Green Dragon’s three cofounders say the San Francisco startup was “in dire financial straits” at the time of its 2021 acquisition, a charge Eaze denies.
firm that pioneered on-demand cannabis delivery nearly a decade ago, accuses the company of committing fraud when it began talks to acquire a Colorado-based marijuana firm, Green Dragon, in 2021.
The plaintiffs claim that Eaze “fraudulently acquired and raided Green Dragon for their own personal gain” and that they “lost millions of dollars” in expected revenue. As their concerns grew over time, they claim that they were shut out of the decision-making process within the company and were cut out of “” between board members, then lost their own board seats and their executive-level jobs. The three Green Dragon cofounders were ultimately forced out of Eaze in February 2023.
“As outlined in our complaint, our profitable, family-owned business was fraudulently taken from us and irreparably destroyed,” Alex Levine, 29, one of the plaintiffs, told. He, and his father, Andrew Levine, and his step-mother, Lisa Leder, built and grew Green Dragon.that he and Eaze “deny all allegations and intend to defend themselves against all claims of wrongdoing.”
In the same statement, the investor pair further expressed their frustration."We will say this: Jim and TJ have been friends and partners for almost 40 years, and together have served on the boards of over 30 companies, including boards of numerous public companies,” they said.
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