Cannabis Stock News: Driven Deliveries, Inc. (OTC: $DRVD) Enters $530 Million Nevada Cannabis Market
SAN DIEGO - May 14, 2019 (Investorideas.com Newswire) Driven Deliveries, Inc., (OTC: DRVD), the world's first publicly traded cannabis delivery company, announced today that it has successfully launched operations in Nevada with Shango Marijuana Dispensary, one of the most successful stores in the State. The new endeavor provides Driven with a monumental opportunity to serve Las Vegas, the largest market in the State with massive tourism, and a central launch point for additional markets throughout Nevada.
The Nevada cannabis market has been growing at a rapid pace. Nevada retailers sold approximately $530 million worth of medical and recreational cannabis in 2018. The $44.1 million in monthly revenue represents a 35% increase, when compared to monthly revenue in 2017. According to New Frontier and Arcview Market Research, annual legal cannabis sales in the state are projected to grow to an estimated $629.5 million by 2020.
Shango Premium Cannabis is the leading medical and recreational medical dispensary license holder, grower and manufacturer in multiple states across the country. The Company currently owns cannabis-related licenses in Oregon, Washington and Nevada, with expansion plans that include retail, manufacturing and product distribution in Michigan, New Jersey and California in the cannabis market and nationwide for its CBD products. Shango is vertically licensed to create a full range of award-winning cannabis products, including flower, extracts and cannabis-infused edibles, produced by expert cultivators and processors in Oregon, Nevada and Washington.
"Management is thrilled with our entrance into the white-hot Nevada cannabis marketplace," stated Mr. Brian Hayek, President of Driven. "Our foray into the state, is a result of us leveraging strategic relationships and our proven track-record of providing impeccable service to our expanding client base. Driven has established strong brand recognition, throughout the western United States, and is currently targeting additional markets to increase its presence on a more national scale."
"This is a great opportunity for Shango Las Vegas to partner with Driven to add a delivery service for our customers who are looking for quality products delivered on demand," said Mr. Brandon Rexroad, Founder and CEO Shango. "We look forward to working with a premier name such as Driven as we continue to expand our outreach to the emerging Nevada marketplace."
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 on-demand marijuana delivery, in select cities where allowed by law. Driven provides the legal cannabis consumers the ability to purchase and receive their marijuana in a fast and convenient manner. By 2020, legal cannabis revenue in the U.S. market is projected to hit $23 billion. In 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 https://GoDriven.com/ and review Driven's filings with the U.S. Securities and Exchange Commission.
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