Driven Deliveries Inc. Signs LOI to Acquire Cannabis Retailer, Mountain High Recreation
Driven secures $2.5 Million in annual revenue, and significantly expands its product offerings
SAN DIEGO, May 29, 2019 (GLOBE NEWSWIRE) -- Driven Deliveries, Inc., (OTC: DRVD), the world’s first publicly traded cannabis delivery company, announced today that the company has signed a Letter of Intent to acquire cannabis retailer, Mountain High Recreation (MHR). The transaction is expected to provide Driven with an additional $2.5 million in annual revenue.
Operating primarily in Northern California, Mountain High Recreation currently offers marijuana for sale online, with a menu of cannabis flowers, concentrates, waxes, vapes, edibles, tinctures, CBD products, and accessories. The acquisition will enable Driven to expand its services to now include dynamic same day and intraday orders and delivery. The Company will now offer event based sales and marketing through on location mobile stores increasing its addressable market and audiences to include those traveling from out of state. With the acquisition, Driven’s combined customer count will increase to nearly 40,000 while its brand portfolio will expand to more than 80 brands an overall transactions should exceed 45,000 deliveries annually.
“In addition to affording us with strong topline growth, this acquisition provides a strong competitive advantage in reaching cannabis consumers in a more direct and efficient manner,” stated Mr. Brian Hayek, President of Driven Deliveries Inc. “Mountain High Recreational is another example of how Driven will continue to consolidate essential services into a single offering to dramatically increase the value we bring to our partnering brands and the growing community of loyal consumers. Management is excited about the value we are creating within the industry and our ability to leverage our technology and marketing platforms to immediately increase volume and reduce operating costs through integration.”
“We believe that MHR provides us with a strategic advantage in capturing market share throughout the rapidly emerging California cannabis sector. Going forward, we will continue to identify similar targets in emerging markets, in order to expand the Driven brand and achieve our overall goal of enhanced shareholder value.”
Mr. Ken Cordoba, CEO of Mountain High Recreation, stated, “Management is extremely pleased to announce this agreement with Driven Deliveries Inc. Their best-in-class technology and reputation for delivering quality products to their customer base in a timely manner dovetail perfectly with our business strategy.”
Forward-looking Statements
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.
About Driven
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 and review Driven’s filings with the U.S. Securities and Exchange Commission.
Contact
Brian Hayek
1 (888) 322-4449
