Lucid Green, a leading Smart Product Identifier (SPI) platform in the cannabis industry, has secured $1.4 million in funding aimed at accelerating its growth and expanding into new markets. This recent funding round underscores Lucid Green’s ongoing success in revolutionizing how cannabis products are managed throughout the supply chain, following its significant Series B funding of $10 million in 2022.
Larry Levy, CEO of Lucid Green, highlighted the significance of this funding milestone, stating, “Securing $1.4 million marks a pivotal moment in our journey. Year to date, we’ve sustained exceptional growth, averaging 10-15% month-over-month. This funding propels us toward profitability and further market penetration.”
Lucid Green’s proprietary technology, powered by over 80 million LucidIDs, plays a crucial role in enhancing inventory management and ensuring product transparency across the cannabis supply chain. Utilizing the GS1 Digital Link standard, the platform provides invaluable inventory insights and strengthens compliance measures. Lucid Green collaborates with more than 400 brands and utilizes its Direct-to-Consumer (DTC) marketing platform, LucidConnect, to engage with a substantial consumer base exceeding 200,000.
With the infusion of new capital, Lucid Green plans to expand the capabilities of its InventoryAI within the LucidID ecosystem, aiming to enhance value propositions for brands, distributors, and retailers alike.
Larry Levy reaffirmed the company’s commitment, stating, “Our objective remains unchanged: to drive efficiencies within the supply chain and enable smarter, safer, and more transparent cannabis products for consumers.”
Editorial Opinion:
Lucid Green’s recent funding achievement highlights its strategic positioning in the cannabis industry, where transparency and efficiency are increasingly critical. The company’s emphasis on leveraging technology to streamline inventory management and enhance consumer trust underscores its proactive approach to meeting industry demands. As regulatory frameworks evolve and consumer expectations rise, Lucid Green’s expansion plans and technological advancements in InventoryAI are timely and aligned with market needs. By focusing on scalability and innovation, Lucid Green continues to set a benchmark for industry standards, driving positive change in the cannabis sector.
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