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Pervasip Corp. (OTCPK: PVSP) is expanding into the Oregon recreational cannabis market through its subsidiary, Artizen Corporation. The Oregon cannabis industry generated $1.1 billion in sales in 2021 and hosts over 1,300 licensed cannabis businesses. Artizen will establish a wholly owned subsidiary, Artizen Oregon, operating a grow and processing facility in Ashland. This strategic location will facilitate potential future interstate operations. The company aims to harvest and distribute products by late summer 2023 with an initial production capacity limited to 280 lights. Pervasip's broader strategy includes connecting markets in Washington, Oregon, and California, which together generate approximately $6.5 billion in annual retail sales.
Pervasip Corp. (PVSP) announced its Q1 financial results for the period ending February 28, 2023. Key highlights include the transformation of its cultivation facility, resulting in a monthly profit of $25,000. The company successfully reduced its weekly debt repayments from $40,625 to $33,224, enabling nearly $30,000 in additional funds for operations. Despite a 4.9% sequential decline in revenue, SGA expenses decreased by 24%, indicating ongoing restructuring efforts. Furthermore, inventory values dropped by 43% YOY. While retail gross margins fell due to competitive pressures, wholesale margins improved by 9.5%. Looking ahead, Pervasip anticipates market strengthening in Q2, driven by decreasing bulk flower supply.