Capitalizing on the opportunities in the cannabis space Q2 2018 Highlights (Compared with Q2 2017)
$770,022 in revenue for Q2 2018, up from $4,577 in Q1 2017.
$178,597 of gross profit for Q2 2018, up from $4,256 in Q1 2017.
$1,384,835 total cash on hand in Q2 2018, up from $133,849 in Q1 2017.
Q2 2018 Operating Highlights:
Over 350 live locations across multiple verticals.
Hit milestone of 1 million deliveries.
Appointed Vikas Ranjan to advisory board.
Hired Steve Winter as Business Development Director for alcohol and cannabis.
Signed agreement with Champion Shave Inc. for Canada wide distribution.
Acquired 8% of TokeIt Technologies as entry into cannabis market.
Maintained gold status as an amazon fulfillment provider.
The Company will increase monthly recurring revenue by continuously adding new merchants, delivery verticals and drivers to the platform.
Forward Looking Growth Strategies
Canada plans to legalize recreational cannabis on October 17th, 2018, and the industry continues to steal headlines as this has created great opportunity for both companies and investors alike. In the green rush, the investment community has primarily been focused on the cannabis producers. It has been widely speculated that the market will soon sway to ancillary businesses that support and facilitate both the production and distribution of cannabis.
With full legalization pending, and a relatively unsophisticated and progressive business space, the cannabis industry will reward those that can solidify their supply chain and increase their online presence to reach potential and returning customers. ParcelPal plans on capitalizing on the opportunities in the cannabis space in the coming year. ParcelPal intends to pursue a number of technology, product and marketing initiatives to continue to drive growth in 2018.
ParcelPal’s strategic priorities include:
Grow monthly reoccurring revenues by engaging new and acquired merchants.
Continue to launch multiple delivery verticals within the application.
Further grow the technology platform and offer ParcelPal on multiple platform such as web and Android.
Broaden our geographic footprint across Canadian cities and build on our current market in Vancouver.
Continue leveraging on our partnership with Amazon.