Cannabis companies are facing unprecedented challenges. Despite this, these enterprises are establishing themselves in a difficult industry beset by plenty of obstacles, ranging from banking restrictions to ever-changing rules. Lucid Green, for example, has raised a $10M Series B funding headed by Gron Ventures with participation from Gotham Green Partners to address a growing labelling problem.
US-based Lucid Green also unveiled three new pricing tiers for brands, each with varied degrees of assistance to suit enterprises of all sizes.
Fund utilisation
Lucid Green is utilising technology such as automation, the Internet of Things, and data analytics to improve the cannabis industry’s operations. The fresh capital will help the company hire top personnel, increase awareness of its technology, and speed up acceptance of its solution.
The Lucid Green app has over 75,000 registered users, according to the company. LucidIDs were added to 16 million devices between 2020 and 2021, with 1 million more LucidID-enabled products being added in March 2021. The company plans to add 85 million units to its label this year based on existing trends and announced deals.
Founded in 2018 by Paul Botto and Larry Levy, Lucid Green’s platform offers retailers and distributors a touchless inventory management system, resulting in increased supply chain efficiencies and cost savings, as well as a way for brands to communicate with consumers directly.
From growers to brands to retailers to consumers, the company’s intelligent UPC promises to decrease costs and promote transparency in all aspects of the supply chain.
LucidID-The QR code
From seed to customer, Lucid Green’s method, suitably named LucidID, uses a single barcode. This barcode can be used by cultivators and brands to upload and obtain test results and compliance certifications. Retailers can also use it to monitor inventories in real time and develop customer loyalty programmes. This technology, according to Lucid Green, removes the time-consuming process of applying fresh labels to product packaging because everything happens on one label.
“It’s evident that the cannabis supply chain’s current state is holding the sector back, and Lucid Green is delighted to have pioneered the first solutions that benefit all stakeholders,” said Larry Levy, Lucid Green’s co-founder and CEO. “We are laser-focused on creating the most innovative solutions to help our industry grow. Brands, distributors, and retailers profit from Lucid Green, while consumers benefit from a much-needed educational experience that helps to legitimise the business.”
Cannabis is heavily regulated in the United States, requiring various checks along the way to the user. As regulations change, the retailer or dispensary is typically burdened with additional effort surrounding affixing certain labels to different items, increasing labour costs and diminishing income. According to Lucid Green’s analysis, the LucidID system can save shops up to $10,000 each month.
Other firms provide QR code solutions, but they lack the entire benefits that LucidID provides. Some brands, for example, employ QR codes to provide additional information to customers. Others use QR codes to track inventory. The closest rival, according to Lucid Green, is pharmaceutical companies, however most do not allow consumers access to the information available to pharmacies.
