Lucid Green Partners with LeafLink - To Optimize Retailers' Inventory Intake and Increase Profit Margins
Lucid Green today announced a partnership with LeafLink, the leading unified wholesale platform designed specifically for cannabis. This partnership allows cannabis retailers to have all their cannabis inventory be "pre-ticketed" with LucidIDs, even if a given brand has yet to include LucidIDs on their packages. The Lucid Green and LeafLink partnership means that cannabis retailers save between 20-30 person hours/week per store as well as materially reducing working capital requirements as retailers can hold less stock on hand. The result - increased margins for retailers.
"Lucid Green is fast becoming the intelligent 'universal product code' (UPC) for the cannabis industry. LucidIDs allow two-way transfer of data at every stop in the cannabis product life cycle. Our partnership with LeafLink improves truck to shelf efficiency that results in lower working capital requirements as a result of faster stock replenishment cycles for cannabis dispensaries," says Larry Levy, Co-Founder and CEO, Lucid Green. "Dispensaries can now shop all cannabis brands through a single platform and efficiently manage regulatory compliance, capital expenditures, and inventory."
"LeafLink enables cannabis retailers to save time, cut costs, and increase profitability by centralizing order management, vendor payments, and inventory fulfillment in one platform." says Matt Hutchinson, VP of Logistics at LeafLink. "Working with Lucid Green lets our customers use LucidIDs to eliminate the manual effort of prepping products, allowing that inventory to get to the shelf faster, eliminating stockouts."
Cannabis retailers will experience immediate profitability increase from the Lucid Green and LeafLink partnership. Even if they are currently carrying cannabis brands that have not included LucidIDs, LeafLink's local operating partners will add this "pre-ticketed regulatory label" to all cannabis packages delivered through LeafLink's retail fulfillment service. This means that cannabis retailers can take immediate advantage of one code to reduce costs, increase transparency, and drive revenue.
The benefits of this new partnership for cannabis retailers include:
Just-in-time dispensary inventory, therefore freeing up working capital.
Simplified order processing with complete regulatory compliance.
Restocking of store's inventory and track order status with a few clicks.
Increased efficiency for the dispensary to get products from truck to shelf. One single scan of a Lucid CaseID delivers all regulatory and product information into the retailer's POS (point of sale) system.
No secondary stickering. Central archive of all COA's for easy retrieval.
Cycle counting time and errors reduced significantly with detailed visibility of all products. Manual entry and associated errors are eliminated.
About Lucid Green: Lucid Green was founded in early 2018 by data veterans Paul Botto and Larry Levy with a singular mission of building a standard for trust and transparency in the cannabis ecosystem. Lucid Green's platform provides retailers and distributors a touchless inventory management solution – increasing supply chain efficiencies and cost-savings; and provides brands with a channel to connect directly with consumers. For more information, please visit https://lucidgreen.io.
About LeafLink: LeafLink is the unified B2B platform for the cannabis industry that has revolutionized the way thousands of brands, distributors, and retailers manage their operations. Their industry-defining tools makes it easier for cannabis businesses to create, manage, pay for, and ship their orders, so they can focus on growing their businesses. LeafLink's marketplace processes over $4.6 billion in annual orders, making up an estimated 39% of U.S. wholesale cannabis commerce. Currently, LeafLink serves 30 markets across the U.S. and Canada with a team of 200+ in offices in New York City, Los Angeles, and Toronto. Backed by leading venture capital firms and strategic investors such as Founders Fund, Thrive Capital, Nosara Capital and Lerer Hippeau, LeafLink has raised more than $131 million to date. Learn more at https://leaflink.com/.