Lucid Green Raises $10M to Power the First Intelligent Cannabis UPC Platform
April 26th, 2022
News, Top News
Lucid Green is transforming the cannabis supply chain with its LucidIDs, the industry’s first intelligent QR code to improve the supply chain for brands, distributors, retailers and consumers
NEW YORK, April 26, 2022 /PRNewswire/ — Lucid Green — the intelligent UPC platform transforming the entire cannabis supply chain — today announced its $10 million Series B funding round led by Gron Ventures, with participation by Gotham Green Partners. Lucid Green also announced three new pricing levels for brands, with varying levels of support to accommodate businesses of all sizes. With Lucid Green, brands, retailers, distributors and consumers realize the benefits of a streamlined cannabis supply chain — one that allows for dynamic information sharing, reduces costs, and increases transparency and trust for all stakeholders.
The cannabis industry’s status quo in the supply chain is failing every stakeholder involved:
- Retailers face challenges with inaccurate product information, inefficient cycle counting, sporadic Certificate of Analysis (COA) compliance and secondary stickering. Manual inventory management is also time consuming, expensive and prone to errors.
- Brands experience increased costs and lower profit margins as a result of compliance and supply chain inefficiencies, and lack the mechanisms to communicate directly with consumers and budtenders.
- Distributors face reducing retailer order fulfillment time and turnaround – resulting in higher working capital requirements for their customers.
“It’s clear that the cannabis supply chain’s status quo is holding the industry back, and Lucid Green is proud to have pioneered the first solutions to benefit all stakeholders,” said Larry Levy, co-founder and CEO of Lucid Green. “We are laser-focused on developing the leading solutions to strengthen our industry. Lucid Green benefits brands, distributors and retailers while delivering a much needed educational experience for consumers that helps to further normalize the industry.”
Lucid Green’s signature LucidIDs utilize QR codes to make the cannabis supply chain more efficient by allowing for true truck-to-shelf inventory intake, reducing manual labor and human errors, and virtually eliminating data cleanliness issues. The intelligent QR codes permit dynamic information flow which empowers stakeholders to continue adding information about a product through its lifecycle, unlike the status quo of secondary stickering.
Between 2020 and 2021, LucidIDs were created for more than 17 million products, and in March 2022 alone, LucidIDs were created for more than 1 million products. The Lucid Green app for consumers has more than 80,000 (and growing) registered users, who have redeemed more than 14,000 free products through the Lucid Green platform as part of brand loyalty programs.
Lucid Green also unveiled a new pricing model for brands, with three tiers of service levels. Whether selecting the Starter (free), Standard or Enterprise offering, there is an option for every brand to unlock new efficiencies, and save time and money.
With Lucid Green, brands, retailers and distributors have one solution, via the LucidID QR code, to reduce costs, increase transparency, and drive more sales.
- For brands, Lucid Green delivers better data insights, COA management, and enhanced label printing. In addition, brands can use the Lucid Green platform to create a direct connection with their consumers.
- For retailers, Lucid Green helps get products on shelves quicker and more simply. Retailers can eliminate manual entry errors, secondary stickering, and record and manage an entire case of items with one scan.
- For distributors, Lucid Green reduces order fulfillment time and turnaround. Distributors decrease inventory management costs by managing the flow of cannabis products and enhancing their buying decisions with the right data to increase profitability.
- For consumers, LucidIDs offer a universal sign of safety and trust. Scanning a LucidID provides the consumer with all product information they need to have a safe, consistent and enjoyable experience.
“Inefficiencies and outdated methods in the supply chain are holding the cannabis industry back from reaching its full potential,” said Wilder Ramsey, managing partner of Gron Ventures. “We are proud to have invested in Lucid Green because the power and promise of their technology and solutions can save all stakeholders time and money, while increasing education and trust among consumers.”
“Our core ethos is quality, consistency and value, and part of our mission is to provide retailers and consumers with the best cannabis products at the best price,” says Skip Motsenbocker, CEO at Pacific Stone. “Lucid Green is a critical partner for us, and with their LucidIDs, we’re able to directly communicate with budtenders and consumers, increasing education, loyalty and trust. Lucid Green is creating higher profit margins for us thanks to more efficient truck-to-shelf processing, and we think the whole industry would benefit from their solutions.”
Lucid Green is tapping into technologies like automation, IoT, and data analytics to improve how the cannabis industry does business. The new funding will support the recruitment of top tier talent, raise awareness of its technology, and accelerate adoption of its solution.
About Lucid Green
Lucid Green was founded in early 2018 by data veterans Paul Botto and Larry Levy with a singular mission of building a standard for trust and transparency in the cannabis ecosystem. Lucid Green’s platform provides retailers and distributors a touchless inventory management solution – increasing supply chain efficiencies and cost-savings; and provides brands with a channel to connect directly with consumers. For more information, please visit https://lucidgreen.io.
SOURCE Lucid Green
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