Lucid Green Signs 80 New Brand Partners in Third Quarter, Announces Exponential Company Growth

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Nov 08, 2022, 06:00 ET

Cannatech leader's intelligent QR code technology has been utilized on more than 25 million products

NEW YORK, Nov. 8, 2022 /PRNewswire/ -- Lu cid Green — the intelligent UPC platform transforming the entire cannabis supply chain — today announced a record-breaking third quarter, with the highest number of signed brands for the second quarter in a row. Lucid Green will have over 40 retail stores in California running Lucid Green solutions by the end of November, and its intelligent QR code solution, LucidIDs, has now been used on over 25 million products.

Despite being one of the fastest growing industries in the world, cannabis businesses do not have the same technology resources available to every other legal industry. Brands, retailers, distributors, and consumers are stuck navigating a patchwork of state and local regulations, but Lucid Green's technology helps every stakeholder realize time and money efficiencies, and create a more trusted and transparent supply chain.

"Our incredible momentum is a testament to the cannabis industry's urgent need for the technology infrastructure available to every other legal industry," said Paul Botto, president and co-founder, Lucid Green. "Lucid Green's growth is proof of our ability to help cannabis brands, retailers, and distributors leapfrog ahead."

Lucid Green's new partnerships with leading cannabis brands enhance both the brand and customer experiences. By utilizing Lucid Green, these brands are able to ensure regulatory compliance, deliver touchless certificate of analysis (COA), enable full inventory visibility, and open a direct channel with consumers.

Lucid Green is experiencing record growth, including:

Signing 80 brands in the third quarter – a 179 percent growth in brands signed quarter over quarter,
Partnering with over 200 total brands,
Onboarding 17 retail locations onto its LucidSource platform in the third quarter, totalling 40 retail locations signed to date,
Retailers utilizing Lucid Green's solutions save on average $10,000-20,000 per location, per month.

Lucid Green saw the number of products utilizing its LucidIDs increase to over 3 million units in just the third quarter. 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. They also permit dynamic information flow, unlike the status quo of secondary stickering.

Lucid Green will be at MJBizCon from November 15 to 18 and previewing its upcoming retail solution, LucidRetail LITE, that increases speed and creates new efficiencies. If you're interested in connecting at the show and receiving a demo of the new solutions, please reach out to [email protected]. To learn more about the company, visit: https://www.lucidgreen.io/.

About Lucid Green
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 retailers and distributors a touchless inventory management solution – increasing supply chain efficiencies and cost-savings; and provides brands with a channel to connect directly with consumers. For more information, please visit https://lucidgreen.io.

Contact: Holly Langbein, [email protected], 916-769-2199

SOURCE Lucid Green