Backers included Bravos Capital, Silverleaf Ventures, and existing investors FGCP and HALLEY Venture Partners.
Founded in early 2018 by Paul Botto and Larry Levy, Lucid Green provides cannabis distributors with an inventory management solution to increase supply chain efficiencies and cost-savings. The platform has 60K registered users and 50 brands.
The company also use LucidIDs, which are Fungible Universal Product Codes (F-UPC) that enable to optimize the cannabis supply chain via a single code benefiting each cannabis stakeholder – from Manufacturer through Distribution to Retail onto the Consumers. 9MM LucidIDs are currently in the market.
The company intends to use the funds for the further adoption of LucidIDs throughout the entire cannabis supply chain and provide two-way transfer of data at every stop in the cannabis product lifecycle.
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.