Eaze Buys MSO Green Dragon

Private cannabis delivery company Eaze is buying multi-state retail operator Green Dragon and will provide service to customers and patients in California, Colorado, Michigan, and Florida. Eaze said in a statement that the combined company will operate 42 delivery and storefront retail locations and serve markets with a combined value of nearly $10 billion. The company did not disclose the valuation of the transaction.

Green Dragon is a multi-state operator, with stores spanning major metropolitan areas in Colorado and Florida, cultivation operations in both states, and more than one million transactions in 2020 alone. The company said that Green Dragon’s retail stores in Colorado achieved a 39% growth in 2020. In July, Green Dragon announced the opening of its first two Florida dispensaries and plans to have at least 20 locations secured in Florida by the end of 2021.

“Eaze has achieved exponential growth over the last two years by successfully shifting to vertical operations and continuing to grow our loyal customer base,” said Eaze CEO Rogelio Choy. “Green Dragon’s airtight operations in Colorado and expansion into Florida’s booming market adds key operational capabilities to our national footprint and cements our leadership as California’s largest MSO. Together, we are well-positioned to leverage the market’s explosive growth now and into the future.”

The combined company expands Eaze retail operations into four of the fastest-growing U.S. markets. It also positions the company for expansion over the next 18 months in Florida and Colorado.

Green Dragon Co-Founder and Chief Development Officer, Alex Levine said, “We are incredibly excited to be combining our retail and production expertise with the nation’s leading cannabis delivery platform. Together, Eaze and Green Dragon will be able to expand access to even more patients and customers via an ever-expanding delivery network as well as physical storefronts across the country.”

Eaze is a vertically integrated cannabis marketplace operating in California and launching in Michigan, with over 7.6 million deliveries completed to date, two million registered customers, and $190 million in transaction value over the past 12 months. Eaze carries over 100 brands and 600 individual products on its menu and is a nationally recognized leader in promoting social equity licensees, who have sold nearly $7.7 million in products via the Eaze platform. In July, Eaze launched the first-of-its-kind shoppable cannabis app for Apple.

The transaction is pending local and state regulatory approval. In 2020, Eaze raised $35 million in order to pivot to become a plant-touching operation.

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