Eaze Technologies to Close Operations by Year-End

Eaze Technologies Inc., once valued at $700 million and dubbed 'the Uber of Weed,' is set to wind down operations by December 31, 2024, following a foreclosure on its assets. The company, which has struggled in California's competitive cannabis market, will lay off approximately 500 workers as it transitions to new ownership under Netscape co-founder James Clark, who acquired Eaze's assets for $54 million in August 2024. CEO Cory Azzalino indicated that the future of the business hinges on the new ownership's decisions and upcoming market conditions, particularly the results of a Florida ballot initiative to legalize adult-use cannabis. Eaze has faced numerous challenges, including lawsuits, fraud allegations, and a significant loss of investor confidence, contributing to its decline. Despite its rapid growth and substantial venture capital backing, Eaze's operations are being dismantled as the cannabis industry faces increasing hardships. An update for employees is expected on November 15 regarding the company's future.