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Illustration:Rebecca Zisser/Axios

Marijuana delivery service Eaze is in the process of closing $65 million in venture capital funding that would give it a valuation in excess of $300 million, Axios has learned.

The bottom line: This is basically Uber for pot, except the actual delivery workers are legally required to be W-2 employees. And, like Uber in the early days, it's beginning to raise big money.

San Francisco-based Eaze is familiar to many in California, particularly in Los Angeles where it has giant billboards with taglines like "for super chill vibes" and "for pesky hangovers."

  • The San Francisco-based company only currently delivers within California, but did recently launch a marketplace for shipping cannabidiol products to 41 states and Washington, D.C.
  • A source close to the deal says he expects Eaze to primarily focus its on-the-ground expansion to states that have legalized recreational marijuana, as that's viewed as a much larger long-term market than medicinal. In California it does both.

The largest new investor is serial entrepreneur Jim Clark, who co-founded both Silicon Graphic and Netscape. Return backers include VC firm DCM, whose partner David Chao sits on the Eaze board of directors and is a user of medicinal marijuana.

An Eaze spokesperson declined comment.

Go deeper

S&P 500 slides into correction territory

Data: FactSet; Chart: Axios Visuals

Stocks suffered their worst drop of the year, pushing the S&P 500 on track to fall into a "correction."

Driving the news: The benchmark S&P 500 dropped for its fifth straight day, with losses nearing 3% in early trading.

Updated 31 mins ago - Politics & Policy

Omicron dashboard

Illustration: Aïda Amer/Axios

  1. Health: Fauci: "Confident" Omicron cases will peak in February — FDA OKs antiviral drug remdesivir for non-hospitalized patients — Walensky: CDC language "pivoting" on "fully vaccinated."
  2. Vaccines: The shifting definition of fully vaccinated — Annual vaccine preferable to boosters, says Pfizer CEO — Team USA 100% vaccinated ahead of Beijing Olympics.
  3. Politics: Virginia school boards sue Gov. Youngkin for lifting mask mandate — Gonzaga University revokes NBA great John Stockton's tickets over mask stance — Arizona governor sues Biden administration over funds tied to mandates.
  4. World: Beijing Olympic Committee lowers testing threshold ahead of Games — Beijing officials urge "emergency mode" before Winter Olympics — Austria approves vaccine mandate for adults.
  5. Variant tracker

Supreme Court agrees to hear challenge to affirmative action at Harvard, UNC

Photo: Al Drago/Getty Images

The Supreme Court on Monday agreed to hear a pair of cases challenging the consideration of race in the college admissions processes.

Why it matters: The conservative high court's ruling could determine the future of affirmative action in higher education.