Cannabis e-commerce and delivery service, Driven Deliveries (DRVD.OTC) announced that it received majority shareholder approval for its pending acquisition by cannabis-company Stem Holdings (STEM.C), according to a press release.

Today’s announcement comes at the behest of a definitive agreement signed earlier this month wherein Stem agreed to the acquisition of Driven Deliveries. The boards of each companies gave their stamps of approval to the all-stock acquisition and now it’s anticipated to close in Q4, 2020.

“With unanimous board support and majority shareholder approval of this transaction, we have completed the last mandatory SEC requirement to close,” said Brian Hayek, co-founder and CFO of Driven Deliveries.

Stem is a seed to sale completely vertically-integrated cannabis and hemp company with operations spread out throughout the United States. Driven brings their logistics and omnichannel UX/CX technology to the table. The new company will be called Driven By Stem, and the company believes that it will be the first vertically-integrated cannabis company with a delivery service as an attachment, effectively taking the notion of seed to sale and adding curbside delivery.

The total gross revenue for both companies as a combined entity is projected to be in the ballpark of USD$49 million with an anticipated profit of USD$18 million. They’re anticipating their market cap to be in the range of USD$60 million based on the closing market price of both Stem and Driven’s shares on the OTCQX and the OTCQB on October 22, 2020.

—Joseph Morton

Written By:

Joseph Morton

Joseph is a Vancouver-based author and journalist with both a communications degree and journalism diploma (and a few novels) under his belt. His joie de vivre is to spin difficult technical topics into more human-centric narratives. Buy him a coffee and he'll talk your ear off for hours about privacy issues, blockchain, cryptocurrency and martial arts. Don't talk to him if you're either a tomato, a bully, or if you're not a fan of either 1984 or Tender is the Night. No. You can still talk to him. Just be prepared to be told why you're wrong.

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Tags:
Cannabis
cannabis
cannabis delivery services
Driven Deliveries
DRV.D.OTC
seed-to-sale vertical integration
Stem Holdings
STEM.C
vertically integrated cannabis companies
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