April 28 2022,

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THE BIG IDEA

Hi all,

Will you be at Hall of Flowers? Do you want to shower me with swag and/or invite me to your party? Drop me a line at alex@weedweek.com 

Next week’s newsletter will be delayed a day to include my HoF dispatch.

Lots to dig into today:

  • Can the LA market recover?
  • “We’re in a very tight spot:” Eaze exec

Our weekly sessions in the Discord will begin in two weeks, I promise.

Alex

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“We’re in a very tight spot,” Eaze exec tells team

Delivery app Eaze’s survival was in question before it acquired Colorado-based retailer Green Dragon, executives told staff in a Zoom meeting this month, a recording of which was shared with WeedWeek.
WeedWeek

The sometimes contentious meeting between the company’s leadership and engineering team offers a rare look inside a major cannabis company navigating consolidation, slowing growth in some states and the many challenges inherent in the federally illegal industry.

As with any merger, the combined company has had to align the companies’ cultures and operations. Green Dragon, which started about a decade ago, had been a profitable family business. Eaze, by contrast, looked more like a tech start-up and was “burning an obscene amount of money,” CFO Trey Handley, formerly of Green Dragon, said.

Employees at Eaze, which handles about one third of legal deliveries in California, took pride in the company’s social equity component and being, what one current employee called…

Read the WeedWeek exclusive

DOGWALKERS

Timber! Treez lands $51M

Under the radar tech outfit Treez raised $51M at a valuation of $260M to expand to new states. The company, which focuses on Metrc markets, offers point of sale software and a suite of other offerings including inventory management, analytics and a plug into a payments system.

Chief Revenue Officer Josh Glantz said the company’s “open ecosystem” software which connects to more than 100 integrations is a competitive advantage compared to some platforms which have a “walled garden” approach. 

MedMen names new boss

SoCal-based MSO MedMen named seasoned retail executive Edward Record as its new CEO. Chairman and outgoing interim CEO Michael Serruya said Record has the “discipline and restructuring expertise” the company needs. MedMen is currently embroiled in litigation against MSO Ascend Wellness Holdings over a New York REC license. 

Desert grow partners with Tommy Hilfiger

California wholesale prices have plunged, but that hasn’t dissuaded new competitors from entering the fray. This month Green Horizons announced plans for a greenhouse and business complex of up to 1M square feet in Coachella. Tommy Hilfiger’s investment vehicle is the founding investor.

Green Horizons co-founder and CEO Carlos “Los” Arias said the company’s forthcoming flagship brand would be at the nexus of cannabis, fashion and sports. Look for it in late summer.

QUICK HITS

Legislation:

Regulation:

Local:

Fun and interesting:

GOING DUTCHIE EDITION

CHART OF THE WEEK

Our new chart of the week features exclusive data from cannatech unicorn Dutchie, on category sales in California this year:

Plus: Data shop Headset shared this tidbit:

  • California saw higher than average sales growth on 4/20 this year compared to other U.S. markets. The median California dispensary experienced 161% sales growth and a 62% increase in average discounts on 4/20 in comparison to the previous four Wednesdays.

NOTABLES

Milestones:

Products:

Job moves:

  • Brothers Steve and Andrew DeAngelo joined the advisory board of Harvest Direct, a biotech company “pioneering lossless cannabis processing.”

Upcoming:

BACK IN BUSINESS EDITION

WEEDWEEK HIGH SOCIETY

Comedian Mike Glazer and Hazy partner Kolin Morgenstern strike a pose at the LA launch party for P&B Kitchen, the new edibles line from Papa & Barkley

Mike Glazer
Photo courtesy of: Papa & Barkley

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