Marijuana tech firm Lucid Green raises $10 million in capital

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New York-based Lucid Green, which provides a high-tech, inventory-management platform for the marijuana industry, raised $10 million of capital for further growth.

Gron Ventures led the funding round, with participation by Gotham Green Partners. Both companies are based in California.

Lucid Green’s technology utilizes QR codes to increase supply-chain efficiencies for cannabis brands, distributors and retailers.

The platform enables businesses to add information about a product through its lifecycle, rather than resorting to traditional labeling.

Lucid Green, which was founded in 2018, also has an application through which consumers can redeem free products as part of company brand-loyalty programs.

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“Inefficiencies and outdated methods in the supply chain are holding the cannabis industry back from reaching its full potential,” Wilder Ramsey, managing partner of Gron Ventures, said in a news release.

Ramsey said Gron Ventures invested in Lucid Green “because the power and promise of their technology and solutions can save all stakeholders time and money, while increasing education and trust among consumers.”