Lucid Green Featured in Yahoo Finance
Article originally appeared in Yahoo Finance
Lucid Green — the intelligent UPC platform transforming the entire cannabis supply chain — today announced three new partnerships with leading cannabis testing labs and lab information systems (LIMS) to expand full digitization of COAs in the cannabis supply chain. The new partnerships with CannaSafe, Cannalysis, and LabLynx build on Lucid Green's existing partnerships with Confident Cannabis and Sonoma Lab Works. Through these new lab and LIMS partnerships, Lucid Green is connected to more than 400 individual labs in the U.S.
Digital COAs that reflect full lab test results, including terpenes and cannabinoids, do not currently exist in the industry. As a result, point-of-sale, online menuing and ecommerce platforms are only receiving basic information that's captured as part of the track and trace system. This limited data set reinforces the current purchasing behavior which is fixated on THC levels and basic classifications like Sativa, Indica or Hybrid.
"Lucid Green is committed to increasing trust and transparency at every point of the cannabis supply chain and with consumers," said Larry Levy, co-founder and CEO of Lucid Green. "By expanding our partnerships with cannabis testing lab systems, we are cutting time and money inefficiencies, while ultimately giving consumers additional information to allow them to have a better cannabis experience. This industry is not growing because stoners are smoking more weed. It's growing because your spouse, neighbor, parents are beginning to see the benefits of using cannabis and want more information to feel confident about and inform their experience."
A full digital COA reveals so much more to the consumer. With federal research now growing thanks to the recent passage of legislation in Congress, there is likely to be a revolution in the way cannabis is purchased. Every individual has a unique endocannabinoid system that reacts differently to each strain and dosage. Mapping this growing research to a deeper cannabis data set enables consumers to have a better experience and empowers retailers with better data to drive their online menuing and e-commerce systems. Brands also gain more insight into how their products are being consumed and can modify offerings to best suit the needs of their consumers.
Lucid Green is modernizing the cannabis industry with their signature LucidIDs, QR codes that make the cannabis supply chain more efficient by allowing for true truck-to-shelf inventory intake, reducing manual labor and human errors, and virtually eliminating data cleanliness issues. The intelligent QR codes permit dynamic information flow, empowering stakeholders to continue adding information about a product through its lifecycle and eliminating the need for secondary stickering.
Last week, Lucid Green announced its $10M Series B led by Gron Ventures, with participation by Gotham Green Partners. Lucid Green also recently launched three new pricing levels for brands, with varying levels of support to accommodate businesses of all sizes. With Lucid Green, brands, retailers, distributors and consumers realize the benefits of a streamlined cannabis supply chain — one that allows for dynamic information sharing, reduces costs, and increases transparency and trust for all stakeholders.
Lucid Green will be on-site and previewing new solutions at Hall of Flowers in Palm Springs from May 4-5, 2022. To learn more about Lucid Green or schedule a demo, visit: https://www.lucidgreen.io/