SAN DIEGO, April 30, 2019 (GLOBE NEWSWIRE) -- Driven Deliveries, Inc., (DRVD), the world’s first and only publicly traded cannabis delivery company, announced today that the company has entered into a non-binding Letter of Intent to acquire Ganjarunner, Inc.
Ganjarunner has shown continuous revenue growth since its inception. Since May of 2018 Ganjarunner has fulfilled over 17,000 deliveries to more than 6,000 customers and has experienced revenue growth of 54% to $2.6 million. Ganjarunner is rapidly expanding its existing customer base of over 10,800 customers and by adding over 1,300 new customers in Q1 CY2019 alone. Ganjarunner adds a solid revenue foundation to Driven as over 82% of Ganjarunner’s current business is from derived from repeat customers. In addition to adding accreditive revenue growth and an existing customer base, the transaction will significantly expand Driven's next day delivery network and service area along with Ganjarunner's California cannabis delivery license.
“Management is confident that this paradigm-shifting acquisition with Ganjarunner, a trusted brand within the legal cannabis delivery market, will significantly enhance our commercial standing throughout the rapidly emerging California space,” said Mr. Brian Hayek, President of Driven Deliveries, Inc. “This acquisition will provide us with a stable revenue base from which we can continue to grow our revolutionary cannabis delivery platform. Driven will continue to target similar acquisition candidates which we believe to be accretive to our business and provide our partners and us with strategic advantages in this industry.”
California is officially the first and only state to legalize home delivery service across all municipalities. According to the Times-Standard. With nearly 40 million residents and more than a million medical marijuana patients, California's market represents about a third of the North American cannabis market. The state’s cannabis market is expected to exceed $5.1 billion market value in the next year after legalizing its recreational use on January 1, 2018.
"Unifying our resources allows Ganjarunner to rapidly expand within California and enter into new markets while continuing to deliver service excellence to all of our existing and future customers," said Ms. Carla Baumgartner, Founder of Ganjarunner. "The synergy among both management teams, our combined experience, shared technologies and combined licenses puts us in a strong position to be the preferred choice within the cannabis delivery market."
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.