Pervasip - PVSP STOCK NEWS

Pervasip Corp. reports 2023 revenues of $15.8 million, with a gross profit of $4.9 million and improved gross margins of 31%. The company achieved stable revenues amidst market challenges, with an operating loss of ($460,037) and positive cashflow of $409,507. Income tax liabilities increased due to improved gross profit. The company is restructuring debt and preparing to spin out its cannabis assets.

Pervasip Corp. announces the restructuring of its cannabis operations to focus on the emerging psychedelic therapy market. The company plans to develop and commercialize new therapies for mental health disorders, leveraging its existing expertise and resources. This strategic shift is aimed at capitalizing on the growing demand for alternative mental health treatments and diversifying the company's portfolio.

Pervasip Corp. successfully completes a comprehensive financial audit for fiscal years ending November 30, 2022 and 2021, reaffirming commitment to financial integrity and transparency. Key findings include full compliance with GAAP, accurate financial reporting, and strong internal controls. The company plans to restructure some subsidiaries to improve balance sheet health in preparation for the spin out of cannabis assets to its shareholders.

Pervasip Corp. and its subsidiary, Artizen Corporation, have announced the filing of unaudited financial statements for Q3 2023. Key highlights include a 60% gross margin improvement, a 1,131% increase in operating income, and slight revenue growth. Cost of goods and services decreased by approximately 12.6% for the 9-month period, and gross profit increased by $1,210,141. EBITDA improved from 7.2% to 10.3%. The company also entered the Oregon market and terminated the brand licensing and acquisition for the Slurped syrup product line.

Pervasip Corp. achieves break-even net income and operating cash in Q2 2023 compared to losses in 2022. SG&A down by $476,308. EBIDTA grows 437% to about $726,000. Gross margins improve to 35.11% in Q2 2023. Company enters Oregon market and establishes Artizen Nano LLC.

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.