Cannabis Tech Firm Formerly Valued at $700M Going Out of Business – Ganjapreneur – Ganjapreneur

Wed / Oct 9th
by Graham Abbott
Eaze Technologies Inc., a well-funded cannabis delivery service operating in California and Michigan, is laying off nearly 500 employees and will “wind down operations” this year, according to its CEO.
Full story after the jump.
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Eaze Technologies Inc., the San Francisco-based cannabis technology giant that was once valued at more than $700 million, is laying off more than 500 workers and closing down later this year, SF Gate reports. The company launched in 2014 and offers on-demand delivery services in California and Michigan.
Eaze CEO Cory Azzalino said in a LinkedIn post on Monday that the company sold its assets at auction in early August and had begun “winding down operations” with plans to be shuttered completely by December 31.
“As we proceed with the transfer of the company’s assets, we will provide more clarity on the timing of events. We anticipate being able to provide an update on next steps on or around November 15, 2024. For employees represented by UFCW, we have already provided the Union notice and expect to engage with them in bargaining discussions regarding the effects of the wind down.” – Azzalino, in a letter to employees
Jim Araby, a vice president at the United Food Commercial Workers International Union (UFCW), told SF Gate that Eaze’s closure — and the resulting loss of nearly 500 union jobs — “should be a wake up call to the state legislators and the government that more action needs to be taken.”
The folding of Eaze marks the latest downfall of a California cannabis industry giant as the market continues to struggle against over-regulation and competition from illicit cannabis sources:
In 2021, two former Eaze consultants were found guilty of having defrauded banks into processing more than $150 million in cannabis purchases, and were sentenced to prison.
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Based in Portland, Oregon, Graham is Ganjapreneur’s Chief Editor. He has been writing about the legalization landscape since 2012 and has been contributing to Ganjapreneur since our official launch in 2014.

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