LOS ANGELES, Nov. 25, 2020 /PRNewswire/ — Driven Deliveries, Inc. (the “Company” or “Driven”) (OTCQB: DRVD), one of California’s fastest-growing online cannabis retailers and direct-to-consumer logistics companies, today announced its financial results for the three months ended September 30, 2020.
Third Quarter Financial Highlights
- Gross Revenue for the third quarter ended September 30, 2020 totaled record sales of $7.2 million.
- Net Revenue for the same period was $6.0 million, +393% Y/Y.
- Gross Revenue Fiscal YTD totaled record sales of $16.6 million, +1,193% Y/Y.
- Net Revenue Fiscal YTD was $13.8 million, +998% YTD Y/Y.
- The Company announced its pending acquisition by Stem Holdings, Inc. (OTCQX: STMH CSE: STEM) is expected to close in CY20/Q4.
“This quarter reflects the continued execution of Driven’s strategic vision,” commented Brian Hayek, Co-Founder, and CFO of Driven. “In addition to serving 23,100 unique customers, completing over 87,100 deliveries, and generating $7.2 million in gross revenue, we also announced the acquisition of Driven Deliveries by Stem Holdings, Inc. Post combination, Stem will be known as Driven By Stem and continue to trade under its current symbolsOTCQX:STMH CSE:STEM,” he continued. “In CY21, the combined company is projected to generate revenue of $75 million and gross profit of $27 million by integrating Driven’s delivery capability and proprietary technology in every state in which Stem currently operates and reducing costs in operations and SG&A. As a result of the acquisition, the combined company is in a strengthened competitive position to build shareholder value,” concluded Mr. Hayek.
Driven Deliveries, Inc. is one of 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 markets where allowed by law. Driven offers legal cannabis consumers the ability to purchase and receive their cannabis in a fast and convenient manner. Driven’s acquisition by Stem Holdings, Inc. (OTCQX: STMH CSE: STEM), announced on October 6th, is expected to close in CY20/Q4 and will expand Driven’s footprint to new markets.
For more information, please visit www.DRVD.com and review Driven’s filings with the U.S. Securities and Exchange Commission.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains certain forward-looking statements. 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