Stem Holdings (CSE: STEM) this morning had a major announcement. The firms delivery as a service platform, Budee, is now being utilized by Red White & Bloom (CSE: RWB) across the state of California to significantly enhance the firms distribution of its Platinum Vape products, marking one of the first major delivery agreements with a multi-state operator.
The service will enable the Platinum Vapes brand to be delivered to 92% of the population in the state, vastly expanding the availability of the brand to consumers. Delivery will be available as express or overnight delivery to consumers homes, serviced via Budee’s 350 delivery drivers that service the state from four separate strategically located hubs.
Speaking to the notable agreement, Brad Rogers, CEO of RWB commented that it will “certainly increase our brand recognition and allow more consumers to benefit from our Platinum experience from purchase to use. We expect to build value for our shareholders and consumers as we expand sales of Platinum products to this previously underserved market,” which highlights the overall value of such delivery services in legal cannabis markets across the US.
“We are pleased and proud to partner with Red White & Bloom to expand the distribution footprint of this leading brand, ensuring that its many consumers can quickly and personally receive the high-quality products they want in the comfort and safety of their homes. We expect that this trend will continue to grow as home delivery continues to significantly increase its share of wallet in cannabis and other sectors.”Adam Berk, CEO of Stem Holdings
Stem Holdings last traded at $1.12 on the CSE.
FULL DISCLOSURE: Driven By Stem is a client of Canacom Group, the parent company of The Deep Dive. The company has been compensated to cover Driven By Stem on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.
As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.