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Pervasip Corp. (OTCPK: PVSP) reported its unaudited financial statements for Q1 ending February 28, 2022. The company achieved a positive EBITDA of $124,221 and a gross margin of 39%, compared to a negative EBITDA of ($649,831) and gross margin of 23% in Q1 2021. Revenue rose by 2.4% to $3,824,553, demonstrating resilience amid a post-pandemic market. The net loss decreased to $(103,788) from $(582,882) last year, adjusting for one-time expenses. The restructuring led to over $1 million in saved operating costs and has positioned the company for future growth, particularly in cannabis cultivation.
Pervasip Corp. (OTC: PVSP) has announced a strategic partnership with Full Spectrum Advisors (FSA) to enhance cannabis cultivation and increase revenue. This collaboration aims to upgrade facilities, improve harvest yields, and expand genetic diversity, leveraging FSA's extensive experience in the cannabis industry. Pervasip's CEO believes the partnership will unlock significant revenue opportunities in Washington State and beyond, particularly as the Artizen brand grows in other cannabis markets.
Pervasip Corp. (PVSP) reported 2021 revenues of $17.1 million following its acquisition of Artizen Corporation. The acquisition, effective September 1, 2021, allows Pervasip to manage multiple licensed cultivation facilities in Washington. Artizen-branded products have achieved significant sales milestones, with total wholesale sales exceeding $86 million since 2015. The company aims to expand operations, with a projected increase in total sales to over $30 million per year after completing a new cultivation facility. Pervasip has also secured $2.5 million in non-dilutive financing to enhance its operations.