Cannabis Regulatory Environment - Friend or Foe?

If you work in the cannabis industry, you know that the regulatory environment and process are challenging, different from jurisdiction to jurisdiction, and seem to be in need of standardization. Yes, the cannabis regulatory requirements are onerous and meeting the obligations are time-consuming, expensive, and cuts into your profitability. As a counterpoint, regulations are key to legitimizing cannabis and the industry as well as combatting pre-existing, outdated stigmas.

If you are pro-cannabis, we suggest you generally accept regulation, but also work to influence change of the imperfections. Lucid Green recognizes the regulatory impact affecting cannabis brands and retailers. Brands face challenges matching independent test labs’ COA (certificate of analysis) on batches to individual products. These efforts are often manual and time consuming. Brands also have difficulty communicating to their customers due to regulatory and ad/social platform constraints. Incomplete solutions further complicate the problem for brands, resulting in $.17-$.38 per unit on inefficient processes, decreased margins, defaced packaging, and no improvements in manual entry and data errors throughout the supply chain.

Retailers are addressing sub-optimized, and often manual, inventory management and regulatory compliance by requiring post-production pre-ticketing, resulting in increased costs, increased errors, and lower margins. In order to overcome these costly challenges, Lucid Green provides a technology platform that utilizes a unique code to tie the entire cannabis ecosystem together, from production to consumption.

The Lucid Green platform centers on an intelligent UPC (universal product code) called LucidIDs and a data asset management system called LucidSource. These LucidIDs appear on cannabis packaging and cases and are unique to each item. For brands, distributors, and retailers, LucidIDs provide complete supply chain operational support and inventory management. Once LucidIDs are adopted and ultimately secured on cannabis packages, cannabis companies can take advantage of features such as:

Touchless Inventory Management - No manual entry during pick-pack, single-scan shipping, regulatory (METRC) order ID details added to every case/unit satisfying retail partners.

Touchless COA - COA results arrive and are approved digitally, labels auto-populate, accelerating time from testing to production.

Real-Time Inventory and Ship-to-Shelf - Complete, real-time supply chain awareness; no lag from inventory intake to shelf.Tracking - Seed to sale tracking of cannabis movement and owner.

Lucid Green believes cannabis regulation is a “friend” as opposed to “foe.” At the same time, we recognize how demanding regulation is on businesses. We are committed to supporting the entire cannabis industry and delivering solutions that create efficiencies and automation to circumvent the disruptive nature of regulation.

Schedule a demo here.