Lucid Green raises $10 million to bring smart UPC codes to cannabis

Lucid Green raises million to bring smart UPC codes to cannabis

Cannabis companies face unprecedented headwinds. Yet these companies are building businesses in a tough market plagued by myriad challenges, from banking prohibitions to ever-changing regulations. One such startup, Lucid Green, has a solution to a growing labeling problem, and raised a $10 million Series B led by Gron Ventures with participation from Gotham Green Partners. The company’s intelligent UPC aims to reduce cost and increase transparency in all parts of the supply chain, from growers to brands to retailers to consumers. With Lucid Green’s system, aptly called LucidID, products use one barcode from seed to consumer. Cultivators and brands can use this barcode to upload and access test results and compliance certifications. In addition, retailers can use it for real-time inventory management and building loyalty programs with shoppers. Because this happens with one label, Lucid Green says this system eliminates the tedious process of affixing new labels to product packaging. “Sometimes I feel like Henry Ford with the first Model T cars, where everybody’s used to horses and saddles,” Larry Levy, CEO and co-founder of Lucid Green, tells me. He’s speaking to the challenges of bringing this product to market, saying that everyone was used to transporting goods with horses, and with the advent of the car came the need for the infrastructure to support it. He feels the same thing is happening in cannabis right now. Legal cannabis is highly regulated and requires numerous checks along the route to the consumer. The retailer or dispensary is often saddled with extra work around affixing specific labels to different products as regulations change, increasing labor costs and reducing revenues. Lucid Green claims its data suggests the LucidID system can save retailers up $10,000 a month. Other companies offer similar solutions around QR codes but lack the comprehensive benefits found with LucidID. For…

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Source : Lucid Green raises million to bring smart UPC codes to cannabis

reposted by Cannabis News World

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