: 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 1st Quarter ended February 28, 2023.
Key Highlights
Completed transition of 35,000sf cultivation facility to further rationalize its WA State business, moving from negative operating margins to net positive contribution of $25,000 monthly.
Reduced weekly cash repayments for debt service from $40,625 to $33,224, freeing up almost $30,000 monthly to deploy to operating needs and expansion opportunities.
While Q1 (December, January, February) are traditionally the lowest revenue months of the year and the market contraction continued through January 2023, the Company realized only a small reduction in revenues compared to Q1 2022. Q1 revenues declined 4.9% sequentially and 2% from a year ago. However, the company realized a 24% reduction in SGA expenses for the same period a year ago, a direct result of its continuing restructuring efforts toward profitability.
The company continued to right size its cultivation operations to better align with current retail sales with a 43% reduction in inventory values from the same period a year ago.
25% reduction of personnel year over year (“YOY”), largely a result of infrastructure and technology upgrade implements over the last twelve months.
While Retail gross margin decreased due to continuing price pressure in the overly competitive retail space, the market appears to be correcting with wholesale gross margin up 9.5% YOY.
The company also realized gross margin gains for certain retail products, with its margin for vape cartridges increasing 3% YOY.
Missouri cannabis companies face product shortages, price hikes after adult-use launch
Missouri tops $126 MILLION in Marijuana sales in March
By Chris Casacchia, Staff Writer
April 17, 2023
What’s the right revenue per square foot? What’s a realistic business outlook for cultivators? Get realistic market forecasts, state by state insights and benchmarks. Get the 2023 Factbook.
The Clovr production facility in Kansas City has felt the impact of the flower shortage in Missouri. (Photo courtesy of Clovr)
It didn’t take long for Missouri’s newly established adult-use cannabis market to feel growing pains.
The Midwestern market, which launched recreational sales on Feb. 3, is off to a sizzling start and on pace to break $1 billion in sales in its first full year.
But strong demand from medical marijuana patients as well as local and out-of-state consumers has far exceeded operators’ expectations and resulted in the kind of product shortages and higher wholesale prices experienced in other newly launched recreational markets.
In some areas of the state, particularly near the Kansas border, Missouri retailers are seeing foot traffic increase ninefold since expanding into recreational sales.
In southeastern Missouri, Illinois consumers are crossing the Mississippi River in droves for St. Louis cannabis that’s significantly cheaper than back home.
Even illicit marijuana feeding the market from neighboring Oklahoma hasn’t quelled demand in Missouri, leading to big spikes in wholesale flower prices and inventory shortages throughout the supply chain.
“There just isn’t enough bulk flower for the sort of demand that’s come into the market,” said Ben Burstein, strategy analyst at New York-based wholesale technology platform LeafLink.
“It’s one of the only markets in the country that you can actually say that demand is exceeding supply.”
It’s a stark contrast from other markets such as Massachusetts, Michigan and Oregon, where falling prices and a supply glut are challenging business viability.
Operators in Missouri are also avoiding overleveraging production and resources, a recipe that has led to a glut of product oversupply in markets such as California and Colorado.
With dozens of retailers and manufacturers buying bulk flower from only 50 cultivators – and most of them producing at less than half-capacity – the price of wholesale flower has skyrocketed the past few months.
According to LeafLink – which tracks nearly all wholesale volume in Missouri through its online marketplace – the price of bulk flower has doubled to $3,000 per pound since the launch of adult-use sales.
Meanwhile, the number of product stock-keeping units (SKUs) has dropped by two-thirds during that time. Bulk-flower availability is down nearly 79%, according to LeafLink data.
“It’s going to be a couple more months where you have these bulk shortages,” Burstein said.
Product and inventory shortages have followed the launch of recreational sales in several markets over the years, including California, Illinois and Washington state.
Despite the early hiccups, Missouri adult-use and MMJ retailers generated $126.2 million in sales in March, up nearly 23% over February.
Total marijuana sales in the state are projected to hit $1.3 billion in the first year ofrecreational retail, according to the 2023 MJBiz Factbook.
Cultivation production less than half-capacity
The crux of the problem in Missouri is cultivation underproduction.
Fifty of the state’s 67 licensed cultivators are operational, and growers are utilizing a little more than 15,000 square feet of canopy, half the allowance under Missouri law, according to state regulators.
“The square footage of flowering canopy space currently in use is 37% of the capacity of all 67 licensed cultivation facilities combined,” said Lisa Cox, spokesperson for the state’s Department of Health and Senior Services.
“Any product availability issues right now are due to the industry’s transition to adult use and not due to lack of cultivation capacity in Missouri.”
Lulls in expanding capacity stem partly from the circumstances of legalizing adult-use sales in November through a ballot measure. Operators, in most cases, waited for the results before adding capacity and now are playing catch-up.
A harvest typically takes three months to reach retail shelves.
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Greenlight Dispensary, one of the state’s few vertically integrated retailers, is utilizing the vast majority of its cultivation product within its own retail network.
The company started construction on a grow adjacent to its Kansas City operation that’s expected to conclude in mid-July, according to CEO John Mueller.
BeLeaf Medical, a vertically integrated retailer based in Earth City, is awaiting approvals to expand its cultivation to about 50% capacity.
“We’re going to have that product come to market around late Q2,” CEO Jason Nelson said.
Manufacturing woes
The flower shortage has led to a distillate shortage for manufacturers such as Clovr, the state’s largest producer with nearly 100% coverage across 196 stores in the market.
Before recreational sales, the Kansas City-based company had three months ofrecreational retail, according to the 2023 MJBiz Factbook.
Cultivation production less than half-capacity
The crux of the problem in Missouri is cultivation underproduction.
Fifty of the state’s 67 licensed cultivators are operational, and growers are utilizing a little more than 15,000 square feet of canopy, half the allowance under Missouri law, according to state regulators.
“The square footage of flowering canopy space currently in use is 37% of the capacity of all 67 licensed cultivation facilities combined,” said Lisa Cox, spokesperson for the state’s Department of Health and Senior Services.
“Any product availability issues right now are due to the industry’s transition to adult use and not due to lack of cultivation capacity in Missouri.”
Lulls in expanding capacity stem partly from the circumstances of legalizing adult-use sales in November through a ballot measure. Operators, in most cases, waited for the results before adding capacity and now are playing catch-up.
A harvest typically takes three months to reach retail shelves.
ADVERTISEMENT
Greenlight Dispensary, one of the state’s few vertically integrated retailers, is utilizing the vast majority of its cultivation product within its own retail network.
The company started construction on a grow adjacent to its Kansas City operation that’s expected to conclude in mid-July, according to CEO John Mueller.
BeLeaf Medical, a vertically integrated retailer based in Earth City, is awaiting approvals to expand its cultivation to about 50% capacity.
“We’re going to have that product come to market around late Q2,” CEO Jason Nelson said.
Manufacturing woes
The flower shortage has led to a distillate shortage for manufacturers such as Clovr, the state’s largest producer with nearly 100% coverage across 196 stores in the market.
Before recreational sales, the Kansas City-based company had three months of
recreational retail, according to the 2023 MJBiz Factbook.
Cultivation production less than half-capacity
The crux of the problem in Missouri is cultivation underproduction.
Fifty of the state’s 67 licensed cultivators are operational, and growers are utilizing a little more than 15,000 square feet of canopy, half the allowance under Missouri law, according to state regulators.
“The square footage of flowering canopy space currently in use is 37% of the capacity of all 67 licensed cultivation facilities combined,” said Lisa Cox, spokesperson for the state’s Department of Health and Senior Services.
“Any product availability issues right now are due to the industry’s transition to adult use and not due to lack of cultivation capacity in Missouri.”
Lulls in expanding capacity stem partly from the circumstances of legalizing adult-use sales in November through a ballot measure. Operators, in most cases, waited for the results before adding capacity and now are playing catch-up.
A harvest typically takes three months to reach retail shelves.
ADVERTISEMENT
Greenlight Dispensary, one of the state’s few vertically integrated retailers, is utilizing the vast majority of its cultivation product within its own retail network.
The company started construction on a grow adjacent to its Kansas City operation that’s expected to conclude in mid-July, according to CEO John Mueller.
BeLeaf Medical, a vertically integrated retailer based in Earth City, is awaiting approvals to expand its cultivation to about 50% capacity.
“We’re going to have that product come to market around late Q2,” CEO Jason Nelson said.
Manufacturing woes
The flower shortage has led to a distillate shortage for manufacturers such as Clovr, the state’s largest producer with nearly 100% coverage across 196 stores in the market.
Before recreational sales, the Kansas City-based company had three months of recreational retail, according to the 2023 MJBiz Factbook.
Cultivation production less than half-capacity
The crux of the problem in Missouri is cultivation underproduction.
Fifty of the state’s 67 licensed cultivators are operational, and growers are utilizing a little more than 15,000 square feet of canopy, half the allowance under Missouri law, according to state regulators.
“The square footage of flowering canopy space currently in use is 37% of the capacity of all 67 licensed cultivation facilities combined,” said Lisa Cox, spokesperson for the state’s Department of Health and Senior Services.
“Any product availability issues right now are due to the industry’s transition to adult use and not due to lack of cultivation capacity in Missouri.”
Lulls in expanding capacity stem partly from the circumstances of legalizing adult-use sales in November through a ballot measure. Operators, in most cases, waited for the results before adding capacity and now are playing catch-up.
A harvest typically takes three months to reach retail shelves.
Greenlight Dispensary, one of the state’s few vertically integrated retailers, is utilizing the vast majority of its cultivation product within its own retail network.
The company started construction on a grow adjacent to its Kansas City operation that’s expected to conclude in mid-July, according to CEO John Mueller.
BeLeaf Medical, a vertically integrated retailer based in Earth City, is awaiting approvals to expand its cultivation to about 50% capacity.
“We’re going to have that product come to market around late Q2,” CEO Jason Nelson said.
Manufacturing woes
The flower shortage has led to a distillate shortage for manufacturers such as Clovr, the state’s largest producer with nearly 100% coverage across 196 stores in the market.
Before recreational sales, the Kansas City-based company had three months of product inventory in its vault. After the launch, Clovr was operating at net zero inventory week-to-week, essentially keeping little or no material in stock.
“I probably missed out on about an additional 25% of sales,” said CEO Josh Mitchem, who’s beefed up staff, added a second shift and ordered specialty equipment to expand extraction capabilities.
“So that bottleneck will be resolved. I’m guessing that I’ll be able to start building some sort of back-stock inventory here within the next three weeks.”
The flower shortage has helped edibles brand Zen Cannabis attract new customers, but filling manufacturing positions has proved difficult at its facility outside Springfield.
“The biggest challenge has been employment and having enough personnel to keep up with the demand and extra shifts,” founder Jeremy Zachary said.
The company, which employs about 20 workers in two shifts, is prioritizing popular products such as gummies on its production line.
“We were able to stack some inventory or some raw materials because we knew there was a tidal wave coming,” Zachary said.
“We did as best we could. But I’d be lying to say that we didn’t have our own shortages.”
Border buyers
Retail product shortages vary across Missouri, but problems are more acute near the Kansas border, according to industry insiders.
“They’re still seeing nine times the amount of traffic they saw when it was medical,” Mitchem said.
“There are vertical groups that don’t even have enough flower for their own stores.”
A Greenlight outlet in the Kansas City area is drawing 80% of its visitors from Kansas, where marijuana remains illegal.
“It’s a big number, and a bunch of these border (retailers) are seeing similar situations,” Mueller said.
Missouri holds the rare distinction of bordering eight states, and only Illinois has recreational marijuana sales.
BeLeaf, which operates five Swade dispensaries in the St. Louis area, has been selling its Sinse Cannabis brand to retailers in western Missouri to satisfy demand.
“That volatility is not being consistently experienced across all operators,” Nelson said.
Turning the corner
While inventory shortages have driven up wholesale prices, retail product prices have gone up only about 10%, according to sales data and operators.
“I just don’t see much more than that,” Mueller said.
Price consistency is partly a reflection of the state’s low retail tax rate of 6%, which will increase another 3% in dozens of jurisdictions later this year after voters overwhelmingly approved cannabis tax hikes in an April 4 ballot measure.
The jury is out on when inventory shortages will dissipate.
Manufacturers will start turning the corner at the end of the month, Clovr’s Mitchem predicts.
“I think we’re still going to see some pain points through the beginning of summer,” Zen’s Zachary suggests.
And with April 20 only a few days away, the market will likely get another demand surge.
“April will be a big tell month,” Nelson said.
“It’s a cannabis holiday obviously, and these big events can tax inventory levels.”
Cannabis industry will add $100 billion to US economy in 2023,
MJBiz Factbook projects
By Andrew Long, Data Reporter
April 12, 2023
The total U.S. economic impact generated by cannabis sales is expected to top $100 billion in 2023, up more than 12% from last year, according to a fresh analysis from the newly published MJBiz Factbook.
Looking ahead, upward of $160 billion in additional spending will be added to the U.S economy in 2027, thanks to the opening and/or expansion of new recreational and medical markets in states such as New York, Maryland, Missouri and Kentucky.
To measure the industry’s economic impact, MJBizDaily analyzed similar industries, consulted with economists and applied a standard multiplier of 2.8 on projected recreational and medical marijuana retail sales.
The projections are a best estimate given the unique nature of the rapidly expanding marijuana industry, which is governed by a patchwork of state laws but remains illegal under federal law.
Marijuana businesses encompass a range of agricultural, manufacturing and retail operators as well as non-plant-touch ancillary companies such as lighting suppliers and law and accounting firms.
Top House Democrat And Republican Congressman File Bill To Prepare For Federal Marijuana Legalization
April 14, 2023
By Kyle Jaeger
The top House Democrat and a Republican lawmaker have refiled a bill to lay the groundwork for federal marijuana legalization.
Rep. Dave Joyce (R-OH) and House Minority Leader Hakeem Jeffries (D-NY) introduced the Preparing Regulators Effectively for a Post-Prohibition Adult-Use Regulated Environment Act (PREPARE) Act on Thursday.
The incremental reform would direct the attorney general to create a commission charged with making recommendations on a regulatory system for cannabis that models what’s currently in place for alcohol.
“With nearly every state adopting its own set of cannabis reforms, an end to federal cannabis prohibition is inevitable,” Joyce, co-chair of the Congressional Cannabis Caucus, said in a press release.
“Now is the time for the federal government to respect the will of our constituents and begin the conversation on fair and effective cannabis regulation,” he said. “The PREPARE Act will give lawmakers a bipartisan platform to legislate not only a fair and responsible end to prohibition but also a safer future for our communities.”
The prospects of comprehensive marijuana legalization advancing in the Republican-controlled House this session are questionable, but certain members have expressed confidence that modest reform could be achievable on a bipartisan basis. The PREPARE Act could represent an area of agreement to that end.
“Americans across the political spectrum recognize that now is the time for cannabis reform, and the federal government should be ready to embrace and lead this change,” Jeffries said. “Since the failed war on drugs began over 50 years ago, the prohibition of marijuana has ruined lives, families and communities—particularly communities of color.”
“The PREPARE Act is one of the bipartisan solutions that will lay the groundwork to finally right these wrongs in a way that advances public safety and boosts our economy,” he said. “I am grateful to Congressman Joyce for reintroducing this important bill and his leadership to help the federal government be ready for the inevitable end to cannabis prohibition.”
Marijuana Moment is tracking more than 1,000 cannabis, psychedelics and drug policy bills in state legislatures and Congress this year. Patreon supporters pledging at least $25/month get access to our interactive maps, charts and hearing calendar so they don’t miss any developments.
Learn more about our marijuana bill tracker and become a supporter on Patreon to get access.
—
While legalization legislation was introduced last Congress, with Democrats in control of both chambers plus the White House, they did not advance on the Senate side, with leadership acknowledging the challenge of meeting a 60-vote threshold with a narrow majority.
Advocates are also closely following for developments on a package of incremental reforms that’s expected to contain marijuana banking and expungements legislation. Efforts to push that through last session similarly stalled out.
The PREPARE Act, meanwhile, is mostly identical to the version the lawmakers filed last Congress, with some minor changes to the commission’s responsibilities and legislative appointments.
Here’s what the bill would accomplish:
Require the attorney general to establish a “Commission on the Federal Regulation of Cannabis” within 30 days of the bill’s enactment.
The commission would be responsible for studying federal and state regulatory models for alcohol and make recommendations about how they could inform marijuana regulations.
Among other things, the commission’s report must look at the impact of marijuana criminalization, particularly as it concerns minority, low-income and veteran communities.
The panel would also examine the “lack of consistent regulations for cannabis product safety, use and labeling requirements,” including those related to youth safety, as well as the “lack of guidance for cannabis crop production, sale, intrastate, interstate, and international trade.“
It would also need to make recommendations on how to remedy cannabis-related banking and research barriers as well as address measures to ensure the “successful coexistence of individual hemp and cannabis industries, including prevention of cross pollination of cannabis and hemp products.”
Members would further be mandated to study and make recommendations on “efficient cannabis revenue reporting and collecting, including efficient and tenable federal revenue frameworks.”
The panel would be required to issue a report to Congress within 12 months.
The bill was revised for the new Congress to make it so the commission would also have to look at “requirements to protect youth and reduce harms to youth” as part of its directive to assess the lack of consistent safety standards in marijuana regulations.
Another revision requires the House minority leader to appoint a commission member who is an “expert in the history of cannabis criminalization and the impact of criminalization on various communities, particularly minorities, medical patients, and veterans.”
Previously, the minority leader was tasked with appointing someone who was “medically licensed with substantial knowledge and demonstrated research into cannabis use and medical treatments.” That would instead be the majority leader’s responsibility under the amended bill, whereas the previous version would have had the majority leader appoint a medical cannabis patient or advocate, a role that is no longer contemplated under the new bill.
The commission would also include representatives of:
Department of Health and Human Services
Department of Justice
Department of Agriculture
Department of Veterans Affairs
Department of Interior
Department of Education
Department of Labor
Department of Commerce
National Institutes of Health
Alcohol and Tobacco Tax and Trade Bureau
Food and Drug Administration
Internal Revenue Service
Bureau of Alcohol, Tobacco, Firearms and Explosives
National Highway Traffic Safety Administration
Occupational Safety and Health Administration
National Institute of Standards and Technology
Small Business Administration
U.S. Trade Representative
It would also include a person formerly incarcerated for a non-violent cannabis use or possession crime, a substance use disorder prevention expert, a representative from a trade organization or nonprofit representing highly regulated adult goods and consumer package goods and two people who have worked to develop state-level regulatory systems.
Some of the appointments would be made by the attorney general, and others would come from congressional leaders. The bill also contains a stipulation that, “if after the commission is appointed there is a partisan imbalance of commission members, the congressional leaders of the political party with fewer members on the commission shall jointly name additional members to create partisan parity on the commission.”
“The PREPARE Act would ensure that Congress thoughtfully approaches regulating the rapidly growing legal consumer marketplaces at a time when a majority of Americans live in a state that has legalized adult-use cannabis,” Justin Strekal, founder of the BOWL PAC, said.
“With Congressional precedent to pass a bill to end prohibition and expunge prior marijuana charges, the biggest remaining unknown is how to properly and efficiently address labeling, advertising, public health concerns, and other post-prohibition regulatory aspects that have yet to be approached in a bipartisan way and this bill can be the vehicle to do just that,” he said.
(Disclosure: Strekal supports Marijuana Moment’s work through a monthly pledge on Patreon.)
Attorney General Merrick Garland, for his part, has repeatedly said that he doesn’t feel that intervening in states that have legalized cannabis is an appropriate use of Justice Department resources.
He said last month that the federal government is “still working on a marijuana policy” amid an ongoing administrative review into cannabis scheduling that President Joe Biden directed late last year.
On the Senate side, Majority Leader Chuck Schumer and colleagues have held early meetings with bipartisan members this session after failing to advance the so-called SAFE Plus package last year.
Here is a good laugh, LOL
Shaker is so upset about PVSP lower prices but why? I am BUYing a company that I like a lot, at a better price than what was available just a few weeks ago, why would anyone be mad about a better price? It was a good BUY at .0008 and it is even a better BUY at .0004, what a Tool the Shaker is
Shaker777
Apr 14, 2023 9:04 PM
$PVSP Where are the pumpers who said it's a good buy @ .0008?
It's a dilution scam as i told you one year ago
They will continue to sell shares at lower priced to pay a $100 electricity bill
2023 will go same way as year 2024
Market is fedup with their scam and they will never succeed in regaining market trust.
Plus you are getting a quadrupling of PVSP
Most are not even paying attention to the PVSP shares but in effect common stock shareholders are going from 15% ownership to 80% and the remaining 20% will be used for capital raising activities or acquisitions where and when appropriate.
Tremendous deal for current shareholders!!
Pervasip’s common shareholders of record on the record date of the spin-out transaction.
Artizen Spin-Out
To that end, we previously announced Pervasip’s plan to distribute 100% of its equity in Artizen to Pervasip’s shareholders, and thereby enable Artizen to commence trading as a separate public company with an initial listing on OTCQB. Critically, and in contrast to Pervasip’s current capital structure, the structure of the spin-out transaction will not include convertible securities of any kind, and it will result in Artizen having 100,000,000 fully diluted issued and outstanding common shares upon completion. 15,000,000 of those shares will be distributed to Pervasip’s common shareholders of record on the record date of the spin-out transaction. The remaining 85,000,000 shares will be issued to Pervasip’s preferred shareholders of record as of the same date. As previously stated, we believe that a properly capitalized Artizen has the potential to justify a current valuation of more than $50 million without accounting for growth. And we strongly believe that the Pervasip spin-out transaction will finally give us the ability to access and leverage a fair valuation to raise long-term growth capital on shareholder friendly terms.
We are extremely excited by the potential of that transaction to position Artizen for significant growth while simultaneously giving all Pervasip common shareholders more than a “double” on their current positions in Pervasip. That “doubling” prospect is extremely important to us, and we have several surprises planned to facilitate and amplify that result.