Pervasip Corp. PVSP and its wholly owned subsidiary, Artizen Corporation, announced its expansion into the Oregon recreational cannabis market.
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 grow and processing facility in Ashland, an agricultural center in southern Oregon. 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,” stated German Burtscher, Pervasip’s president and CEO. “This three-state market today generates $6.5 billion 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.
Photo by Esteban López on Unsplash
Related News
Pervasip Reports 2022 Revenue Of $15.8M From Artizen Corporation
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
The Benzinga Cannabis Capital Conference is coming to Florida
The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world.
Get your tickets now on bzcannabis.com – Prices will increase very soon!