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ParcelPal Is Innovating The Cannabis Home Delivery Experience
This week, we attended the CannaGather Colorado event and were impressed with the types of companies that attended this cannabis networking event. One of the interesting takeaways that we had from this event pertained to the increasing number of cannabis companies that are focused on ancillary business opportunities.
During the last year, we have seen a significant increase in the number of publicly traded cannabis companies and most of these new listings have been focused on the cultivation and sale of cannabis in the United States or Canada. While we are favorable on these opportunities, the valuations have become a little inflated and we have been focused on discovering ancillary cannabis companies that have significant growth potential and attractive valuations.
ParcelPal Technology Inc. (PKG.CN) (PTNYF) represents an attractive ancillary cannabis company that is in the early innings of a major growth cycle. The company provides on-demand local delivery services in North America and has secured strategic relationships with leading global conglomerates as well as leading Canadian cannabis retailers.
Why ParcelPal is a Company to Watch
One of the reasons why we are favorable on PacelPal is due to the number of avenues for growth. The company represents a multi-faceted growth opportunity and it has been executing on its strategic growth initiatives, attracting new strategic relationships, and looking at further city expansions.
Last week, ParcelPal announced a major milestone and reported to have completed more than 2 million deliveries. This was a major achievement for the ancillary cannabis company and we believe that it further validates its growth prospects. ParcelPal is in the early stages of a major expansion and its growth strategy includes the following:
The company plans to continue to expand and enhance its technology
ParcelPal plans to enter into additional symbiotic joint ventures
The company plans to push the platform across multiple consumer verticals while rapidly expanding their reach in North America.
Cannabis Delivery Services with Choom and Kiaro are Coming Soon
Last year, ParcelPal announced a strategic distribution agreement with Choom Holdings, Inc. (CHOO.CN) (CHOOF), a leading cannabis retailer in Canada. Under the agreement, the companies will jointly develop a roadmap for distribution within various provinces for recreational cannabis, will use their respective platforms to enhance user experience, and will create a delivery platform that complies with the regulations set forth by all regulating bodies in Canada.
Parcel Pal has been executing flawlessly on this growth initiative and is in the final stages of launching medical and recreational cannabis delivery services with Choom and Kiaro. This delivery initiative is expected to commence in April and is expected to open new markets and drive additional users to the ParcelPal platform. In the coming weeks, we expect to receive an update on this strategic growth initative and this is something that we expect to be a catalyst for the company.
Secures Relationships with Strategic Partners to Support Growth
One of the exciting aspects of the ParcelPal story pertains to the strategic relationships that it has in place. We believe that these relationships will play an important part in the company’s growth story and expect to see ParcelPal form new relationships in the coming months.
One relationships that we are excited about is the one with Amazon.com (AMZN). This relationship has already proven to be a major value driver and the company has a contract for Vancouver, British Columbia and Everett, Washington. When it comes to distribution, Amazon is one of the most attractive potential partners and we will be monitoring how ParecelPal continues expand on its relationship with the online retail giant.
In late January, ParcelPal formed a strategic partnership with MADD Canada to aid in the continuous fight to prevent impaired driving. MADD Canada has endorsed ParcelPal as their official delivery service in Canada and we think this relationship will prove to beneficial to the company. MADD Canada has over 100 Chapters and Community Leaders in Canada and we consider this to be a strategic relationship that can help support growth.
A Growth Opportunity to be Watching
ParcelPal ended 2018 on a high note, ending the year with a run rate of over 3.5 million, and we are excited about the growth prospects associated with this opportunity. The company has done an incredible job securing strategic partners that can help support growth and this is an opportunity that we believe is flying under the radar.
During the last month, the shares have been trending higher and we believe that this opportunity is starting to gain traction. ParcelPal is company that has been flying under the radar and we think this is starting to change. By partnering with companies that have a high profile like Choom, awareness for the company improves and we expect it to become even better known as the team continues to execute.
Although the recent rally has been significant, we find the valuation to be compelling as it is below the $30 million mark. ParcelPal is led by a management team with a proven track record and we are favorable on its growth prospects. To learn more about this emerging ancillary cannabis opportunity, please reach out to support@technical420.com
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