The leading cannabis technology company Eaze secures $27 million in Series B financing. The round was led by Bailey Capital with participation from DCM Ventures, Kaya Ventures, and FJ Labs. The latest round brings Eaze’s total funding to $52 million.
As the part of the deal, James Bailey has also joined the board of directors bringing relevant industry experience as an investor in PAX Labs and High Times.
On the investment, James Bailey, Managing Partner of Bailey Capital, said:
Eaze has transformed the way people legally access marijuana. Their focus on the customer experience through wide selection, competitive pricing, and fast delivery meet the demand of today’s consumer.
Further adding to that, he said:
As a tech company, Eaze is taking a stand in an industry negatively affected by the century-long war on drugs and takes a proactive mission to make cannabis an industry of equality and opportunity. Eaze is poised to create more jobs and tax revenue than any other company in the industry.
Further adding to that, David Chao, General Partner of DCM Ventures, said:
Eaze is one of the strongest investment opportunities in the rapidly growing cannabis industry. I’m proud to have been investing in Eaze since the seed round and am excited to help Eaze take the next step in expanding the business to new markets.
The cannabis technology company Eaze, provides convenient access to high-quality marijuana products. Founded in 2014, the company’s technology enables superior customer choice and convenience by connecting product brands, dispensaries and doctors to customers on demand.
On the development, Jim Patterson, CEO of Eaze, said:
An increasing number of Americans recognize that when used responsibly, marijuana can dramatically enhance their lives. Through our commitment to education, Eaze is playing a crucial role in the normalization of something that can unequivocally make life better.
He further added that:
With the legalization of adult use marijuana on the horizon, we look forward to using our data, technology and platform to continue to serve our mission of providing safe, secure access to marijuana products at the lowest prices with the utmost convenience.
The company connects customers through its mobile app or website to delivery drivers from local, legal and compliant dispensaries in most major California cities. For patients in need of a medical marijuana recommendation, EazeMD connects California residents with independent, board-certified doctors to receive an evaluation on demand.
With over 300,000 users in California, the company has unprecedented access to big data regarding cannabis market trends and consumer preferences which it shares with industry and media partners through its Eaze Insights Program.
Eaze will use the financing for continued expansion throughout California and other states, to provide safe, convenient and professional access to legal marijuana.
This announcement of additional capital comes at a time when Eaze has experienced rapid growth. The company claims to have a 300% year-over-year increase in gross sales through its platform and now facilitating over 120,000 deliveries per month.
The cannabis industry has seen incredible growth in the last year, with medical marijuana now legal in 29 states and the District of Columbia. The industry claims to have seen over $6 billion in revenue and over 100,000 jobs created, resulting in $1 billion in taxes.
In California, with Proposition 64 and the promise of an adult use market, the excitement and growth potential is even higher. Eaze is leveraging the momentum to continue to help educate regulators and offer customers both choice and convenience