The largest marijuana delivery company in the nation's largest regulated cannabis market is facing financial difficulties.
Jim Clark, a tech billionaire and Ease's biggest investor, has filed a lien against the company.
This development was first reported by WeedWeek.
Cory Azzarino, CEO of the San Francisco-based delivery business, said Ease will remain open during the foreclosure process.
Clark, who founded Netscape and has been an investor in Ease since at least 2021, was foreclosed after the delivery service defaulted on its debts, SF Gate reported.
Clark is demanding all of Eads' collateral, according to court documents filed this month in Delaware.
The roots of the crisis date back to August 2022, when a shell company co-owned by Clark issued a $36.9 million loan to Eads, giving Eads control of the cannabis delivery company if it failed to meet monthly revenue targets. It is said that he gave it to 2023 lawsuit brought by other Eaze investors.
In a 2023 lawsuit, investors accused Clark of illegally misrepresenting Ease's financial condition in order to attract further investment in the company.
A San Francisco judge dismissed the lawsuit in November 2023.
Eaze's Azzalino said at the time that the company was still in a “sound financial position.”
Last month, Ease Technologies and union negotiators reached a settlement that avoids work stoppages across California on April 20, the marijuana industry's biggest retail day of the year.
MJBizDaily reports that 500 employees of the company's distribution and warehouse workers in Los Angeles, Northern California, Orange County and San Diego lost their jobs after negotiations to secure an initial labor contract between the employees and Eads broke down in late March. He said he was ready to retire. .
