Pervasip Reports 2022 Revenue Of $15.8M From Artizen Corporation

Pervasip Corp. PVSP released its unaudited financial statements for its fiscal years ended November 30, 2022, and November 30, 2021.

Key Highlights

• Wholesale sales increased in volume by 65.1% with an additional margin capture of 31.6% based on management’s margin improvement measures, while retail sales decreased due to market price pressure resulting in reduced sales volume by 7.3% and $15.8 million in overall sales for the year.

• Gross revenues were comprised of retail sales that decreased by 6.8% with 37.5% in gross margin, and wholesale sales that increased by 65.1% with materially lower margins depressing aggregate gross profit for the year.

• Gross profit for the year was $3.5 million, including the impact of one-time inventory and other adjustments.

• The company closed a $1.5 million non-dilutive credit facility to enhance working capital and weather 2022's priced compressed market conditions in WA State.

“We increased yields and margins during an otherwise challenging year as the Washington market experienced a painful but necessary market correction,” staed German Burtscher, Pervasip’s president and CEO. “Retail sales dropped materially since the pandemic high in August of 2021, and a substantial number of producer/processors have closed their doors. It’s a testament to our team and the strength of our premier Artizen and other brands that we weathered that storm. Prices are expected to stabilize over the coming months as the market transitions to increased consolidation to enable additional efficiencies. We have been waiting for that transition and we are positioning ourselves specifically to take advantage of local acquisitions and similar growth opportunities in other states.”

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