Pervasip Announces 330% Growth in Wholesale Division
Seattle, Washington--(Newsfile Corp. - January 18, 2022) - Pervasip Corp. (OTC Pink: PVSP) ("Pervasip" or the "Company"), a developer of companies and technologies in high value emerging markets today announced that wholesale sales have grown 330% year over year to $3.9 million.
As Pervasip recently announced, several exciting accomplishments and initiatives will be shared over the next few months, and wholesale growth is one of the keystone initiatives that has been successfully executed over the past months. On the heels of announcing a $2.5 million non-dilutive investment to build out additional state of the art cultivation, the wholesale division will be a material go to market channel for overstock as well as selected contract grow products.
Pervasip's newly created wholesale division is poised for continuing growth in 2022, and has become an important go to market channel for various independent cultivation partners that the Pervasip group of companies is servicing. "The wholesale team has worked with hundreds of Washington growers and processors since 2014," said German Burtscher, the Company's president and chief executive officer. "Our network of industry partners and competitors has been ready for a more organized effort in this arena. We are turning this opportunity into a wholesale market, managed by our wholesale group where buyers and sellers can easily exchange inventory information and execute purchases."
Burtscher continued: "We estimate growth in the new wholesale division will reach $12 million in annualized revenues within a year. Doing so would increase our total sales to more than $30 million when taken with the $6 million annualized from our recently announced client facility expansion, before the impact of acquisitions or other pending initiatives for 2022. We are focused on realistic initiatives that will lead to material increases in harvest yields and quality for our independent cultivators, and provide an opportunity to diversify our revenues. Wholesale will be key to our longterm success."
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.
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.
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T: 206-590-2408, Extension 102
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