Cannabis Tech Co. Lucid Secures $1.4M In New Capital To Ramp Up Operations

Cannabis tech company Lucid Green has secured $1.4 million in financing. The company plans to utilize the new capital raise to support growth and expansion into new markets.

“Securing $1.4 million marks a key moment in our journey,” Larry Levy, CEO of Lucid Green said. “Year to date, we’re experiencing exceptional growth, averaging 10-15% growth month over month. This funding drives us towards profitability and ubiquity in the markets we operate in.”

The move follows the company's $10 million Series B funding round in 2022 led by Gron Ventures, with participation by Gotham Green Partners. That money fueled Lucid Green's growth as it ramped up its client list to 400 cannabis brands nationwide and found its inventory tracking platform for more than 80 million products useful.

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Shortly after, Lucid Green teamed up with three new cannabis testing labs and lab information systems (LIMS) to expand the full digitization of Certificates of Analysis (COAs) in the cannabis supply chain.

In November 2022, Lucid Green launched LucidRetail LITE – a new solution and first-of-its-kind Chrome extension that makes inventory intake faster and more cost-effective by removing the need to sticker products.

Now, the new funding will allow it to expand the capabilities of InventoryAI within the LucidID ecosystem, enhancing its value proposition for brands, distributors, and retailers.

“Our goal remains unchanged: to drive efficiencies in the supply chain and enable smarter, safer, and more transparent cannabis products for consumers,” Levy continued.

To learn more about cannabis innovation, come join us at the 19th Benzinga Cannabis Capital Conference, coming to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.

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