Driven Deliveries Inc (OTCMKTS:DRVD) (DDI) posted earnings of $2.195 million in Q1 2020 compared to negative earnings of $19,417 in Q1 2019. Its Q1 2020 revenues comprise incomes from dispensary services, $2.13 million from product sales, and $45,766 from other revenues.
On February 27, 2020, DDI acquired Budee Inc. The company unveiled a data science initiative – Driven by Numbers to provide sales analysis in real-time, employee performance, delivery performance, marketing performance, and menu performance. DDI fulfilled 36,537 orders in Q1 2020 and delivered 68,067 products. Its customer base has surged by 402.51% YoY to 13,000.
CEO of DDI, Christian Schenk, said the company commenced business operations in 2020 with a big bang using its data analytics, proprietary technology, and marketing capabilities. The company is relying on its infrastructure, and supply chain to serve the customers directly. These strategies helped to post better sales in Q1 2020. DDI is acquiring and building new infrastructure in California and other states to support growth in H2 2020.
Inks a pact with Stem Holdings Inc (OTCMKTS:STMH)
DDI signed an accord with Stem Holdings Inc (OTCMKTS:STMH) for e-commerce collaboration. Stem recently acquired FHW (Foothill Health & Wellness), which provides a blend of proprietary and popular products. DDI will support FHW in satisfying the demand for delivery services. Schenk said DDI’s collaboration with Stem begins in California and will expand this initiative to other markets to provide quick delivery services.
Revenues of Stem in May 2020
The revenues of Stem surged to $1.965 million in May 2020. Stem sold 831 units of tinctures, 30,400 units of pre-roll and flower, and 26,900 units of other products.
Stem’s cultivation facilities and dispensaries in Oklahoma, Nevada, California, and Oregon are considered essential and operational amid growing coronavirus crisis. The company is adhering to the state and CDC authorities to safeguard customers, employees, and suppliers. It introduced curbside pickup in approved locations and provides delivery services from Willamette and Powel locations in Oregon.
Stem acquires a medical dispensary
Stem took over a greater Sacramento, California based medical dispensary – 7LV on March 6, 2020. Following the takeover, both the companies are merged on April 1, 2020. According to Stem, 7LV will receive a recreational license in Q3 2020 and boost revenues significantly.