THANK YOU FOR SUBSCRIBING
As of date, Eaze has completed over five million legal deliveries and has over 600,000 registered customers. The company features over 100 different brands through its network of retail partners
FREMONT, CA: California's largest cannabis marketplace Eaze raised USD 20 million in a Series D financing round led by Founders JT LLC. The Series D round follows a USD 15 million bridge round led by Eaze's key stakeholders, Rose Capital and DCM. The new funding round marks the onset of Eaze's verticalization and brand strategy to expand access to safe, legal, and affordable cannabis products.
"Verticalization is Eaze's second act. Until now, we've invested in proving our market fit, building an enormous and loyal customer base, and becoming California's biggest marketplace for legal cannabis delivery. Now, we're proving we can make this business work more sustainably and profitably while continuing to grow Eaze's existing services," said Eaze Chief Executive Officer Ro Choy
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
As of date, Eaze has completed over five million legal deliveries and has over 600,000 registered customers. The company features over 100 different brands through its network of retail partners. Despite the harsh conditions faced by California's legal cannabis industry, Eaze has been able to achieve significant growth in 2019. According to the company's latest Eaze Insights: State of Cannabis Report, Eaze has been able to reach 97 percent annual increase in new sign-ups, 74 percent yearly increase in first-time deliveries, 71 percent yearly increase in overall shipments, and a 104 percent yearly increase in customers over the age of 50.
Earlier in January, the company acquired DionyMed Brand's rights to retail licensee Hometown Heart (HTH) depots in Oakland and San Francisco and is now looking to take over HTH's day-to-day operations. Eaze is expected to launch its line of consumer brands in partnership with local licensees in the coming weeks. Also, the company will continue to support a broad array of independent, world-class California brands and independent licensed retailers across the state.
Eaze also announced the promotions of Megan Miller to Chief Operating Officer and John Curtis to Chief Financial Officer. Megan, who earlier served as the company's Vice President of Finance and Marketplace, brings a unique combination of excellent financial planning skills and a comprehensive understanding of Eaze's business to her new role. John had been serving as the interim CFO to the company since October 2019.
See Also: Top Fintech Solution Companies
More in News