Share return creates shareholder value and primes company for expansion
LOS ANGELES, Oct. 15, 2019 /PRNewswire/ -- Driven Deliveries, Inc. (the "Company" or Driven) (DRVD), California's fastest growing online cannabis retailers and direct to consumer delivery company, is pleased to announce the return of 12,272,616 shares of outstanding common stock to the Company's treasury.
The Company is pleased to announce it has completed all necessary action to return 12,272,616 Common Shares --originally held by past founders-- to the treasury. As a result of the return to treasury, effective October 15, 2019, the Company will have 42,083,024 shares of common stock and 0 shares of preferred stock issued and outstanding.
Driven is rapidly growing its online retail and home delivery business with contributions coming from Ganjarunner, Mountain High and GanjaBudee. The company has also seen momentum in its Fulfilled by Ganjarunner service; a brand to consumer offering as well as Weedwaves the company's mobile app for cannabis enthusiasts.
"All three retail platforms are contributing revenue growth and creating operational efficiencies for the parent company. In addition to securing Driven's future, the company's focus is on creating both short- and long-term value for our shareholders," stated Brian Hayek, Driven's Founder and President. "With the technology and critical mass initiatives under our belts, our focus is now on economically scaling our operations to secure Driven's place in the cannabis sector as the primary e-commerce solution and direct to consumer provider. By simultaneously improving our public company structure, we are ensuring operations and revenue can continue to grow unimpeded."
"We believe this restructuring allows us to build shareholder value and progress towards achieving our 2019 and 2020 initiatives," added Christian Schenk, CEO of Driven.
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 e-commerce solutions, online sales, on-demand cannabis delivery, in select cities where allowed by law. Driven offers legal cannabis consumers the ability to purchase and receive their marijuana in a fast and convenient manner. By 2020, legitimate 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 serve the needs of the emerging cannabis industry best 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.
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 we will achieve these plans, objectives, expectations or intentions. 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.
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