2022-05-13 | OTCPK:PVSP | Press release
RYE BROOK, NY, May 13, 2022 (GLOBE NEWSWIRE) — Pervasip Corp. (OTCPK: PVSP) (“Pervasip” or the “” Company), a developer of high-value emerging markets businesses and technologies, and Zen Asset Management, owners of the Artizen brand (commonly referred to as “Artizen””) announced today that it has formed a strategic relationship with Canadian company Freedom Cannabis to pursue mutually beneficial business opportunities.
The strategic relationship will see the two companies collaborate in areas of mutual interest, including co-branding and sharing intellectual property. The two companies entered into the relationship after signing a non-binding letter of intent which forms the basis of the agreement.
“Freedom and its leadership team have an impressive growth base, and we are excited to enter this relationship, maximizing everyone’s potential, especially as we expand Artizen across the United States. Building on Artizen’s recognition as the 9th largest independent cannabis flower brand in the United States, Freedom is the ideal strategic partner to both accelerate our growth and enter the Canadian market,” said German Burtscher, President and CEO of Pervasip.
The strategic relationship is beneficial to both companies as they build brand awareness in their respective markets. Cannabis companies are leading licensed producers and brand managers and are rapidly gaining market share in Canada and the United States. The letter of intent also contemplates a potential joint venture between the two companies to have the Artizen-branded product grown at the Freedom facility located just outside of Edmonton, Alberta. This would include licensing the Artizen brand in Canada and licensing its Freedom brand to Artizen in the United States.
“For Freedom Cannabis, this is a very important step forward,” explained Freedom Cannabis CEO John Frank Potestio. as our two companies begin to collaborate.”
The two companies will also explore a possible merger in the future, depending on market conditions and regulatory approvals, which would significantly increase their market share in North America. A potential merger would depend on the due diligence of both parties, Freedom Cannabis pursuing a public offering in Canada, and federal legalization of cannabis in the United States.
“We are very pleased to have entered into a working relationship with Artizen,” explained JohnFrank Potestio. “Artizen shares the same values as Freedom Cannabis and is dedicated to becoming one of the leading brands in North America. Freedom has a significant opportunity to access the US market while continuing to build its brand in Canada.”
Pervasip Corp., a developer of high-value emerging markets businesses and technologies, owns Artizen Corporation and its subsidiary, Zen Asset Management LLC, a diversified asset management firm founded to acquire, grow and support businesses and technologies in the cannabis industry. Existing ZAM customers operate four licensed cannabis cultivation facilities and one processing facility in Washington. Most of the biomass produced by these independent growers has historically been sold under the Artizen™ brand, including Washington State’s all-time best-selling blooming products. Additional information about Artizen branded products is available online at www.artizencannabis.com. Pervasip also owns 5% of KRTL Biotech, Inc., a biotechnology developer focused on the pharmaceutical applications of cannabinol and psilocybin. Additional information about KRTL is available online at www.krtlbiotech.com. Additional information about Pervasip is available at www.pervasip.net.
Freedom Cannabis is a licensed producer of premium cannabis based in Edmonton, Alberta. The company is vertically integrated, including cannabis production, toll services, packaging and retail sales across Canada. Freedom Cannabis operates a 127,000 square foot facility that includes the largest solar facility of any cannabis company in North America. The company lives by its core values, which are reflected in its high quality production of cannabis flower. We cultivate people! Produce amazing cannabis! Changing Lives Additional information about Freedom Cannabis is available at www.freedomcannabis.com
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