Lucid Green Inc., a provider of touchless inventory management solutions for the cannabis industry, has closed a $3.1 million funding round, which included new investors, Bravos Capital and Silverleaf Ventures as well as existing investors FGCP and HALLEY Venture Partners.
The proceeds from the financing will be used to continue to drive adoption of the company’s LucidIDs throughout the cannabis supply chain.
“LucidIDs deliver benefits to each cannabis stakeholder, from manufacturer through distribution to retail onto the consumers. We call it the Fungible Universal Product Codes (F-UPC). This is a game-changing initiative for Lucid Green and its partners to optimize the cannabis supply chain via a single code,” Larry Levy, the company’s co-founder and CEO explained.
“As the cannabis industry grows due to legalization, state by state, we have seen increased demand for LucidIDs on packages. Consumers have valued the imperative information and guidance from scanning LucidIDs on cannabis packaging. Brands enjoy direct marketing and reward programs in a highly regulated industry,” he added.
This funding comes on the heels of some other corporate milestones including:
- 9 million LucidIDs hitting the market.
- Lucid Green users surpassing the 60,000 mark.
- 50 brands using the Lucid Green platform.
“Even at over $20 billion in U.S. sales, the cannabis industry is still an emerging sector that currently lacks operational efficiencies and mainstream marketing tools,” added Steve Schuman, managing director of Halley Venture Partners.
“Lucid Green’s platform not only optimizes the supply chain experience from producers to distributors to retailers, but also offers a unique channel for brands to communicate and market directly to consumers, where none previously existed. We are extremely excited to be an enabler of Lucid’s disruptive impact in the cannabis industry,” Schuman concluded.
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