Pervasip Corp. (OTCMKTS:PVSP) Stock In Focus After Recent Development
Pervasip Corp. (OTCMKTS:PVSP) is the owner of 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. Zen Asset Management has clients operating four licensed cannabis cultivation and one processing facility in Washington.
Market Stats
On Thursday, PVSP stock moved up 6.25% to $0.0017 with more than 19.80 million shares, compared to its average volume of 12.89 million shares. The stock moved within a range of $0.0015 – 0.0017 after opening trading at $0.0016.
Restructuring Leading to $500,000 in Annual Cost Savings Plus New Customer Contracts
Pervasip Corp., along with Zen Asset Management (ZAM), announced on August 04, 2022, about continuing to successfully restructure various aspects of its business and even launching new contract supply arrangements for a major national brand.
The objective for ZAM is to minimize costs and gain efficiencies across all businesses. Aligning with this goal, the management team has aggressively restructured several aspects of the business, from real estate to cultivation operations. Numerous changes have been implemented in the last 60 days, which are adding upwards of $500,000 in annual direct positive contribution to its bottom line.
Artizen Group, one of the independent cultivators supported by ZAM, also launched its first contractual supply arrangement, and delivered top shelf quality flower to one of the more well-known national craft cannabis brands. This is excellent news for cannabis connoisseurs, because it is a best-selling small batch top shelf brand. Vital announcements will be made, which follow through on one of the other major initiatives outlined in the January 2022 Shareholder letter.
The Covid-19 pandemic has wreaked havoc on most industries, and the cannabis market on the west has felt its impact as well. It is facing issues such as post Covid dip, massive oversupply, and egregious tax and state by state rules. That is why brands like Artizen with its well-oiled distribution, top notch management teams and healthy, transparent financial structures, will emerge victorious in this sector.
Artizen Successfully Launched New Product Line
Pervasip Corp., together with ZAM had announced on July 28, 2022, that its collaboration with BGGTG successfully launched the first of several new brands. By using Artizen biomass grown by independent cultivators, this new partnership has resulted in production of premium grade products manufactured by its independent laboratories and expanding sales of new Dabs4Less and Vape4Less brands.
Depending upon initial success, both partners have agreed to consider more product lines, while expanding the initially contemplated alliance. Yields are promising in all gardens, so it is a fabulous opportunity to expand into new product categories and gain additional market share. Combined with a new flower brand being in development and set for launch in September, broadening the concentrates and vape offering, and expanding its stable of brands, efforts are being made to boost sales and marketing capabilities and resources.
Traders Corner
PVSP stock is trading above the 20-Day and 50-Day Moving averages of $0.0016 and $0.0017. However, the stock is trading below the 200-Day moving average of $0.0025.