SAN DIEGO, May 09, 2019 (GLOBE NEWSWIRE) -- Driven Deliveries, Inc., (OTC:DRVD), the first and only cannabis delivery company to be publicly traded on a United States exchange, announced today that the company has received licenses to sell and deliver cannabis from California City, California.
The two awarded licenses allow Driven to operate both a storefront and a delivery operation in California City, extending its cannabis delivery service to more than 13,000,000 residents in Southern California, including California City, Los Angeles, Bakersfield and several additional nearby cities.
These licenses are strategic assets for the company as it strives to aggressively capture market share in the brand-to-consumer cannabis delivery market - focusing on serving the most hard-to-reach areas as well as busy urban centers. Combined with the previously announced Ganjarunner acquisition, Driven Deliveries is primed to provide legal cannabis delivery to more than 92 percent of the population of California.
California represents the world’s largest legal cannabis market. By combining the new California City cannabis licenses with the previously announced Ganjarunner acquisition, Driven Deliveries can now supply legal cannabis and to more than 92 percent of the population of the state of California. A recent report from Arcview Market Research and BDS Analytics estimated that spending growth on legal cannabis will increase in 2019 reaching approximately $17 billion worldwide, and ballooning to $31.3 billion in 2022.
“We are pleased to be awarded both the retail and delivery licenses by the City of California City, and eager to expand our cannabis delivery operations within this rapidly growing marketplace,” said Mr. Brian Hayek, President of Driven Deliveries, Inc. “These licenses, combined with our Ganjarunner acquisition is proof of our ability to execute on our strategic plan by establishing and expanding a strong foothold in the world’s largest legal cannabis space. In addition to expanding our footprint and serviceable market, we estimate that we will reduce our cost to serve by up to 10% on several existing markets which will allow the company to achieve higher returns across the board.”
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 American exchange listed 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.