Seattle, April 19, 2023 — 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 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