Lucid Green Inc., a provider of touchless inventory management solutions for the cannabis industry, has closed a $3.1 million funding round, which included new investors, Bravos Capital and Silverleaf Ventures as well as existing investors FGCP and HALLEY Venture Partners.
The proceeds from the financing will be used to continue to drive adoption of the company’s LucidIDs throughout the cannabis supply chain.
“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 its partners to optimize the cannabis supply chain via a single code,” Larry Levy, the company’s co-founder and CEO explained.
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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.
Post money valuation: $25 million
Biggest funding round of 2020: $1 million raised in a convertible note deal. The company said it is looking to raise Series A funding this year.
Total raised to date: $2 million
What the company does: Abstrax is a California-based research firm that creates terpene profiles active chemicals in the cannabis plant for use in isolates, vaporizers, or even as food and beverage additives.
Why investors like the company:
Panther Opportunity Fund s principal
Jordan Tritt says that Abstrax is pioneering consumer sensorial experiences in the cannabis industry. Their cutting edge research, development and formulations have the potential to revolutionize various consumer packaged goods products, he continued.
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Business Insider identified the top investment firms in the US cannabis industry, based on how much they ve invested in cannabis startups in 2020.
The firms told us that they expect further consolidation in the industry, more established investors coming into the sector on the heels of cannabis legalization votes, and a bigger focus on investment in software and technology firms.
This is the third edition of our list of the top investment firms in cannabis. You can read the lists for 2018 and 2019 here.
After a tough year-and-a-half for the cannabis industry, the sector has found new momentum through increased pandemic-related sales and a raft of cannabis reform legislation in the US in the past few months.