Lucid Green Inc., a NYC-based provider of an inventory management solution for cannabis distributors, raised $3.1M in funding.
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.