Driven Deliveries Touts Record-Breaking Sales, 158% Revenue Spike

Online cannabis retailer Driven Deliveries Inc. DRVD disclosed Wednesday that its revenue increased by 158% sequentially, reaching $5.6 million in the second quarter of 2020.

Ganjarunner and Budee, the company's online retail divisions, are counting around 244,600 registered cannabis consumers. That's up by 6% compared to the previous quarter. Driven also has 14,000 new customers, compared to the 13,000 new customers the company acquired during the first three months of this fiscal year.

The Los Angeles-based direct-to-consumer logistics company saw a sequential increase in delivery orders of 103%.

Driven CEO Christian Schenk said they are witnessing record-breaking sales for the second quarter.

The company's technical and operational platforms helped Driven absorb the increase in demand while successfully maintaining a 4.8-star customer experience rating, Schenk added.

Driven's average Consolidated Cost of Acquisition for the last month amounted to $9.64.

New customer orders accounted for 35% of the company's total revenue.

Driven also boosted the brand awareness for its BrandBudee Program to 21, following its recent launch.

The company acquired Budee Inc. in March, expecting to secure an additional $7.7 million in online sales.

Since the introduction of the BrandBudee widget, Driven recorded over 2355 new customer sign-ups and 2516 new customer orders.

During the second quarter, the company "started to see the impact of our initiatives to improve operational efficiencies," continued Schenk.

It was the "first full quarter that the operational and technical integrations of all three acquisitions, Ganjarunner, Mountain High Recreation, and Budee, were complete," added Schenk.

In May, the company announced that it expects to close a stock deal for Mozen Inc. in the third quarter.

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