RE:6 new cities minimum Happy New Year to you all. As I reflect on the past year, I am thrilled with how far we have come in such a short period of time. I would personally like to take this opportunity to thank all of our shareholders, partners, customers and other stakeholders for all of their support. We have had a very successful 2018 and I am extremely optimistic about ParcelPal exceeding our growth trajectory for 2019.
2018 was a year of establishing ParcelPal and expanding our footprint in Canada and the US. We had an exceptional year for 2018 and grew the business significantly and we are particularly pleased with Q4. Here are some of the significant accomplishments achieved over the last year:
Signed Amazon.com Inc. contract for Vancouver, British Columbia and Everett, Washington and expanded our regions within the current cities significantly.
Achieved and maintained Gold status as a fulfillment provider for Amazon.com
Partnered with and invested in TokeIt (Centreel Systems) for distribution of Cannabis.
Delivered over 1,500,000 packages.
Launched beta and full version of the ParcelPal Android App.
Entered the cannabis space with a contract for distribution with Choom (CSE:CHOO, OTC: CHOOF).
Became the first on-demand delivery provider for Cannabis in Canada.
Launched operations in two new Canadian Western cities: Saskatoon and Calgary.
Improved our balance sheet significantly, whereby we ended the year with over $2 million in net working capital. This will allow for an 18 months expansionary run rate without the need to raise further capital.
Improved our board & management team by the addition of: Cody Halovich, Devon Brown, Vikas Ranjan, Alain Duperes and Steve Winter.
Closed 2018 year with a run rate of over 3.5 million.
We are continuously executing on our strategic plan, attracting potential partnerships, and looking at further city expansions. The opportunities are endless for evolution and revenue diversification within the on-demand delivery industry. We have been reinvesting into our technology platform and have begun to scale our service across Canada and now into the United States.
Looking into 2019, we will focus on achieving the following:
Continued expansion into larger tier one and tier two Canadian and United States Cities such as: Toronto, Winnipeg, Regina, Edmonton, St. Johns, Spokane, Tacoma, Seattle, etc.
Expand further into our geographical locations where we currently operate such as: Surrey, Langley, Lethbridge, etc.
Expanding our revenue diversification through large eCommerce contracts, cannabis delivery and potential acquisitions.
Continue our expansion into the Amazon ecosystem throughout Canada and the United States.
Execute on-demand delivery of Cannabis across Canada.
Integrate artificial intelligence and prediction algorithms into our platform to maximize revenue potential and streamline services.
Add new verticals into our platform to further penetrate current and potential markets.
Increase our run rate to over 12 million+ by the end of 2019.
Improve overall margin by becoming a procurement & distribution partner to many of our exiting partners.