Lucid Green Inc. Secures $3.1MM Funding

to drive adoption of the LucidID and become the UPC of Cannabis, but more...

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May 11, 2021, 14:09 ET

NEW YORK, May 11, 2021 /PRNewswire/ -- Lucid Green Inc., today announced funding of $3.1MM from new investors, Bravos Capital, Silverleaf Ventures, and existing investors FGCP and HALLEY Venture Partners. This funding will be utilized to further the adoption of LucidIDs throughout the entire cannabis supply chain and provide seamless, two-way transfer of data at every stop in the cannabis product lifecycle.

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 it's partners to optimize the cannabis supply chain via a single code.

"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," says Larry Levy, Co-founder and CEO, Lucid Green. "This round of funding will drive adoption of LucidIDs through supply chain efficiencies."

This news comes in the wake of many recent initiatives and accomplishments of the company, including:

9MM LucidIDs in the market
60K registered Lucid Green users
50 brands on the Lucid Green platform

"Even at over $20B in US sales, the cannabis industry is still an emerging sector that currently lacks operational efficiencies and mainstream marketing tools. 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." said Steve Schuman, Managing Director - Halley Venture Partners.

About Lucid:
Lucid Green was founded in early 2018 by data veterans Paul Botto and Larry Levy with a singular mission of building a standard for trust and transparency in the cannabis ecosystem. Lucid Green's platform provides distributors a complete touchless inventory management solution - increasing supply chain efficiencies and cost-savings; and brands a channel to connect directly with consumers. For more information, please visit www.lucidgreen.io.

Steve Goldner
Lucid Green Inc.
917-940-7059
[email protected]

SOURCE Lucid Green