— Driven Deliveries Inc. (the “Company” or “Driven”) (OTCQB: DRVD), one of California’s fastest growing online cannabis retailers and direct-to-consumer logistics company, today provided a business update to its shareholders following another record breaking month.
In July, the Company completed a record 31,259 orders and total average orders per day rose to 1,008, including a record-breaking day of 1,334 orders. Overall, monthly revenue rose by 4.45% to $2,127,396.31. Additionally, Driven added $2.35 million in funding to support strategic growth initiatives.
Other Company highlights include:
- The largest customer gains in Driven history, with 5,423 new customers added to the platform
- Customer acquisition cost improved again to $9.94, fueled by BrandBudee contributions.
- Six new brands added to the platform, includingSunderstorm,TSO, andCanamsterdam
- Five new brands added to the BrandBudee program; includingMary Mary,Kanha,TKO, andSol Distro.
- Expanded features to the BrandBudee program which allows for all brands to surface in the widget inventory when users are browsing inventory.
- Expanded Driven by Numbers to enable reporting and analytics for BrandBudee participants.
- Completed technology advancements including an inventory ordering model that enables the automation of the purchase order process, inventory receiving and METRC reporting including a seamless interface into the company’s financial accounting system to more accurately track costs associated with each individual order. The interface will also offer significant cost reductions in the data entry functions in the accounting group.
- The launch of a new BudeeDrop merchant referral program which compensates local merchants for promoting Budee.
Throughout the remainder of the third quarter Driven will be focused on maintaining growth while reducing operating costs within the State of California as well as continued technological advancements including the development of a proprietary RFID solution to expedite pick, pack and shipping operations within the Company’s three, growing to four, fulfillment centers.
“We will continue to execute on the plan,” said Christian Schenk, CEO Driven Deliveries Inc. “July is another example of focus and calculated expansion here in California. Our online retail business continues to see sustainable growth while our brand to consumer solution, BrandBudee, is experiencing growth as more participating brands complete integration of the BrandBudee web-widget”.
Driven Deliveries, Inc., is among the first publicly traded cannabis delivery services 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.
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.
KCSA Strategic Communications
Valter Pinto or Elizabeth Barker
+1 212-896-1254 or +1 212-896-1203
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