RYE BROOK, N.Y. — Pervasip Corp. (OTCPK: PVSP) (“Pervasip” or the “Company”), a developer of companies and technologies in high value emerging markets, and Zen Asset Management, owners of the Artizen brand (jointly referred to as “Artizen”) today announced that it has formed a strategic relationship with Canada based Freedom Cannabis to pursue mutually beneficial business opportunities.
The strategic relationship will see the two companies collaborate on areas of mutual benefit, including co-branding and sharing intellectual property. The two companies entered into the relationship after signing a non-binding Letter of Intent that forms the basis of the agreement.
“Freedom and its management team have an impressive foundation for growth, and we are pleased to enter into this relationship, maximizing each other’s potential, especially at a time when we are expanding Artizen across the United States. Building on the recognition of Artizen as the 9th largest independent cannabis flower brand in the US, Freedom is the perfect strategic partner to both accelerate our growth and enter the Canadian market,” said German Burtscher, Pervasip’s President and Chief Executive Officer.
The strategic relationship is beneficial to both companies as they build brand awareness in their respective markets. The cannabis companies are licensed producers and managers of premier brands and are quickly gaining market share in both Canada and the US. The LOI also contemplates a potential joint venture between the two companies for Artizen branded product to be grown at the Freedom facility located just outside of Edmonton, Alberta. This would include licensing of the Artizen brand in Canada and Freedom licensing its brand to Artizen in the US.
“For Freedom Cannabis, this is a very important step forward,” explained Freedom Cannabis CEO, JohnFrank Potestio. “This provides our company with a very important foothold in the US market that can be developed even further as our two companies begin to collaborate.”
The two companies will also explore a potential merger in the future, depending on market conditions and regulatory approvals, that would significantly increase market share in North America. A potential merger would be dependent on due diligence by both parties, Freedom Cannabis pursuing a public offering in Canada, and legalization of cannabis at the federal level in the US.
“We are very pleased to have formed 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. This provides a significant opportunity for Freedom to access the US market while continuing to build its brand in Canada.”
Pervasip Corp., a developer of companies and technologies in high value emerging markets, owns 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. ZAM’s existing clients operate four licensed cannabis cultivation and one processing facility in Washington. Most of the biomass produced by these independent cultivators has been sold historically under the Artizen™ brand, including all-time top selling products in flower in Washington state. Additional information on Artizen-branded products is available online at www.artizencannabis.com. Pervasip additionally owns 5% of KRTL Biotech, Inc., a developer of biotechnologies with a focus on pharmaceutical applications of cannabinol and psilocybin. Additional information on KRTL is available online at www.krtlbiotech.com. Additional information on Pervasip can be found at www.pervasip.net.
Freedom Cannabis is an Edmonton, Alberta based licensed producer of premier quality cannabis. The Company is vertically integrated, including cannabis production, tolling services, packaging, and retail sales throughout Canada. Freedom Cannabis operates a 127,000 square foot facility that includes the largest solar installation for any cannabis company in North America. The Company lives by its core values, which is reflected in its high-quality production of cannabis flower. We Grow People! Producing Amazing Cannabis! Changing Lives Additional information on Freedom Cannabis can be found at www.freedomcannabis.com
This news release contains statements and information that, to the extent that they are not historical fact, may constitute “forward-looking information” within the meaning of applicable securities legislation. Forward-looking information may include financial and other projections, as well as statements regarding future plans, objectives, or economic performance, or the assumption underlying any of the foregoing. In some cases, forward-looking statements can be identified by terms such as may, would, could, will, likely, except, anticipate, believe, intend, plan, forecast, project, estimate, outlook, or the negative thereof or other similar expressions concerning matters that are not historical facts. Examples of such statements include, but are not limited to, statements with respect to the objectives and business plans of the Company; ability to realize benefits from its recent corporate appointments; ability to retain its key personnel; the intention to grow the Company’s business and operations; the competitive conditions of the industries in which the Company operates; and laws and any amendments thereto applicable to the Company. Forward-looking information is based on the assumptions, estimates, analysis, and opinions of management made in light of its experience and its perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances at the date that such statements are made, but which may prove to be incorrect. The material factors and assumptions used to develop the forward-looking information contained in this news release include, but are not limited to, key personnel and qualified employees continuing their involvement with the Company; and the Company’s ability to secure financing on reasonable terms. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information, including, without limitation, risks relating to the future business plans of the Company; risks that the Company will not be able to retain its key personnel; risks that the Company will not be able to secure financing on reasonable terms or at all, as well as all of the other risks as described in the Company’s periodic disclosure statements. Accordingly, readers should not place undue reliance on any such forward-looking information. Further, any forward-looking information speaks only as of the date on which such statement is made. New factors emerge from time to time, and it is not possible for the Company’s management to predict all of such factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. The Company does not undertake any obligation to update any forward-looking information to reflect information or events after the date on which it is made or to reflect the occurrence of unanticipated events, except as required by law, including securities laws.
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