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.
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.