Seattle, April 19, 2023 (GLOBE NEWSWIRE) -- Pervasip Corp. (OTCPK: PVSP) (“Pervasip” or the “Company”), a developer of companies and technologies in high value emerging markets, and its wholly owned subsidiary, Artizen Corporation, today announced its expansion into the Oregon recreational cannabis market.
The Oregon cannabis market has seen tremendous growth over the past few years with sales reaching $1.1 billion in 2021. The state is home to more than 1,300 licensed cannabis businesses including growers, processors, dispensaries, and labs. The market presents a significant opportunity for Artizen to expand its business and offer its services to a growing customer base.
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. The company strongly values the geographically situated area, located half-way between Washington and California, as beneficial for any future interstate operation. Working with local partners, Artizen has been developing a plan for several months for growing and distributing its well-known products.
“With this expansion into Oregon, we are one step closer to developing a material foothold in the world’s largest cannabis market, by bridging Washington State via Oregon into California as the final of a three-state market strategy. Announcements regarding California will be forthcoming soon,” said German Burtscher, Pervasip’s president and Chief Executive Officer. “This three-state market today generates $6.5B annually in retail sales. And while both Washington and Oregon are mature markets, California retail penetration is only at 25% of its projected future size.”
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.
Pervasip Corporation
Pervasip Corp., 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 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 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:
Investor Relations: PACIFIC CAPITAL MARKETS LLC
Investor Contact(s): Drew S. Phillips & Colin Gibson
Contact phone: 858.308.5835 pacificcapitalmarketsllc@gmail.com
