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SAN DIEGO, Aug. 27, 2019 (GLOBE NEWSWIRE) -- Driven Deliveries Inc. (DRVD), the online cannabis sales platform, marketing and home delivery leader announced today that it has executed a Letter of Intent to acquire Budee (www.budee.org), the Oakland-based online cannabis retailers. Upon integration, the deal will increase Driven’s revenue run-rate in excess of $18 million on an annual basis, making it the largest licensed online retailer in California.
The acquisition will translate into a massive competitive advantage for Driven, bringing its annual deliveries to more than 175,000 and will dramatically increase its recurring customer count to more than 90,000 users. The Company now has more than 150 daily routes operating across California and will increase dynamic, 90 minute service areas to include the Bay area as well as LA and San Diego.
“This transaction is another example of how Driven and its employees are changing the way cannabis is purchased and delivered,” said Mr. Christian Schenk, CEO of Driven Deliveries. “Our clients recognize our ability to maintain competitive prices, while providing great selection and excellent service. Driven will continue to deliver on this promise and the addition of the Budee team helps us expand that value to more markets and more people. Management is thrilled to have established ourselves as the market leader in online cannabis retail throughout California, and we expect to continue our growth throughout the state and beyond.”
“We are excited to be a part of the Driven group of companies and look forward to providing our clients with increased service options, products and scale,” said Mr. Sal Villanueva, owner and CEO of Budee Inc.
Budee will bring another 25+ cannabis brands to the Driven portfolio providing more variety and options to its combined audiences. The organizations will merge portions of its operations to drive further efficiency and scale in markets where licensed facilities can be integrated.
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that these plans, objectives, expectations or intentions will be achieved. Forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results to differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the Company's filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
Driven Deliveries, Inc. is the first publicly traded cannabis delivery service operating within the United States. Founded by experienced technology and cannabis executives, the Company provides on-demand marijuana delivery, in select cities where allowed by law. Driven provides the legal cannabis consumers the ability to purchase and receive their marijuana in a fast and convenient manner. By 2020, legal cannabis revenue in the U.S. market is projected to hit $23 billion. In leveraging consumer trends, and offering a proprietary, turnkey delivery system to its customers, management believes it is uniquely positioned to best serve the needs of the emerging cannabis industry and capture notable market share within the sector. For more information, please visit www.DRVD.com and review Driven’s filings with the U.S. Securities and Exchange Commission.
Brian Hayek, President
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