Pervasip Converts $15M Debt, Moves Toward Profitability With Cannabis Spin-Off
Pervasip Corp. (OTCPK: PVSP) is restructuring its cannabis operations to convert about $15 million in debt into 15% of a newly formed subsidiary.
What Happened: The move represents a preliminary step in the company’s plan to separate the new subsidiary into an independent public entity, listed on the OTCQB market.
It is designed to streamline operations and strengthen the company’s financial footing. A key aspect of the restructuring is converting over 80% of Pervasip’s debt into equity in the new cannabis-focused entity.
The Seattle, Washington-based company also announced a strategic transition away from non-productive assets, focusing exclusively on higher-margin branded product sales in all of …