(This story has been updated to include the investors and the fact it’s a Series C funding round.)
Lucid Green, a cannabis supply-chain service provider based in New York, said it has raised $1.4 million to fund expansion into new markets.
The company told MJBizDaily on Thursday that the Series C funding round included existing investors Gotham Green Partners, Gron Ventures and Lucid Green CEO Larry Levy.
The business is pushing double-digit growth month-over-month as more customers adopt its inventory-management and marketing services, according to Levy.
“This funding drives us towards profitability and ubiquity in the markets we operate in,” he said in a Wednesday statement.
“Our goal remains unchanged: to drive efficiencies in the supply chain and enable smarter, safer, and more transparent cannabis products for consumers.”
According to its website, the company currently serves marijuana retailers in Arkansas, California, Maryland, Michigan, Missouri and Nevada.
Lucid Green raised $10 million in 2022 in a Series B funding round.
According to a news release, the company’s LucidIDs have tracked more than 80 million marijuana products, providing inventory insights and compliance for operators.
The technology utilizes QR codes to increase supply-chain efficiencies for cannabis brands, distributors and retailers.
