Optimizing Cannabis Experiences
From day one, Lucid Green’s goals have been focused on optimizing cannabis experience. What does this mean? Well it means different things to different audiences - brands, distributors, retailers, and consumers.
Brands
Cannabis brands recognize there is a huge opportunity for revenue growth as state-by-state, cannabis legalization occurs.Their greatest challenge is marketing their product and brand as cannabis advertisement is highly regulated. Optimizing cannabis experiences means having a simplistic vehicle to have direct engagement, advertisement, call-to-actions, and reward programs with brands’ target audience.
Distributors
“The distribution of cannabis is a complex system that is heavily regulated by the states. Quite often, the distributors are the ones dealing with the most compliance hurdles in the entire supply chain.” (Source) Optimizing cannabis experiences for distributors means providing a system that automates receipt of product from manufacturers and distribution to retailers while maintaining regulatory compliance.
Retailers
Retailers’ challenges center around two factors: 1) the ability to understand their consumers' needs and provide product recommendations, and 2) efficiencies in receiving, managing, and controlling inventory. Optimizing cannabis experiences for retailers means that they have the ability to get information on a plethora of products and they have a system that provides complete inventory management that is integrated with their POS (point of sale) system.
Consumers
Optimizing cannabis experiences for consumers might be the most straight-forward. Most of us have had great cannabis experiences and ones that were less than desirable. It all comes down to the right cannabis composition and dosage for each individual. Whether it is the levels of CBD, THC, and a host of terpenes compounded with ingestion method and dosage, all the elements vary for each individual. Optimizing your cannabis experience means knowing exactly what is in the product you are ingesting and understanding how you react to the product and ingestion level.
Lucid Green Solution
Lucid Green is committed to optimizing cannabis experiences for each and every group as mentioned above. The secret to this is the LucidID.LucidIDs are fungible codes that appear on cannabis packages. There is a “digital twin” of these physical packaging codes maintained in Lucid Green’s platform that stores and provides data as needed. Brands assign product information to each LucidID providing such information as COA’s (certificate of analysis) and reward values for their users. The LucidID provides them direct connection and communication to their consumers not only to provide them valuable information, but to enable direct 1:1 marketing as well.Distributors scan LucidIDs to record product movement completely aligned with regulatory compliance. Not only does this help compliance challenges, but the LucidID and corresponding technology platform provide automation of inventory movement, eliminating manual entry and associated full-time-equivalent operation hours and human entry errors.Budtenders at retail dispensaries use LucidIDs for product information eliminating the need to study the characteristics of each product in their store. LucidIDs also provide automation for inventory control within a retail operation.Consumers scan LucidIDs to get all the information they need to feel secure with a trusted and transparent product by gaining access to the COA. They can also maintain a log of each cannabis consumption experience to literally optimize their cannabis experiences. And yes, they can earn redeemable “bud tokens” for being a loyal customer via brand’s reward programs. Thus, when Lucid Green states that we focus on optimizing cannabis experiences, we have taken an extremely thorough look at what this means to all parties in the cannabis seed to sale environment. We remain committed to this foundation in everything we do and bring to market. We expect the cannabis industry to go through continued change as the legal and operational environments evolve, but do know we will continue to optimize cannabis experiences for all.