(This story has been updated to include investors and Series C funding round.)
Lucid Green, a New York-based cannabis supply chain services provider, announced it has raised $1.4 million to fund expansion into new markets.
The company told MJBizDaily on Thursday that the Series C funding round includes participation from existing investors Gotham Green Partners, Gron Ventures, and Lucid Green CEO Larry Levy.
Levy said the business is experiencing double-digit month-over-month growth as more customers adopt the company's inventory management and marketing services.
“This funding will enable us to increase our profitability and achieve ubiquity in the markets in which we operate,” he said in a statement Wednesday.
“Our goal remains the same: to increase efficiency in our supply chain and enable us to provide consumers with smarter, safer and more transparent cannabis products.”
The company currently serves marijuana retailers in Arkansas, California, Maryland, Michigan, Missouri and Nevada, according to its website.
Lucid Green raised $10 million in Series B funding round in 2022.
The company's LucidID tracks more than 80 million cannabis products, providing inventory insights and compliance to businesses, according to a news release.
This technology leverages QR codes to increase supply chain efficiency for cannabis brands, distributors, and retailers.
