Company Projects US$75 Million Revenue in 2021
BOCA RATON, FL and LOS ANGELES, CA, Dec. 30, 2020 (GLOBE NEWSWIRE) Stem Holdings, Inc. (“
Stem” or the “
Company”) (OTCQX: STMH CSE: STEM), a leading vertically-integrated cannabis and hemp branded products company with state-of-the-art cultivation, processing, extraction, retail, and distribution operations throughout the United States, today announced that it has completed its previously announced acquisition (the “
Acquisition”) of Driven Deliveries, Inc. (“
Driven”) (OTCQB: DRVD), an e-commerce and DaaS (delivery-as-a-service) provider with proprietary logistics and omnichannel UX (user experience)/CX (customer experience) technology.
The Acquisition was completed under the terms of a definitive agreement and plan of reorganization, pursuant to which Driven shareholders received one share of common stock of Stem for each Driven share held. The combined market capitalization of the Company, after giving effec
Cannabis and hemp company
Stem Holdings Inc. (OTCQX:STMH) (CSE:STEM) has closed the previously announced acquisition of e-commerce and DaaS (delivery-as-a-service) provider
Driven Deliveries Inc. (OTCQB:DRVD).
The all-stock deal is valued at about CA$41.3 million.
The company s combined market capitalization amounts to $65 million. In addition, it is expected to generate revenues of $75 million in 2021.
Under the deal, Driven s shareholders agreed to gain one share of Stem s common stock for each share of the Los Angeles-based delivery company s common stock.
The merger resulted in the first vertically-integrated cannabis company with an integrated Delivery as a Service (DaaS) platform.
Te Boca Raton, Florida-based cannabis and hemp company is changing its name to Driven By Stem. The company s common stock will trade under the Stem s current symbols.