The transaction significantly bolsters Driven’s Brand-to-Consumer delivery and will expand the Ganjarunner brand throughout California
SAN DIEGO, June 25, 2019 (GLOBE NEWSWIRE) -- Driven Deliveries, Inc., (DRVD), the world’s first publicly traded cannabis delivery company, announced today that the company has completed the acquisition of Ganjarunner, Inc., a cannabis delivery company that provides high-quality lab-tested, pesticide-free medicinal and recreational products throughout California.
In addition to growing Ganjarunner’s customer base, the acquisition of Ganjarunner will allow for Driven to leverage its brand-to-consumer model across virtually the entire state of California. The subsidiary will provide Driven with multiple fulfillment centers, an additional delivery license in California, and a unique technology platform that will allow for improved efficiency. Ganjarunner has shown continuous revenue growth since its inception. During the previous 12 months, the Ganjarunner, Inc. successfully completed 18,854 deliveries to more than 7,748 customers and has experienced year over year revenue growth of 49.3%. As an subsidiary of Driven, Ganjarunner is projected to reach to $4.1 million in revenue by the end of 2019.
“The acquisition and integration of Ganjarunner is a vital step in establishing ourselves as a market leader within the rapidly expanding California cannabis marketplace,” said, Mr. Christian Schenk. “This acquisition provides us meaningful topline growth and establishes a platform capable of supporting significant expansion. We believe we are well-positioned to establish ourselves as a market leader within the $5 billion California cannabis market. Driven has already identified similarly accretive targets which we believe would further expand our operating footprint. We expect 2019 to continue to serve as an exciting time for Driven as we remain focused on increasing revenue, expanding margins and enhancing overall shareholder value.”
"We are pleased to officially announce Ganjarunner, Inc. and Driven will operate as one,” stated, Mr. Chris Haas, CEO of Ganjarunner. “The Ganjarunner management team is staying with the combined company as we are believers in the growth of Driven and Ganjarunner. Our integration is fully underway with a key focus on our logistics and IT infrastructure. This merger enables us to expand into new delivery markets while remaining a leader in the customer-centric, cannabis delivery industry."
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 only 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 https://GoDriven.com/ and review Driven’s filings with the U.S. Securities and Exchange Commission.
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