LOS ANGELES, Dec. 5, 2019 /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 gains realized in Q3. Driven generated more than $1M in top-line revenue in October and $1.2M in November. Each month represented a 60+% improvement over the previous month. Through the first two months of Q4, the Company performed more than 18,680 deliveries, acquired 1,826 new customers, and decreased the average new customer acquisition cost to $15.78 compared to $22.16 in Q3.
Driven is also pleased to announce it is forecasted to reach profitability in December, a full two quarters ahead of schedule.
"We are excited to see Driven's revenue growth, cost-cutting, and margin improvement efforts correlate to tangible results," says Christian Schenk, CEO of Driven Deliveries, Inc. "In Q2 and Q3, Driven completed its acquisition of Ganjarunner, Mountain High Recreation asset purchase and launched the GanjaBudee joint venture. While the market is currently in a challenging place, the Company has accelerated its reorganization to support topline revenue growth."
Additionally, Weedwaves, Driven's social community; expanded 800% during the same period. The app includes more than 300,000 local offers and discounts nationwide. Weedwaves added unique, group purchasing capabilities that enables consumers to pool purchases and save. Weedwaves is available on both iOS and Android.
The Company has set its sights on expansion in California for both retail and distribution operations. Additionally, expansion to other states such as Michigan and Colorado, is slated for early-to-mid-2020.
"Driven anticipates an advantageous Q4 and looks forward to continuous value creation and increased momentum on all fronts," adds Schenk.
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 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.
Sara Brittany Somerset
SOURCE Driven Deliveries, Inc.
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