Eaze Technologies to Cease Operations by Year-End

Eaze Technologies, once California's largest cannabis delivery service valued at $700 million, will cease operations by December 31, 2024, following the foreclosure of its assets. The company faced significant challenges, including high operational costs, stringent regulations, and competition from unlicensed markets, leading to the layoff of nearly 500 workers. CEO Cory Azzalino announced the closure after the company was sold at auction for $54 million to billionaire investor James Henry Clark's firm, FoundersJT. Eaze's struggles have been exacerbated by past leadership issues, including a former CEO's bank fraud conviction. Union representatives have urged state legislators to take action amidst the industry's downturn, which has seen other major players like MedMen and Herbl also fail. An update on the situation is anticipated by mid-November 2024, as the new owners consider possible future operations.