Driven Deliveries Shares Jump On Revenue Data

Online cannabis retailer Driven Deliveries Inc. DRVD reported Thursday that it generated more than $1 million in revenue in October and $1.2 million in November.

In the first two months of the fourth quarter, Driven Deliveries executed more than 18,680 deliveries, attracted 1,826 new customers and reduced the average new customer acquisition cost to $15.78 from $22.16 in the previous quarter, the company said.

Driven projects profitability in December, which is by full two quarters earlier than previously anticipated.

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The company’s social community Weedwaves now counts more than 300,000 local offers and discounts across the country. In addition, Driven has plans to expand in California, Michigan and Colorado.

"We are excited to see Driven's revenue growth, cost-cutting, and margin improvement efforts correlate to tangible results," Christian Schenk, CEO of Driven Deliveries, said in a statement. "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."

Driven’s shares closed Thursday session 58.56% higher at 88 cents, and were trading another 40% higher to $1.24 at time of publication Friday morning.