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Cannabis delivery company Driven Deliveries Inc. (OTCQB: DRVD) announced Tuesday it has agreed to buy Mozen Inc. The stock transaction is scheduled to close in the third quarter of 2020.
The company acquired the Californian cannabis lifestyle brand after a year of retailing Mozen products via its online retail divisions, Ganjarunner and Budee.
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The acquisition of Budee, which took place two months ago, is anticipated to secure it $7.7 million in online sales.
Mozen's current offer consists of 4 disposable vaporizers, including Power Up, Seize the Day, Rest and Chill, and Good Night. It targets professionals in their thirties, forties, and early fifties, who haven't been active users.
"The simplicity of the product positioning and packaging is unique and very well received by consumers," Driven CEO Christian Schenk said in a statement. "Disposable vape pens is the 4th highest volume category on our menus."
The Los Angeles-based company intends to boost its distribution and product sectors to reach the cannabis market across the country.
Mozen's President Mark Davis said they are thrilled to unite with Driven and enrich their brand with innovative products.
"We have always believed that a best-in-class delivery platform is the preferred method for adult professionals, parents and active retirees to purchase cannabis," added Davis.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.