Green Dragon, one of Colorado’s biggest marijuana dispensary chains, is staying in business after all.
California-based Eaze Inc., Green Dragon’s parent company, got a $10 million lifeline from investors, according to a statement. The money will allow the company to reopen 70 locations, including Green Dragon outlets in Colorado, the statement said.
“The $10 million investment will allow us to strengthen our supply chain, enhance the customer experience, and set the foundation for long-term success,” Eaze Inc. CEO Cory Azzalino said in the statement.
The news marks an about-face after Green Dragon announced last month it was ceasing operations and closing all 17 Colorado locations by year’s end. A notice with the state labor department said it was also laying off all 59 workers at its grow facility.
Eaze has a lot of plans for the new investment, including hiring 1,000 operational positions, opening new dispensaries and expanding delivery capacity in Colorado, Florida, California and Michigan.
Marijuana sales are declining in Colorado as other states move to legalize recreational cannabis. The state’s tax revenues from cannabis sales have been falling for several years.
