Lucid Green has announced it has raised $10m (~£7.88m) for its UPC platform in a series B funding round. The company is aiming to transform the cannabis supply chain through its LucidIDs, the industry’s first intelligent QR code.
The cannabis supply chain in the US is riddled with challenges for businesses. There are problems 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 dispensaries. Distributors face reducing retailer order fulfilment time and turnaround – resulting in higher working capital requirements for their customers.
Lucid Green is aiming to solve these problems with its intelligent UPC through its $10m, funding round led by Gron Ventures, with participation by Gotham Green Partners.
Co-founder and CEO of Lucid Green, Larry Levy, commented: “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.
“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 normalise the industry.”
The new funding will support the recruitment of top tier talent, raise awareness of its technology, and accelerate adoption of its solution.
LucidIDs utilise QR codes to allowing for true truck-to-shelf inventory intake, reducing manual labor and human errors, and virtually eliminating data cleanliness issues.
The 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. The IDs have already been used for more than 17 million products.
The IDs offer brands, retailers and distributors a solution to reduce costs, increase transparency, and drive more sales, delivering data insights and COA management.
Wilder Ramsey, managing partner of Gron Ventures, commented: “Inefficiencies and outdated methods in the supply chain are holding the cannabis industry back from reaching its full potential.
“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,” added 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.”