Marijuana delivery company Eaze can’t cover debt, files bankruptcy

In filing for Chapter 7 bankruptcy in March, marijuana delivery company Eaze Technologies indicated it likely won’t have sufficient assets to pay its unsecured creditors.

The bankruptcy petition disclosed that the California-based company has assets valued at up to $100,000, but its liabilities range from $1 million to $10 million, according to BankruptcyObserver.

The company is believed to have 50-99 creditors.

Meanwhile, Eaze had up to $50,000 in assets against liabilities of $2.66 million, the San Francisco Business Times reported.

Eaze filed for bankruptcy only months after:

• Announcing a rebranding and a $10 million cash infusion.
• Planting its first crop in its recently expanded Green Dragon Florida cultivation facility, which doubled the size of its flowering canopy to 64,000 square feet, and opening its 40^th medical marijuana dispensary location in Florida.

Eaze has a complicated history.

Green Dragon and Eaze – which purchased Green Dragon about three years ago – recently were acquired by a group involving billionaire Jim Clark, founder of the defunct tech firm Netscape.

Clark foreclosed on Eaze a year ago after the delivery company defaulted on a 2022 loan of $36.9 million. He then purchased Eaze’s assets for $56 million at an auction.

In October, the company said it would wind down operations while the new ownership determined whether the business would continue.