Green Dragon and Eaze to Close Operations Amid Financial Challenges and Industry Downturn

LOS ANGELES- Green Dragon, a multi-state cannabis operator with facilities in Colorado and Florida, is set to cease operations by the end of 2024. This move will affect all 17 of its dispensaries in Colorado and 39 in Florida, alongside layoffs impacting 59 workers in Colorado and 113 in Florida. The shutdown follows Green Dragon’s acquisition by Eaze Technologies in 2021. However, Eaze, once a prominent California-based cannabis delivery company valued at $700 million, has also faced significant financial setbacks, including asset foreclosure in August 2024 after defaulting on a substantial loan.

The downturn is attributed to high operating costs, regulatory challenges, and competition within the California cannabis market. Eaze’s closure will result in nearly 500 job losses as the company plans to wind down by December 31, 2024