Driven Announces Major Milestones Ahead of Financial Releases, Stating Q4 2019 was the Best Quarter Since Inception
LOS ANGELES, Jan. 14, 2020 /PRNewswire/ -- Driven Deliveries, Inc. (the “Company” or Driven) (OTC: DRVD), California’s fastest growing online cannabis retailer and direct-to-consumer delivery company, is pleased to announce substantial milestones realized in Q4. Through the quarter, the Company performed more than 31,680 deliveries, acquired 2,587 new customers, and decreased the average new customer acquisition cost to $13.80 compared to $22.16 in Q3. Additionally, the company was able to increase the aggregate gross margin from retail sales by 3%, decrease its average delivery expense by 6% through integration of its three delivery operations, and increase product selection on dynamic menus by 160%.
Moreover, the Company managed to expand its full menu service by 45% and facilitate 38% of all inbound distribution to its fulfillment centers -- representing a 9% increase month-over-month in its new distribution business.
Driven attributes its significant uptick in performance to its relentless focus on operational integration and increased investment in retail marketing, both internally and with expanded partnerships.
With home-delivery app Weedmaps, the company currently possesses more than 400 active “delivery pins” across its three brands.
In addition to the improvements across all corporate metrics, the company took possession of its expanded facility in Sacramento, California. Subsequently, the company now offers a dynamic and full menu service.
Driven completed the consolidation of three of its Southern California facilities into its new headquarters in El Segundo, California, located three miles from LAX airport. The move brings operations, finance, accounting, technology, marketing, legal and executive functions together under one roof. The consolidation of the company’s previous offices in both Los Angeles and San Diego, into one flagship, will greatly benefit the organization as the savings accumulate. Additionally, synergies that come from all departments being together on a daily basis will multiply.
“Driven is growing strongly, expeditiously and healthily,” says Christian Schenk, CEO of Driven Deliveries, Inc. “Q4 was about execution and achieving the operational benefits of integrating the operation of our three mainstay brands Ganjarunner, Mountain High Recreation and GanjaBudee,” he said. “With California Operations now operating at peak efficiency levels, we have the blueprint to begin expansion of our operation into additional states.”
The company has contracted with its Securities Exchange Counsel to begin drafting a Form S-1 SEC filing to register DRVD securities with the U.S. Securities and Exchange Commission (SEC). “Our business is now able to sustain healthy trade volume. With the business in a sustainable growth position, we are confident in our ability to work with the retail traders and begin proper analyst coverage of our increasingly valuable stock,” Schenk affirms.
Driven will file its 10k on time later this quarter and is excited to share the complete financial representation of Q4, 2019.
Driven Deliveries, Inc., is the first US based 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 visit www.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.
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SOURCE Driven Deliveries, Inc.