Eaze captures Green Dragon
Bay Area-based app Eaze is set to become the country's largest delivery service after announcing it will acquire Green Dragon, a Colorado retailer which also operates in Florida. Deal terms were not disclosed.
- The deal marks a remarkable turnaround for Eaze, which is becoming a significant national player after almost running out of cash before the pandemic.
- The company also got a boost several weeks ago when Apple opened the iPhone app store to shoppable cannabis apps.
- With Green Dragon's growing position in Florida's MED market, it gives Eaze a chance to compete hard against Trulieve, the market leader, where only 4% of sales are delivery.
- Eaze should also be able to quickly win market share in Colorado, which only started to allow delivery weeks ago.
- The combined company will compete for top 10 revenue status, among MSOs.
- Leafly is suing Florida to resume handling pre-orders for operators through its e-commerce platform. In the suit, it argues that it “is not involved in the purchase, sale or storage of marijuana.”
- While many pot shops still don't have bank accounts, investment banks are cashing in on cannabiz M&A.