Company Nicknamed ‘Uber For Weed’ Just Raised A Ton Of Money, Is About To Be Your Favorite Company
San Francisco based marijuana delivery serviced ‘Eaze’ has been the talk of every investor in silicon valley since it started delivering medical marijuana last Summer. If you’re not familiar with ‘Eaze’ already, don’t fret, but know that they’re about to become your favorite company because they just raised millions of dollars from Snoop Dogg and other investors, and are poised to actually become the ‘Uber for Weed‘ that the world has been longing for.
Right now gangaprenuers are all clamoring for as much cash as possible to corner the weed game as more and more states legalize recreational marijuana. As the barriers to entry (legality) are lifted, investors are seeking to get in on what’s poised to be an industry worth many, many billions of doll hairs (and dollars). This week the startup nicknamed ‘Uber for Weed’ has announced that it has raised $10 million in Series A funding from investors including Snoop Dogg’s Casa Verde Capital, 500 Startups, and Fresh VC.
QZ interviewed a spokesperson for DCM ventures, the venture firm who led Eaze’s first round of funding ($1.5M):
DCM Ventures, which invested in Eaze’s seed funding, led this round, with participation from Snoop Dogg’s Casa Verde Capital, Fresh VC, and 500 Startups. “At the time we invested in the seed, we had a thesis the medical marijuana market would continue to grow, and from a regulatory perspective, it would move toward deregulation,” Kyle Lui, a principal at DCM, tells Quartz. “Things accelerated much faster than we had anticipated.”
Something of note is that DCM Ventures is taking a bit of a risk here by investing heavily in the marijuana sector, as weed is still very much illegal on the federal level. DCM Ventures also spoke with QZ on that topic:
Why DCM isn’t fazed by pot: Eaze provides the technology for dispensaries and doesn’t grow or sell, says McCarty. That said, Lui notes that DCM’s limited partnership agreements don’t prohibit the company from investing in startups that break the law—as some of the most successful digital companies have sometimes done. “In a lot of jurisdictions, Uber was breaking the law, Airbnb was breaking the law,” he says. “I think being forward-thinking, you have to see where the world is going rather than where you currently are.”
The first question I have is ‘Why can’t Uber become the ‘Uber for weed’ in places where marijuana is already legal?’ If Uber’s already valued at tens of billions of dollars, and have the infrastructure in place, why not just put these upstart businesses off the map before anyone has the chance to gain a foothold? Or perhaps that’s the entire strategy of these weed startups: get bought out by Uber down the road.
As for getting into the game of weed investing, it’s a HOT TIME to do so. Just last week we reported on how a startup has raised an astounding $75 MILLION to pioneer a ‘Bob Marley‘ line of marijuana. So if you were thinking about trying to move around your millions of doll hairs into something profitable in the weed sector, now would be the time to do so.
But why is Eaze, the ‘Uber for Weed’, about to be your favorite company? WEED. ON. DEMAND.
As you can see from these screenshots of their app the entire ordering process is seamless. From both buyer and supplier side, it’s amazing. You put in your order and it’s there within minutes. No more sitting around and waiting for a lazy dealer to come by your apartment. No more driving to a dispensary only to take a number and wait in line for what seems like forever, only to then talk to a budtender for an eternity about new strains. You do all your shopping on the app and it shows up within moments. Eaze, the ‘Uber for Weed’!
This is the future of weed. ‘Eaze’, the ‘Uber for weed’ is where the industry is headed, and I love it.
Completely unrelated, we’re giving away THREE HANDHELD FIREFLY VAPORIZERS, and you can get in on that giveaway by CLICKING HERE!
For more on this startup you can head on over to QZ.