Lucid Green raises $10M Series A to bring smart UPC codes to cannabis

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Summary

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. Lucid Green says the closest competitor comes from pharmaceutical companies, though most stop short of letting consumers access the information available to pharmacies. 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. With Lucid Green’s system, aptly called LucidID, products use one barcode from seed to consumer. He told TechCrunch that talking to retailers led him to invest in Lucid Green.

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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...

Read the full article @ Techcrunch