$PVSP Key Highlights
Instead of focusing on a rollout of licensed Dabs and Vape4Less brands, the Company pursued an outright acquisition of those brands plus others, achieving more beneficial long-term value but not yet realizing respective revenue gains as indicated earlier.
Q3 shows margin improvement over Q2 as higher margin brands and products are coming online, a trend that will continue into Q4 2022.
The Company continues to pursue additional operational, financial, and legal restructuring to further clean and strengthen its balance sheet.
While expensive, the Company will continue to seek capital from available equity or debt sources.
The cannabis market on the Westcoast continues to see a dramatic post-pandemic retraction, creating a challenging environment for all producers, processors, and retailers. With an almost 18% contraction in retail revenues, massive oversupply, sustained downward price pressure and increasing costs, the industry is still months away from a recovery, although the bottom for pricing seems to have been reached.