Cannabis delivery service Eaze Technologies Inc. and dispensary operator Green Dragon plan to reopen 70 locations across four states after announcing last month that they had planned to wind down their operations.
California-based Eaze, which acquired Green Dragon in 2021, announced on Nov. 12 that it received $10 million in Series B funding to support reopening 57 retail stores, 11 delivery hubs and two production facilities in four states: California, Colorado, Florida and Michigan.
The investment comes after Eaze’s assets were foreclosed on by lenders James Clark, a computer-tech billionaire who founded Netscape, and fellow stockholder Thomas Jermoluk, who through their company, FoundersJT LLC, purchased the assets at auction for $54 million in August. That auction came after the company failed to meet revenue targets that were attached to a $37 million loan agreement in 2022, according to Law360.
Subsequently, Eaze announced last month that it would be closing its cannabis delivery operations, which recorded more than $1 billion in completed deliveries since its founding in 2014. Also, Green Dragon announced last month it was shutting down 56 retail facilities.
“We are excited to build on the accomplishments of the first 10 years of Eaze Technologies Inc., and expand our retail, delivery, and private label brands into new markets,” Cory Azzalino said in a news release. Azzalino will lead Eaze Inc. as CEO.
“We deeply value the contributions of all those who were part of Eaze Technologies Inc.’s journey and remain committed to creating a company that continues to push forward with innovation and care,” he said. “As we move ahead with this new chapter, Eaze Inc. is focused on sustainable growth and delivering for our customers and communities. The $10 million investment will allow us to strengthen our supply chain, enhance the customer experience, and set the foundation for long-term success.”
H/T: www.cannabisbusinesstimes.com
