Eaze, once valued at $700 million and seen as the 'Uber of Pot,' is set to cease operations by December 31 due to struggles in California's cannabis market.
Cory Azzalino, CEO of Eaze, informed employees of the company's closure due to ongoing challenges in the California cannabis industry and said they sold off assets.
The high hopes for Eaze and other cannabis companies during the boom years have dwindled, highlighting the industry's volatility and the unfulfilled expectations of investors.
Despite the initial excitement and substantial venture capital, many cannabis companies, including Eaze, MedMen, and Flow Kana, are now facing severe financial distress and closures.
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