Pot delivery startup Eaze smokes competition with $13 million in funding
Call it the Uber for weed.
San Francisco-based medical marijuana delivery startup Eaze has raised $13 million in a series B funding round, making it the fastest-growing and most funded cannabis tech company in the world, the company said Monday. Launched in 2014, Eaze has raised a total of $25 million and operates in nearly 100 California cities.
“In an incredibly short period of time, Eaze has led the charge into an industry projected to grow from $7 billion this year to $50 billion by 2026,” David Chao, general partner at DCM Ventures, which invested in the round, wrote in a news release.
The concept of Eaze is simple: Order the bud you want from your smartphone, wait while Eaze connects you to a local dispensary, and see the product delivered to your door in as little as 15 minutes. Users can browse Eaze’s online menu for products such as “Bubba Kush” ($31 for 1/8 oz) and “Granddaddy Purple” ($43 for 1/8 oz), or they can opt for marijuana-infused chocolate bars and pre-rolled joints.
For now the service is available only to patrons with medical marijuana cards (which they can obtain online for $30 after a video call with a doctor). But that might change next month when California votes on Proposition 64, which would make recreational marijuana legal in the state.
“This is a critical time for the marijuana industry,” Eaze CEO Keith McCarty wrote in a statement. “Adult use is on the precipice of becoming legal in California, the largest marijuana market in the United States. Platforms like Eaze that are setting a new standard for accessibility, safety, and professionalism are best positioned to educate and service the future market.”
But marijuana tech startups continue to face risks not felt by their peers in other fields, including grappling with the fact that the drug is not legal at the federal level. In San Jose the legal delivery of medicinal marijuana is a brand-new concept — the city council voted last week to allow sanctioned businesses to deliver.