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Driven Deliveries Announces Acquisition Of Humboldt Heritage

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Driven Deliveries Announces Acquisition Of Humboldt Heritage

Driven Deliveries (OTC: DRVD) announced Tuesday the company's letter of intent to acquire cannabis distribution company, Humboldt Heritage Inc, and its subsidiaries Humboldt Sun Growers Guild LLC and Grateful Eight LLC.

Expected to add $20 million to the companies revenue, this alliance will represent the largest vertically integrated operator in California's cannabis market.

Driven Deliveries and its Ganjarunner delivery service will gain exclusive access to 18 unique brands including Cuba Libre, Lost Creek, Rambling Rose, and Humboldt Edge Farms, and access to products from more than 200 famed Humboldt farms.

Driven anticipates a gross margin improvement of over 13% for vertically-produced products. Additionally, DRVD expects a gross margin improvement of over 6% from products and materials purchased in bulk.

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"Driven looks forward to bringing Humboldt Heritage and the Humboldt Sun Growers Guild into our company portfolio," said Christian Schenk, CEO of Driven Deliveries. "As a vertically integrated cannabis company complete with 90 minute delivery to 92% of California, distribution was the only missing piece to our portfolio puzzle. There is no better cannabis on the market today that can match the quality and consistency produced by the Humboldt Sun Growers Guild."

Driven intends to combine Humboldt Heritage's distribution network with its delivery network to streamline operations for optimal efficiency.

"Humboldt County arguably produces some of the best cannabis in the world and Driven is honored and humbled that the Humboldt Sungrowers Guild chose to partner with our company. We intend to uphold its time-honored legacy and do right by all of our family farmers, as we welcome them to the extended family of Driven and Ganjarunner," said Brian Hayek, President of Driven.

Other delivery service providers operating in the cannabis space include Casa Verde Capital portfolio companies Eaze and Dutchie, as well as SpeedWeed and Nugg.

Posted-In: Christian Schenk Humboldt HeritageCannabis M&A News Markets

 

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