Colorado-based Green Dragon, a multi-state cannabis company with operations in Colorado and Florida, will shut down operations by next year, according to a KDVR report.
DP Holdings Colorado LLC, the holding company behind Green Dragon, filed notices on October 16 with state officials in Florida and Colorado to warn of impending layoffs. Per the report, Green Dragon’s layoffs will affect all company positions including cultivation, processing, and retail roles, and the layoffs will cover 59 positions in Colorado and 113 in Florida.
The company is also shutting down 17 dispensaries in Colorado and 39 dispensaries in Florida, and the company is expected to sell off its 400,000-square-foot medical cannabis cultivation facility in Florida.
The folding of Green Dragon follows the company’s 2021 merger with Eaze Technologies, Inc. — a cannabis tech firm once valued at $700 million — but Eaze’s assets were purchased at auction in August, and the company’s CEO Cory Azzalino announced a few weeks ago that the company will “wind down operations” by the end of the year with layoffs coming for nearly 500 employees.
Additionally, the closure follows a recent downturn in Colorado cannabis sales: the state reported just under $109 million in sales through August this year, the report said, while last year the state recorded $132.45 million through the same period.
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