Rolling Profitability into Cannabis Companies in 2022
It has been a big year for the cannabis industry and it certainly has been a big year for Lucid Green. “Cannabis sales for 2021 will [be] near $31 billion, an increase of 41% over 2020 sales.” (Source) - As the cannabis industry grows, cannabis brands, distributors, and retailers are looking for ways to increase revenue and profitability. Lucid Green and LucidIDs, the Intelligent UPC for Cannabis, are providing technical innovation that optimize supply chain operations and increased marketability.
Following are some highlights of Lucid Green solutions that deliver immediate ROI for the cannabis industry and demonstrate our commitment and support to cannabis brands, distributors, and retailers.
As QR codes were embraced by all, LucidIDs bridged the gap between brands and consumers, modernizing how they can connect with one another. The foundation on which Lucid Green was created was to optimize the cannabis experience across the entire supply chain. We do this by promoting trust and transparency at every step of the production process, from growers to consumers and everyone in between. One LucidID can provide the consumer with all product information laid out in an easy-to-understand way. From cannabis veterans to novices, everyone should be able to know what is in their product and whether or not it is authentic. Brands can provide rewards to their customers which can be redeemed in-app. Dosage logs are available through the LucidID app so the user can track their dose and know exactly how much they should be taking for next use. The cannabis industry is beginning to use QR codes as a legitimate tool to provide value to their customers. (See: Now You’ve Gotten Used to QR Codes, What’s Next?)
Lucid Green’s technological solutions have always been deeper than simply a brand-consumer communication vehicle. From the beginning, Lucid Green solutions have been designed for the whole of the cannabis industry. We have all felt the pain of the deeply-rooted supply chain and inventory management inefficiencies in cannabis. Once on-pack, LucidIDs are able to transmit limitless amounts of data about the products they are assigned to, allowing brands to share product information, COA’s (certificate of analysis), and reward values to their users, just to name a few. Every individual package gets a unique LucidID, allowing superior fidelity, tracking, and data transfer down to the individual unit level. This functionality can be utilized by virtually any user in the supply chain for widely varied purposes including digital and automated regulatory compliance, inventory management, point-of-sale integration, and cycle counting. (See: The Future of Cannabis Supply Chain and Inventory Management)
In 2021, Lucid Green introduced a new version of our core data asset management software - LucidSource. LucidSource enables brands to ensure that their products are being described accurately throughout the entire supply chain as it creates product records and information including product name, description, imagery, dosage/effects, as well as COAs. One change in LucidSource propagates product information down to dispensary menus, eCommerce sites, the LucidID app and more. Once applied to cannabis packages, the cannabis product is “pre-ticketed” for the dispensary eliminating much manual effort and the need for secondary stickering. Distributors no longer have to add additional stickers to products to track METRC and other seed-to-sale tags. LucidIDs are unique for each individual product item and contain all the product information associated with that product including the COA. LucidIDs are applied to the regulatory label at the time of manufacture or testing and then associated with Lucid CaseIDs. Lucid CaseIDs record all LucidIDs contained within that case, including METRC/Leaf/Biotrack manifest information. As the product goes from manufacturer to distributor and onto the dispensary, all regulatory information is updated and is immutable (once information is written into the system it cannot be altered it can only be added to). As a case moves through the supply chain, it accumulates more information which can be retrieved by scanning the Lucid CaseID. There are no more data silos as a comprehensive suite of APIs has been developed that allow information to be integrated directly into any ERP, WMS, or POS system.
Even the certificate of analysis (COA) is maintained in LucidSource and no manual entry of lab test results is required. Lucid Green integrates with Lab Information Management Systems (LIMS) of cannabis testing labs, which removes a significant portion of administrative and data entry burden from compliance/ops/production teams. Once test results are available from a lab, they are automatically pushed to Lucid Green's platform for approval by the brand compliance team. Once approved, batches are available for regulatory label printing with zero manual intervention. Just select the SKU, batch, printer, and number of labels to print and you are done.
Touchless COA provides cannabis brands value as follows:
Full automation of label creation process
Ops/Production Teams no longer receive and manually pass along COAs
Print Labels when ready
Further elimination of administrative or data entry errors
Data passes directly from testing lab to Lucid Green
No more emails highlighting COAs or hashing out specifics
Touchless COA Value for others in Cannabis Supply Chain Management:
Simplification of COA utilization, tracking and storage in one platform
No more follow up with brands for COA information for specific batches
Access to all COAs for retail audit purposes in one place via a simple search on the LucidRetail dashboard.
(See: The Future of Cannabis Supply Chain and Inventory Management, Optimizing Cannabis Supply Chain Operations via Touchless COA, and Advancements In The Cannabis Industry.)
All of this is important because taxes on cannabis cultivation and selling are considerable and all companies’ profits in the cannabis industry are getting squeezed. Lucid Green technological solutions provide an immediate ROI and increase profitability. From minimizing the time, labor, and costs for products being packed in cases for distribution to dispensaries receiving products to go from “truck to retail shelf,” Lucid Green solutions have a direct impact on the bottom line for companies in the cannabis industry. (See: Increase Margins via Streamlining Supply Chains and See How Your Cannabis Business Can Increase Profitability.)
In addition to key technical development and productization, Lucid Green announced Series A round funding, new Board Advisory members, and formally partnered with:
POS and ERP provider Odoo via their largest service integrator, Captivea,
Cannabis testing and wholesale commerce platform provider Confident Cannabis (),
Lucid Green knows that in order to develop and support a strong cannabis industry, we must help brands and retailers deliver a most positive cannabis experience to consumers. We believe that consumers need to be able to validate that their product is authentic and not counterfeit and that consumer education and product knowledge are imperative. To this end, LucidIDs will continue to be the key element allowing the consumer to know exactly what is in the cannabis they consume as validated by the COA they can read when scanning a LucidID. Here are a couple of articles we published in order to better educate cannabis consumers:
Lucid Green started in 2018 with a vision of delivering trust and transparency in the cannabis industry. Our LucidIDs enable this vision. Our commitment to the trust and transparency in the cannabis industry is unwavering and fortified by our pledge to optimize the cannabis experiences for all. We have continued to deliver on this promise in 2021, and look forward to delivering more significant solutions for the cannabis industry in 2022.
Let us know how we can help make 2022 a prosperous year for you!
Schedule a demo here.