Lucid Green Secures $1.4 Million in Funding to Drive Efficiency and Safety in Cannabis

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Jul 10, 2024, 08:54 ET

NEW YORK, July 10, 2024 /PRNewswire/ -- Lucid Green, the Smart Product Identifier (SPI) platform transforming the cannabis supply chain, announced the securing of $1.4 million to fuel its growth and expansion into new markets. This latest achievement follows Lucid Green's $10 million Series B funding in 2022, underscoring its continued success in revolutionizing how cannabis products are managed across the supply chain.

"Securing $1.4 million marks a key moment in our journey," said Larry Levy, CEO of Lucid Green. "Year to date, we're experiencing exceptional growth, averaging 10-15% growth month over month. This funding drives us towards profitability and ubiquity in the markets we operate in."

Lucid Green's proprietary technology has already powered over 80 million products with LucidIDs, enabling unparalleled inventory management and seamless product transparency, underpinned by the GS1 Digital Link standard. The platform provides critical inventory insights and enhances compliance throughout the supply chain. Lucid Green partners with over 400 brands, leveraging its Direct-to-Consumer (DTC) marketing platform, LucidConnect, to engage with over 200,000 consumers.

With this new funding, Lucid Green plans to expand the capabilities of InventoryAI within the LucidID ecosystem, enhancing its value proposition for brands, distributors, and retailers alike.

"Our goal remains unchanged: to drive efficiencies in the supply chain and enable smarter, safer, and more transparent cannabis products for consumers," concluded Larry Levy, CEO of Lucid Green.

For more information on Lucid Green, visit www.lucidgreen.io.

About Lucid Green

Founded in 2018, Lucid Green is dedicated to establishing trust and transparency in the cannabis ecosystem. Its flagship platform, LucidID, empowers brands and retailers with innovative solutions for inventory management, enhancing supply chain efficiency and consumer engagement. With over 80 million LucidIDs in circulation, Lucid Green continues to lead in advancing industry standards.

For more information, visit http://www.lucidgreen.io.

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SOURCE Lucid Green