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Driven Deliveries Acquires Budee, Adding $7.7M To Top Line

March 12, 2020 7:10 am
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Driven Deliveries Acquires Budee, Adding $7.7M To Top Line

Online cannabis retailer and consumer logistics company Driven Deliveries Inc. (OTC:DRVD) announced Wednesday the completion of its acquisition of Budee, Inc., another company operating in the cannabis delivery space. The two companies were working together via a joint venture since the fourth quarter.

Budee services more than 115,000 consumers per year, and is expected to contribute $7.7 million in online sales to its new parent company. Salvador Villenueva, former CEO of Budee, has been appointed President at Driven Deliveries.

Driven is also acquiring the Intellectual Property to Budee’s propriety logistics, which is now powering all of Driven’s technology infrastructure.

“We are excited about the momentum we are seeing at Driven. The addition of the Budee team and technology has enabled even deeper integration eCommerce and logistics which has helped the company achieve greater operational savings; both on the road and inside the four walls,” Christian Schenk, CEO of Driven Deliveries, said in a press release. “We will continue to look for accretive, profitable businesses such as Budee to add to Driven’s family of companies”

Chatting with Benzinga, Driven CCO Sara Brittany Somerset said, “With Sal's proficiency of his proprietary technology and his proven track record as a successful serial entrepreneur, he is the perfect, driving force to lead the company along with CEO Christian Schenk.”

Other companies in the cannabis delivery space include Casa Verde Capital portfolio companies Eaze and Dutchie, as well as Ganja Goodness, Sava, and Speedweed.

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Cannabis M&A News Markets

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