First Dispensary Partnership to Launch in California for Driven with Plans for Multi-State Expansion
— Driven Deliveries, Inc. (the “Company” or Driven) (OTCQB: DRVD), California’s fastest-growing online cannabis retailer and direct-to-consumer delivery[ED1] company, announced today that it has executed an agreement withStem Holdings, Inc. (OTCQB: STMH CSE: STEM) a leading vertically-integrated cannabis and hemp branded products company with state-of-the-art cultivation, processing, extraction, retail, and distribution operations throughout the United States, to collaborate on e-commerce and distribution.
Driven partners with leading cannabis brands in California through its e-commerce platforms,Ganjarunner andBudee, to provide cannabis consumers statewide with direct access to hundreds of cannabis products for swift home delivery. For the first time this capability will be extended to a full-service medical dispensary, Foothill Health & Wellness, which was recently acquired by Stem and currently services the El Dorado County and the suburbs of Sacramento. Foothill offers a broad mix of both popular and proprietary products that will now be readily available to the 92% of the state covered by Driven. Consumer demand for delivery has increased significantly at Foothill and Driven will now support Foothill’s goal to service every customer and patient as quickly as possible.
“Our collaboration with Stem is starting here in California,” said Christian Schenk, CEO Driven Deliveries Inc. “This is only the beginning. Our companies have been working closely together to chart a course for expansion in all markets in which Stem operates, and will use our respective capabilities to service the needs of our customers with greater variety, speed, and accuracy,” he concluded.
Starting today, current and new Foothill Health & Wellness customers can shop for a wide array of products available for home delivery within 60 minutes. Delivery from Foothill will be promoted statewide for those consumers who previously did not have access to Foothill’s full array of products. The online store is available by visiting www.shopfoothill.com
“The growth in consumer demand for delivery is evident across all product sectors, and particularly in cannabis as our medical consumers in California need to have their orders filled quickly and accurately,” stated Adam Berk, CEO of Stem Holdings. “It became clear that a partnership between our companies would be good for patient health, and good for business, as we could service consumers who need and want our products outside of our normal trading area,” Berk continued. “We further expect to increase our e-commerce footprint together in all other states in which Stem operates, which include Oregon and Nevada, among others.”
This collaboration and partnership will enable both companies to combine their capabilities to meet emerging market needs in new ways that drive value throughout the supply chain and ultimately for end consumers.
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, and 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. By 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 visitwww.DRVD.com and review Driven’s filings with the U.S. Securities and Exchange Commission.
About Stem Holdings, Inc.
Stem Holdings, Inc. (OTCQX: STMH CSE: STEM) is a leading cannabis and hemp branded products company in the U.S. with proprietary capabilities in sustainable cultivation, processing, extraction, and R&D, as well as retail and distribution operations aligned with state-by-state regulations. Stem’s award-winning brands are the foundation of the Company’s expansion into current and new segments and markets, with exceptional and disruptive brands and products that benefit well-being. Stem’s expertise and scale will drive growth domestically and internationally, building value for shareholders.
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 the Company’s 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.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This business update contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the plans, intentions, beliefs and current expectations of the management of Stem Holdings, Inc. (“Stem”) with respect to future business activities. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”,”intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar Expressions and include, without limitation, information regarding: (i) Stem’s growth strategy and the anticipated results therefrom; (ii) Stem’s future opportunities, including with respect to facility and store launches; (iii) the receipt of a recreational license for the Sacramento dispensary and the timing thereof; (iv) the accretive value of the acquisition of the Sacramento dispensary on Stem’s existing portfolio of dispensaries; (v) Stem’s promotional and delivery strategy and the anticipated results therefrom; (vi) the expected launch of certain of Stem’s brands and the timing thereof, Investors are cautioned that forward-looking information is not based on historical facts but instead reflects the management of Stem’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Stem believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of the Company. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: changes in general economic, business and political conditions, including changes in the financial markets; adverse changes in the public perception of cannabis; decreases in the prevailing prices for cannabis and cannabis products in the markets that the Company operates in; adverse changes in applicable laws; adverse changes as a result of Covid-19; adverse changes in the application or enforcement of current laws, including those related to taxation; political risk; and increasing costs of compliance with extensive government regulation. This forward-looking information may be affected by risks and uncertainties in the business of Stem and market conditions. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Stem has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. Stem does not intend, and does not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.
KCSA Strategic Communications
Valter Pinto or Elizabeth Barker
+1 212-896-1254 or +1 212-896-1203