Key Takeaways
- Lucid Green secures $1.4 million in new funding.
- The company focuses on enhancing supply chain efficiency and product transparency in the cannabis industry.
- Lucid Green's technology, powered by LucidIDs, has been adopted by over 80 million products and 400 brands.
- The company aims to expand its InventoryAI capabilities to benefit brands, distributors, and retailers.
Funding Announcement and Strategic Growth
Lucid Green, a Smart Product Identifier (SPI) platform for the cannabis industry, announced in a news release that it has acquired $1.4 million in new funding.
This investment is set to accelerate the company's growth and expansion into new markets, building on the momentum of their $10 million Series B funding secured in 2022.
CEO Larry Levy highlighted the significance of this funding round, stating in the release, "Securing $1.4 million marks a key moment in our journey. Year to date, we're experiencing exceptional growth, averaging 10-15% growth month over month. This funding drives us towards profitability and ubiquity in the markets we operate in."
Technological Advancements and Industry Impact
Lucid Green’s proprietary technology has significantly influenced the cannabis supply chain, empowering over 80 million products with LucidIDs. These identifiers facilitate seamless inventory management and product transparency, adhering to the GS1 Digital Link standard.
The company's platform offers critical insights into inventory and ensures compliance throughout the supply chain, addressing a vital need in the rapidly evolving cannabis industry.
Lucid Green's technology is not only a inventory management tool but also a Direct-to-Consumer (DTC) marketing platform through LucidConnect. This platform has successfully engaged over 200,000 consumers, providing a robust channel for brands to connect directly with their audience.
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Future Plans and Objectives
With the newly secured funding, Lucid Green plans to enhance the capabilities of its InventoryAI within the LucidID ecosystem.
This enhancement aims to provide greater value to brands, distributors, and retailers by driving efficiencies in the supply chain and promoting smarter, safer, and more transparent cannabis products.
"Our goal remains unchanged: to drive efficiencies in the supply chain and enable smarter, safer, and more transparent cannabis products for consumers," concluded Larry Levy in the release.
Company Background
Founded in 2018, Lucid Green has dedicated itself to fostering trust and transparency within the cannabis ecosystem. The company's flagship platform, LucidID, is designed to offer innovative solutions for inventory management, thereby improving supply chain efficiency and consumer engagement.
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With over 80 million LucidIDs in circulation, Lucid Green continues to advance industry standards.