Driven Announces Letter of Intent to Acquire Budee Inc, Increasing Annual Sales Forecast to $18M
SAN DIEGO, Aug. 27, 2019 (GLOBE NEWSWIRE) -- Driven Deliveries Inc. (DRVD), the online cannabis sales platform, marketing and home delivery leader announced today that it has executed a Letter of Intent to acquire Budee, the Oakland-based online cannabis retailers. Upon integration, the deal will increase Driven’s revenue run-rate in excess of $18 million on an annual basis, making it the largest licensed online retailer in California.
The acquisition will translate into a massive competitive advantage for Driven, bringing its annual deliveries to more than 175,000 and will dramatically increase its recurring customer count to more than 90,000 users. The Company now has more than 150 daily routes operating across California and will increase dynamic, 90 minute service areas to include the Bay area as well as LA and San Diego.
“This transaction is another example of how Driven and its employees are changing the way cannabis is purchased and delivered,” said Mr. Christian Schenk, CEO of Driven Deliveries. “Our clients recognize our ability to maintain competitive prices, while providing great selection and excellent service. Driven will continue to deliver on this promise and the addition of the Budee team helps us expand that value to more markets and more people. Management is thrilled to have established ourselves as the market leader in online cannabis retail throughout California, and we expect to continue our growth throughout the state and beyond.”
“We are excited to be a part of the Driven group of companies and look forward to providing our clients with increased service options, products and scale,” said Mr. Sal Villanueva, owner and CEO of Budee Inc.
Budee will bring another 25+ cannabis brands to the Driven portfolio providing more variety and options to its combined audiences. The organizations will merge portions of its operations to drive further efficiency and scale in markets where licensed facilities can be integrated.
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