Between recreational cannabis use being legal in 18 states and medical cannabis use being legal in 37 states, the development of dispensaries in the U.S. is on an exponential rise. However, as more dispensaries open, local product management startup Lucid Green says supply chain and inventory management issues rise too.
According to a company statement, dispensary retailers face challenges with inaccurate product information, inefficient cycle counting and secondary stickering because manual inventory management is time-consuming, expensive and prone to errors.
Because of this, Lucid Green provides dispensary owners with a tech-backed solution through its touchless inventory management platforms backed by universal product coding (UPC) technology. On Tuesday, the startup announced it pulled in $10 million in a Series B funding round led by Gron Ventures to scale its technology offerings. Additional funding will go toward raising product awareness and hiring new talent.
“It’s clear that the cannabis supply chain’s status quo is holding the industry back, and Lucid Green is proud to have pioneered the first solutions to benefit all stakeholders,” Larry Levy, co-founder and CEO of Lucid Green, said in a statement.
Lucid Greens said it created 17 million product QR codes last year that the company calls LucidIDs to track truck-to-shelf inventory for dispensaries.
“Inefficiencies and outdated methods in the supply chain are holding the cannabis industry back from reaching its full potential,” Wilder Ramsey, managing partner of Gron Ventures, said in a statement. “We are proud to have invested in Lucid Green because the power and promise of their technology and solutions can save all stakeholders time and money, while increasing education and trust among consumers.”
