Driven Deliveries Signs Agreement in Principle to Acquire Ca
LOS ANGELES, May 12, 2020 /PRNewswire/ -- Driven Deliveries Inc. (the "Company" or "Driven") (OTCQB: DRVD), California's fastest growing online cannabis retailer and direct-to-consumer logistics company, announced today that the Company has reached an agreement in principle to acquire Mozen Inc, a California based cannabis lifestyle brand. The Company and Mozen will begin due diligence for the all stock transaction and the execution of a definitive merger agreement is expected to close during the third quarter of 2020.
The Company's online retail divisions, Ganjarunner and Budee, have been carrying Mozen products for over a year with a high degree of success and consumer demand. The target audience is professionals between the ages of 30 and 55 who are looking at the benefits of cannabis, but have not been active users. The branding provides an easy understanding of the product effects and strengths which provides clarity in a rather confusing market full of buzzwords and ingredients.
Mozen currently offers 4 different disposable vaporizer SKU's; Power Up, Seize the Day, Rest and Chill and Good Night. "The simplicity of the product positioning and packaging is unique and very well received by consumers," said, Christian Schenk, CEO Driven Deliveries Inc. "Disposable vape pens is the 4th highest volume category on our menus. By owning the brand and the supply chain we will be better positioned to capture a higher margin for a leading product base among our customer base. The volume growth trend for vape products is continuing with increased demand."
Driven plans to expand the portfolio of products as well as the distribution not only across the State of California, but out of State as well, where legally permissible.
"We evaluated several suitors during the first quarter of 2020 and Driven provided the most value for our loyal customers," said Mark Davis, President, Mozen Inc. "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. We are really excited to work with the Driven team to expand the Mozen brand with more innovative products and new categories and execute our shared vision for creating a high growth Cannabis business. Our customers have had nothing but great experiences with Driven's retail brands, ganjarunner and Budee and we have greatly benefited from their continued success. We look forward to working towards entering into a merger agreement with Driven," added Davis.
Mozen, which means "Balance" in Hebrew, is a lifestyle brand offering customers a smart, simple and safe way to enjoy cannabis and find balance. Founded by brothers Mark and Brian Davis in Los Angeles, Mozen products use unique cannabis oil blends conveniently packed into all-in-one, disposable vape pens. The current Mozen vape product line includes four strain options ranging from the indica-dominant "Good Night" and "Rest and Chill" for those looking to find relief and unwind, to the sativa-dominant, feel-good blends "Power Up" and "Seize the Day".
Driven Deliveries, Inc., is the first publicly traded cannabis delivery service operating within the United States. Founded by experienced technology and cannabis executives, the company provides e-commerce solutions, online sales, and on-demand cannabis delivery, in select cities where allowed by law. Driven offers legal cannabis consumers the ability to purchase and receive their marijuana in a fast and convenient manner. By 2020, legitimate cannabis revenue in the U.S. market is projected to hit $23 billion. By leveraging consumer trends, and offering a proprietary, turnkey delivery system to its customers, management believes it is uniquely positioned to best serve the needs of the emerging cannabis industry and capture notable market share within the sector. For more information, please visit www.DRVD.com and review Driven's filings with the U.S. Securities and Exchange Commission.
This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words "could," "believe," "anticipate," "intend," "estimate," "expect," "may," "continue," "predict," "potential," "project" and similar expressions that are intended to identify forward-looking statements. All forward-looking statements speak only as of the date of this press release. You should not place undue reliance on these forward-looking statements. Although we believe that our plans, objectives, expectations, and intentions reflected in or suggested by the forward-looking statements are reasonable, we can give no assurance that we will achieve these plans, objectives, expectations or intentions. The Company and Mozen have not yet entered into a definitive agreement and there cannot be any assurance that the Company will execute a definitive merger agreement with Mozen or that the merger will be completed. Forward-looking statements involve significant risks and uncertainties (some of which are beyond the Company's control) and assumptions that could cause actual results to differ materially from historical experience and present expectations or projections. Actual results to differ materially from those in the forward-looking statements and the trading price for our common stock may fluctuate significantly. Forward-looking statements also are affected by the risk factors described in the company's filings with the U.S. Securities and Exchange Commission. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
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SOURCE Driven Deliveries, Inc.