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 40th 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.
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