ParcelPal Technology Inc. (PKG:CSE; PTNYF:OTCQB; PT0:FSE) CEO Kelly Abbott reported in a news release the company's goals for the rest of 2019 and into 2020.
"The state of the company is strong and growing despite current market conditions, especially within the cannabis market and its surrounding industries," Abbott said. "We have had a very successful 2019, and I am extremely optimistic about ParcelPal exceeding our growth objectives for 2020."
Over the last year, the company reported that it had expanded its footprint with Amazon locally in British Columbia; became the only Canadian delivery company to provide cannabis delivery in an hour or less by signing a distribution agreement with Choom, Kiaro, Urban Juve and Aphria; expanded its eCommerce offering, now with the ability to integrate with any Shopify Partner in Canada, including cannabis partners; became the first and exclusive partner of MADD Canada regarding the delivery of alcohol and cannabis; fully updated its technology infrastructure; and created a partnership with POS Provider LineTen Technologies, allowing for further volume, national and international expansion opportunities.
Its objectives include to deliver at least 7 million packages by year-end 2020 and to integrate artificial intelligence and predictive algorithms into its platform to streamline services, maximize revenue potential and boost margins.
Additionally, ParcelPal expects to reach cash flow positivity in Q1/20 and intends to boost revenue by at least 50% and margins by up to 15% in 2020. With respect to margins in the cannabis and retail delivery segments, it is targeting a 50% increase.
Another goal is to expand revenue diversification via large e-commerce contracts, cannabis delivery and potential acquisitions. ParcelPal will continue expanding into the Amazon system throughout Canada and the U.S.
Further, the company aims to add another 65,000–150,000 users by year-end 2020, maximize the number of merchants in its various verticals, add new verticals and, into next year, continue launching new products quarterly.
ParcelPal will launch ad test next- and same-day services for the business-to-business and business-to-consumer markets. It will continue hiring sales leaders and execution teams in its current and prospective markets.
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