Pervasip Q3 Revenue Grows 17% Sequentially, Here Are The Details

Pervasip Corp. PVSP Q3 2022 revenue was $4.3 million, a 17% increase compared to $3.7 million in Q2 2022. Gross profit was $1.4 million, a 718% increase compared to $170,339 in Q2 2022.

“Q3 2022 shows material signs of improvement over Q2 2022 reflecting our ongoing operational focus. As stated before, we continue to pursue our strategic goals even during these difficult market conditions as evidenced by our recent agreements on terms for the acquisition of the Emerald City Cultivation and Dabco brands. Our operational and financial focus on rationalizing our business, shedding underperforming assets, and increasing production yields by our independent cultivators continues to proceed and have allowed us to continue with additional market share capture. Investing in cannabis is not for the faint of heart and we believe we are building a solid foundation for years to come which takes time, patience, and relentless focus on fundamentals. In an industry that does not have access to traditional financing, our options are limited and expensive,” stated German Burtscher, Pervasip’s CEO.

“We slowed the rollout of our new concentrate brands which we licensed for Q3 deployment and instead focused on an outright acquisition as the opportunity became available. That resulted in not meeting the forecasted revenue from the new product lineup for Q3. We are also pursuing a conservative approach to working within the complicated tax environment our industry is confronted with. Ongoing work in support of the audit process and a recent court ruling that impacts the cannabis industry caused us to change our estimates for tax liability dating back to prior periods 2017 – 2020, which we booked in Q3,” concluded Burtscher.

Photo by Giorgio Trovato on Unsplash

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